Interim Results

Renishaw PLC 22 January 2004 22nd January 2004 Renishaw plc and subsidiary undertakings Interim announcement of 2004 half year unaudited results for the period ended 31st December 2003 PROFIT AND LOSS ACCOUNT Unaudited Unaudited Audited 6 months to 6 months to Year to 31st December 31st December 30th June 2003 2002 2003 £'000 £'000 £'000 Turnover 58,576 51,518 110,640 Cost of sales 31,959 28,592 59,941 ________ _______ _______ Gross profit 26,617 22,926 50,699 Distribution costs 12,611 11,044 22,880 Administrative expenses 8,393 6,495 12,175 _______ _______ _______ Operating profit 5,613 5,387 15,644 Interest receivable less payable 953 986 1,925 Other finance income 80 120 230 ________ ________ ________ Profit on ordinary activities before tax 6,646 6,493 17,799 Taxation 1,130 1,103 3,454 ________ ________ ________ Profit for the financial period 5,516 5,390 14,345 Dividends (note 2) 4,083 3,887 12,156 ________ ________ ________ Retained profit for the financial period 1,433 1,503 2,189 ________ ________ ________ Earnings per share 7.58p 7.41p 19.71p ________ ________ ________ Dividend per share 5.61p 5.34p 16.70p ________ ________ ________ BALANCE SHEET Unaudited Unaudited Audited 6 months to 6 months to Year to 31st December 31st December 30th June 2003 2002 2003 £'000 £'000 £'000 Fixed assets 57,343 48,935 50,877 Current assets Stock 20,754 21,214 20,171 Debtors 27,770 25,989 29,600 Cash at bank 29,150 33,202 37,235 ________ ________ ________ Total current assets 77,674 80,405 87,006 Creditors falling due within one year (16,636) (12,563) (20,534) ________ ________ ________ Net current assets 61,038 67,842 66,472 ________ ________ ________ Total assets less current liabilities 118,381 116,777 117,349 Provisions for liabilities and charges (3,563) (2,861) (3,503) Pension liability (8,120) (4,660) (8,620) ________ ________ ________ Net assets 106,698 109,256 105,226 ________ ________ ________ Capital and reserves Called up share capital 14,558 14,558 14,558 Share premium account 42 42 42 Profit and loss account 92,098 94,656 90,626 ________ ________ ________ Shareholders' funds - equity 106,698 109,256 105,226 ________ ________ ________ CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Unaudited Unaudited Audited 6 months 6 months Year to 31st to 31st to 30th December December June 2003 2002 2003 £'000 £'000 £'000 Profit for the financial period 5,516 5,390 14,345 Currency translation differences on foreign currency net investments 39 328 52 Actuarial loss recognised in the pension schemes less deferred tax thereon - (260) (4,700) ________ ________ ________ Total gains recognised in the period 5,555 5,458 9,697 ________ ________ ________ CONSOLIDATED CASH FLOW STATEMENT Unaudited Unaudited Audited 6 months 6 months Year to 31st to 31st to 30th December December June 2003 2002 2003 £'000 £'000 £'000 Net cash inflow from operating activities 9,519 7,567 20,481 Interest received (net) 969 922 1,906 Tax paid (1,547) (1,073) (1,380) Capital expenditure Purchase of tangible fixed assets (9,441) (3,274) (8,184) Sale of tangible fixed assets 48 48 158 ________ ________ _______ (9,393) (3,226) (8,026) Equity dividends paid (8,269) (7,876) (11,763) ________ ________ ________ Cash (outflow)/inflow before management of liquid resources (8,721) (3,686) 1,218 Management of liquid resources Decrease in bank deposits 3,365 2,064 7,628 ________ ________ _______ (Decrease)/increase in cash in the period (5,356) (1,622) 8,846 ________ ________ ________ Reconciliation of net cash flow to movement in net funds: (Decrease)/increase in cash in the period (5,356) (1,622) 8,846 Movement in liquid resources (3,365) (2,064) (7,628) Currency differences 636 1,232 361 ________ ________ ________ Movement in net funds in the period (8,085) (2,454) 1,579 Net funds at 1st July 37,235 35,656 35,656 ________ ________ ________ Net funds at 31st December 29,150 33,202 37,235 ________ ________ ________ TURNOVER ANALYSIS BY GEOGRAPHICAL MARKET Unaudited Unaudited Audited 6 months 6 months Year to 31st to 31st to 30th December December June 2003 2002 2003 £'000 £'000 £'000 USA and Canada 14,133 14,026 29,633 Germany 9,235 8,272 17,484 Japan 7,588 6,599 14,120 Far East (excluding Japan) 6,813 5,303 11,778 Italy 4,226 3,972 8,786 France 2,656 2,300 4,924 Other overseas countries 9,459 6,170 14,244 ________ ________ ________ Total overseas turnover 54,110 46,642 100,969 UK 4,466 4,876 9,671 ________ ________ ________ Total group turnover 58,576 51,518 110,640 ________ ________ ________ 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 2003 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 5.61p will be paid on 6th April 2004 to shareholders on the register on 5th March 2004. 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 which show an encouraging start to the full year. Turnover rose to £58.6m, an increase of 13.7% over the £51.5m in 2002. There was significant growth in a number of our overseas markets, notably the Far East, Japan and South America as well as in our more recently established subsidiaries in Eastern Europe and Russia. Sales grew in nearly all product sectors and, in particular, in scanning, encoders and calibration. Continuing investment in research and development with associated engineering costs, amounted to £11.0m (2002: £9.9m). This period saw the introduction of further new products, in particular the NC4 non-contact tool setting probe, the RMP 60 radio probe, a range of rotary magnetic encoder products and additional software products. Operating profit for the first six months ended 31st December 2003 amounted to £5.6m compared with £5.4m in the previous first half, which included a currency profit of £1.2m. Profit before tax was £6.6m (2002: £6.5m) providing earnings per share of 7.6p (2002: 7.4p). Capital expenditure rose during the period to £10.1m (2002: £3.2m). The increase was principally accounted for by the purchase in July of our new freehold office building in Tokyo costing £5.1m, which was occupied in November, replacing two rented offices. Investment continues in the development of our marketing infrastructure, with recruitment in the Far East, particularly China, and the strengthening of our subsidiaries in Eastern Europe and Russia. The new subsidiary in Canada commenced trading this month. In the UK, Phase II development is well on course to enable the transfer of the machine shop to Woodchester from New Mills later this year. Due to the increased capital expenditure, cash balances at 31st December 2003 reduced to £29.2m (2002: £33.2m). We have seen an encouraging increase in the level of activity in recent months, particularly from new products and emerging markets, with increased order levels and turnover. However, original equipment manufacturers traditionally provide little visibility of their future requirements and, with the business profile biased towards the second half, the outcome for the full year is always difficult to assess. The continuing expansion of our subsidiary network throughout the world ensures our marketing, sales and service activities are able to maximise the increasing opportunities. Together with our substantial research and development programme, we remain confident of future progress. An interim dividend of 5.61p per share (2002: 5.34p per share) will be paid on 6th April 2004 to shareholders on the register on 5th March 2004. Sir David R McMurtry CBE RDI CEng FIMechE FREng Chairman and Chief Executive 21st January 2004 Enquiries: B R Taylor 01453 524445 A C G Roberts 01453 524445 Registered office: New Mills, Wotton-under-Edge, Gloucestershire, GL12 8JR Company 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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