Interim Results - 6 Months to 31 December 1999

Renishaw PLC 9 February 2000 Renishaw plc and subsidiary companies 2000 Interim Results Unaudited results for the first half year ended 31st December 1999 PROFIT AND LOSS ACCOUNT Unaudited Unaudited Audited 6 months to 6 months to Year ended 31st December 31st December 30th June 1999 1998 1999 £'000 £'000 £'000 Turnover 47,320 44,436 96,319 ______ ______ ______ Operating profit 10,105 9,557 23,339 Profit on sale of property -- 586 586 ______ ______ ______ Profit before interest 10,105 10,143 23,925 Interest receivable (net) 1,003 928 1,904 ______ ______ ______ Profit before tax 11,108 11,071 25,829 Tax 3,000 2,989 6,716 ______ ______ ______ Profit for the financial period 8,108 8,082 19,113 Dividends 3,057 2,514 8,184 ______ ______ ______ Retained profit for the period 5,051 5,568 10,929 ______ ______ ______ Earnings per share 11.1p 11.1p 26.3p ______ ______ ______ Adjusted earnings per share 11.1p 10.3p 25.5p ______ ______ ______ Dividend per share 4.21p 3.66p 11.44p ______ ______ ______ BALANCE SHEET Unaudited Unaudited Audited 6 months to 6 months to Year ended 31st December 31st December 30th June 1999 1998 1999 £'000 £'000 £'000 Fixed assets 33,694 31,104 32,784 Current assets: Stock 14,951 15,205 14,215 Debtors 22,178 19,843 23,969 Cash (net) 38,118 32,783 37,591 ______ ______ ______ Total current assets 75,247 67,831 75,775 Creditors due within one year (14,119) (14,290) (18,651) ______ ______ ______ Net current assets 61,128 53,541 57,124 ______ ______ ______ Total assets less current liabilities 94,822 84,645 89,908 Provisions for liabilities & charges (5,085) (4,574) (4,865) ______ ______ ______ Net assets 89,737 80,071 85,043 ______ ______ ______ Capital and reserves Called up share capital 14,558 14,557 14,558 Share premium account 42 40 42 Profit and loss account 75,137 65,474 70,443 ______ ______ ______ Shareholders' funds 89,737 80,071 85,043 ______ ______ ______ CASH FLOW STATEMENT Unaudited Unaudited Audited 6 months to 6 months to Year ended 31st December 31st December 30th June 1999 1998 1999 £'000 £'000 £'000 Cash inflow from operating activities 10,635 11,592 24,433 Interest received (net) 1,266 915 1,754 Tax paid (2,349) (2,549) (4,795) Capital expenditure Purchase of fixed assets (3,292) (6,918) (11,081) Proceeds from sale of fixed assets 26 1,026 1,056 ______ ______ ______ (3,266) (5,892) (10,025) Dividends paid (5,663) (4,826) (7,490) ______ ______ ______ Net cash inflow before management of liquid resources and financing 623 (760) 3,877 Management of liquid resources (Increase) in bank deposits (1,373) 3,322 (2,137) Share options exercised -- -- 3 ______ ______ ______ (Decrease) in cash in the period (750) 2,562 1,743 ______ ______ ______ Reconciliation of net cash flow to movement in net funds: (Decrease) in cash in the period (750) 2,562 1,743 Movement of liquid resources 1,373 (3,322) 2,137 Currency differences (96) (1,045) (877) ______ ______ ______ Movement in net funds in the period 527 (1,805) 3,003 Net funds at 1st July 1999 37,591 34,588 34,588 ______ ______ ______ Net funds at 31st December 1999 38,118 32,783 37,591 ______ ______ ______ STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Unaudited Unaudited Audited 6 months to 6 months to Year ended 31st December 31st December 30th June 1999 1998 1999 £'000 £'000 £'000 Profit for the financial period 8,108 8,082 19,113 Currency translation differences on foreign currency net investments (357) 194 (198) ______ ______ ______ Total gains recognised in the period 7,751 8,276 18,915 ______ ______ ______ SALES ANALYSIS BY COUNTRY Unaudited Unaudited Audited 6 months to 6 months to Year ended 31st December 31st December 30th June 1999 1998 1999 £'000 £'000 £'000 USA 15,009 15,631 33,417 Germany 7,803 7,747 15,780 Japan 5,720 4,401 10,635 Italy 3,808 3,568 7,520 France 2,133 2,008 4,443 Other overseas countries 7,926 6,308 14,163 ______ ______ ______ Total sales to overseas countries 42,399 39,663 85,958 United Kingdom 4,921 4,773 10,361 ______ ______ ______ Total group turnover 47,320 44,436 96,319 ______ ______ ______ NOTES: 1. The financial information set out above does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The comparative figures for the financial year ended 30th June 1999 are not the Company's statutory accounts for that financial year but are derived from those accounts. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 2. The interim dividend of 4.21p net per share will be paid on 10th April 2000 to shareholders on the register on 10th March 2000. 3. The adjusted earnings per share figure for the previous year has been calculated excluding the profit on sale of property. 4. The Interim Report will be sent to all shareholders and a copy is available to the public from the registered office. CHAIRMAN'S STATEMENT Good progress has been made in the first six months of the current financial year, given the significant increase (£1.5m, 28%) in research and development costs anticipated in the last Annual Report. Despite this additional investment, operating profit increased to £10.1m from £9.6m and net interest receivable increased to £1.0m from £0.9m. Profit before tax was £11.1m compared with £10.5m for the corresponding period last year, excluding the profit on sale of property. Adjusted earnings per share rose to 11.1p compared with 10.3p, an increase of 8%. Turnover rose by 6% to £47.3m compared with £44.4m, with growth in all major markets except the USA, where there was a 4% reduction in line with the continued slowdown in the machine tool sector. In Europe, actual growth was considerably better than shown by the turnover figures, but was offset by the appreciation of Sterling during the period. Sales of encoder products did particularly well, but sales of machine tool products were down on the corresponding period. The increased expenditure on research and development and associated engineering costs was in line with the commitment set out in the Annual Report, to accelerate product design and development in order to take advantage of the opportunities we foresee worldwide. Increased revenue from new products should be visible in the next financial year. Further investment has been made in the Group's IT infrastructure and no significant Year 2000 problems were encountered. Capital expenditure in the half year amounted to £3.3m. The new head office of Renishaw Inc in Chicago will be occupied in April. Work continues on the plans for further expansion at New Mills. During the six months, the Group's net cash balances increased from £37.6m to £38.1m and total working capital increased from £57.1m to £61.1m. The Group has considerable underlying strengths, with significant cash reserves, a strong and talented work force, - our major asset -, a large research and development programme and a number of new, patented products to be launched this year. As always, we remain very confident of future progress. An interim dividend of 4.21p net per share, an increase of 15% over the 1999 interim dividend, will be paid on 10th April 2000 to shareholders on the register on 10th March 2000. D R McMurtry Chairman & Chief Executive 9th February 2000 Enquiries: B R Taylor 0171 568 4753 (today only) Registered office: New Mills, Wotton-under-Edge, Gloucestershire. GL12 8JR Telephone: 01453 524524 Fax: 01453 524901

Companies

Renishaw (RSW)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today