Interim Results

Renishaw PLC 23 January 2003 23rd January 2003 Renishaw plc and Subsidiary undertakings Interim Announcement of 2003 half year unaudited results for the period ended 31st December 2002 PROFIT AND LOSS ACCOUNT Unaudited Unaudited Audited 6 months to 6 months to year to 31st December 2002 31st December 2001 30th June 2002 Â£'000 Â£'000 Â£'000 Turnover 51,518 51,210 104,490 Cost of sales 28,592 28,818 56,273 --------- ---------- ---------- Gross Profit 22,926 22,392 48,217 Distribution costs 11,044 10,873 21,524 Administrative expenses 6,495 7,531 13,245 --------- ---------- ---------- Operating profit 5,387 3,988 13,448 Interest receivable less payable 986 1,033 1,974 Other finance income 120 255 640 --------- ---------- ---------- Profit on ordinary activities before tax 6,493 5,276 16,062 Taxation 1,103 1,074 880 --------- ---------- ---------- Profit for the financial period 5,390 4,202 15,182 Dividends (note 2) 3,887 3,698 11,573 --------- ---------- ---------- Retained profit for the financial period 1,503 504 3,609 --------- ---------- ---------- Earnings per share 7.4p 5.8p 20.9p --------- ---------- ---------- Dividend per share 5.34p 5.08p 15.90p --------- ---------- ---------- BALANCE SHEET Unaudited Unaudited Audited 6 months to 6 months to year to 31st December 2002 31st December 2001 30th June 2002 Â£'000 Â£'000 Â£'000 Fixed assets 48,935 47,801 49,088 Current assets: Stock 21,214 23,741 22,076 Debtors 25,989 25,676 27,206 Cash 33,202 30,189 35,656 --------- ---------- ---------- Total current assets 80,405 79,606 84,938 Creditors due within one year (12,563) (14,344) (18,176) --------- ---------- ---------- Net current assets 67,842 65,262 66,762 --------- ---------- ---------- Total assets less current liabilities 116,777 113,063 115,850 Provisions for liabilities and charges (2,861) (3,119) (3,035) Pension liability (4,660) (155) (5,130) --------- ---------- ---------- Net assets 109,256 109,789 107,685 --------- ---------- ---------- Capital and Reserves Called up share capital 14,558 14,558 14,558 Share premium account 42 42 42 Profit and loss account 94,656 95,189 93,085 --------- ---------- ---------- Shareholders' funds 109,256 109,789 107,685 --------- ---------- ---------- CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Unaudited Unaudited Audited 6 months to 6 months to year to 31st December 2002 31st December 2001 30th June 2002 Â£'000 Â£'000 Â£'000 Profit for the financial period 5,390 4,202 15,182 Currency translation differences on foreign 328 (17) 864 currency net investments Actuarial loss recognised in the pension schemes, (260) (20) (6,110) net of deferred tax ---------- ---------- ---------- Total gains recognised in the period 5,458 4,165 9,936 ---------- ---------- ---------- CASH FLOW STATEMENT Unaudited Unaudited Audited 6 months to 6 months to year to 31st December 2002 31st December 2001 30th June 2002 Â£'000 Â£'000 Â£'000 Net cash inflow from operating activities 7,567 5,190 18,291 Interest received (net) 922 1,072 2,113 Tax paid (1,073) (3,545) (5,195) Capital expenditure Purchase of fixed assets (3,274) (4,901) (8,962) Proceeds from sale of fixed assets 48 127 427 ---------- ---------- --------- (3,226) (4,774) (8,535) Equity dividends paid (7,876) (7,497) (11,195) ---------- ---------- --------- Net cash outflow before management of (3,686) (9,554) (4,521) liquid resources Management of liquid resources Decrease in bank deposits 2,064 3,622 2,828 ---------- ---------- --------- Decrease in cash in the period (1,622) (5,932) (1,693) ---------- ---------- --------- Reconciliation of net cash flow to movement in net funds: Decrease in cash in the period (1,622) (5,932) (1,693) Movement in liquid resources (2,064) (3,622) (2,828) Currency differences 1,232 448 882 ---------- ---------- --------- Movement in net funds in the period (2,454) (9,106) (3,639) Net funds at 1st July 35,656 39,295 39,295 ---------- ---------- --------- Net funds at 31st December 33,202 30,189 35,656 ---------- ---------- --------- SALES ANALYSIS BY COUNTRY Unaudited Unaudited Audited 6 months to 6 months to year to 31st December 2002 31st December 2001 30th June 2002 Â£'000 Â£'000 Â£'000 USA 14,026 14,898 31,041 Germany 8,272 8,213 16,642 Japan 6,599 5,848 11,956 Far East (excluding Japan) 5,303 5,051 10,207 Italy 3,972 3,896 8,310 France 2,300 2,408 4,719 Other overseas countries 6,170 5,653 11,894 --------- ---------- ---------- Total overseas turnover 46,642 45,967 94,769 UK 4,876 5,243 9,721 --------- ---------- ---------- Total Group Turnover 51,518 51,210 104,490 --------- ---------- ---------- NOTES: 1. The above unaudited financial information 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 2002 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 5.34p will be paid on 7th April 2003 to shareholders on the register on 7th March 2003. 3. The Interim Report will be sent to all shareholders and a copy is available to the public from the registered office. Chairman's Statement: I am pleased to report the results for the first six months of the current financial year. Operating profit for the six months to December 2002 was Â£5.4m (2001 Â£4.0m), an increase of 35% on 2001 and ahead by 2% if the Â£1.3m charge in 2001 in respect of the early retirement and voluntary redundancy programme is excluded. After interest receivable and the effect of FRS17 (the treatment of retirement benefits), profit before tax was Â£6.5m (2001 Â£5.3m), 23% ahead of the pre-tax profit a year ago. After a tax charge of Â£1.1m (2001 Â£1.1m), earnings per share were 7.4p (2001 5.8p). Turnover for the period was Â£51.5m compared with Â£51.2m in 2001. At previous year's exchange rates, turnover would have been Â£1.8m higher, i.e. an underlying sales growth of 4%. Our sales performances in Japan and the Far East were particularly strong. Also, we achieved significant sales growth in Spain and in our recently established subsidiaries. In terms of product sectors, our Encoder, Spectroscopy and CMM Products Divisions all achieved sales growth. This growth was assisted by the introduction of new products resulting from our ongoing commitment to increased investment in research and development in recent years. Research and development expenditure during the period, including associated engineering costs, amounted to Â£9.9m (2001 Â£9.3m). A number of new products have recently been successfully launched, including the NC3 Non-Contact Toolsetter, the InVia Spectroscopy System and the Ballbar 5 High-Performance software. A new subsidiary has been formed in South Korea and new subsidiary companies are currently being established in Austria and Sweden. Our new companies in Poland and Russia have successfully commenced trading. The Group now has 22 overseas subsidiary companies and branch offices throughout the world selling and supporting our products. As a result of our cost control measures, capital expenditure was held at Â£3.2m (2001 Â£4.8m); this included further refurbishment at Woodchester and the purchase of offices in Brazil. Also, a substantial investment is being made in micro-electronic design production and test equipment. Net cash balances at the end of December were Â£33.2m (2001 Â£30.2m). Whilst demand for the Company's products is still below the level of two years ago, there has been a continuing improvement in trading conditions, particularly in the last three months. We are hopeful - despite world uncertainties - that this trend will continue. An interim dividend of 5.34p per share (2001 5.08p) will be paid on 7th April 2003 to shareholders on the register on 7th March 2003. Sir David R McMurtry CBE RDI CEng FIMechE FREng Chairman and Chief Executive 22nd January 2003 Enquiries: B R Taylor 01453 524445 A C G Roberts 01453 524445 Registered office: New Mills, Wotton-under-Edge, Gloucestershire, GL12 8JR Registered number: 1106260 Telephone: 01453 524524 Fax: 01453 524901 This information is provided by RNS The company news service from the London Stock Exchange

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