Interim Results

Renishaw PLC 26 January 2005 26th January 2005 Renishaw plc and subsidiary undertakings Interim announcement of 2005 half year unaudited results for the period ended 31st December 2004 PROFIT AND LOSS ACCOUNT Unaudited Unaudited Audited 6 months to 6 months to Year to 31st December 31st December 30th June 2004 2003 2004 £'000 £'000 £'000 Turnover 72,453 58,576 127,701 Cost of sales 39,176 31,959 69,188 _______ _______ ________ Gross profit 33,277 26,617 58,513 Distribution costs 13,411 12,611 25,201 Administrative expenses 9,045 8,393 15,259 _______ _______ _______ Operating profit 10,821 5,613 18,053 Interest receivable less payable 1,121 953 2,043 Other finance income 220 80 50 _______ _______ _______ Profit on ordinary activities before tax 12,162 6,646 20,146 Taxation 2,432 1,130 4,023 _______ _______ _______ Profit for the financial period 9,730 5,516 16,123 Dividends (note 2) 4,440 4,083 13,100 _______ _______ _______ Retained profit for the financial period 5,290 1,433 3,023 _______ _______ _______ Earnings per share 13.4p 7.6p 22.1p _______ _______ _______ Dividend per share 6.10p 5.61p 18.00p _______ _______ _______ BALANCE SHEET Unaudited Unaudited Audited At At At 31st December 31st December 30th June 2004 2003 2004 £'000 £'000 £'000 Fixed assets 65,478 57,343 58,496 Current assets Stock 25,760 20,754 22,288 Debtors 32,611 27,770 32,820 Cash at bank 23,211 29,150 32,833 ________ ________ _______ Total current assets 81,582 77,674 87,941 Creditors falling due within one year (21,599) (16,636) (26,031) ________ ________ _______ Net current assets 59,983 61,038 61,910 ________ ________ _______ Total assets less current liabilities 125,461 118,381 120,406 Provisions for liabilities and charges (4,271) (3,563) (4,306) Pension liability (7,980) (8,120) (8,390) ________ ________ _______ Net assets 113,210 106,698 107,710 ________ ________ _______ Capital and reserves Called up share capital 14,558 14,558 14,558 Share premium account 42 42 42 Profit and loss account 98,610 92,098 93,110 ________ ________ _______ Shareholders' funds - equity 113,210 106,698 107,710 ________ ________ _______ CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Unaudited Unaudited Audited 6 months to 6 months to Year to 31st December 31st December 30th June 2004 2003 2004 £'000 £'000 £'000 Profit for the financial period 9,730 5,516 16,123 Currency translation differences on foreign currency net investments 210 39 (299) Actuarial loss recognised in the pension schemes less deferred tax thereon - - (240) ________ ________ ________ Total recognised gains for the period 9,940 5,555 15,584 ________ ________ ________ CONSOLIDATED CASH FLOW STATEMENT Unaudited Unaudited Audited 6 months to 6 months to Year to 31st December 31st December 30th June 2004 2003 2004 £'000 £'000 £'000 Net cash inflow from operating activities 11,101 9,519 22,159 Interest received (net) 1,142 969 2,026 Tax paid (1,890) (1,547) (3,096) Capital expenditure Purchase of tangible fixed assets (10,716) (9,441) (14,899) Sale of tangible fixed assets 59 48 163 ________ ________ ________ (10,657) (9,393) (14,736) Equity dividends paid (9,019) (8,269) (12,351) ________ ________ ________ Cash outflow before management of liquid resources (9,323) (8,721) (5,998) Management of liquid resources Decrease in bank deposits 8,245 3,365 1,322 ________ ________ ________ Decrease in cash in the period (1,078) (5,356) (4,676) ________ ________ ________ Reconciliation of net cash flow to movement in net funds: Decrease in cash in the period (1,078) (5,356) (4,676) Movement in liquid resources (8,245) (3,365) (1,322) Currency differences (299) 636 1,596 ________ ________ ________ Movement in net funds in the period (9,622) (8,085) (4,402) Net funds at 1st July 32,833 37,235 37,235 ________ ________ ________ Net funds at 31st December 23,211 29,150 32,833 ________ ________ ________ TURNOVER ANALYSIS BY GEOGRAPHICAL MARKET Unaudited Unaudited Audited 6 months to 6 months to Year to 31st December 31st December 30th June 2004 2003 2004 £'000 £'000 £'000 Continental Europe 28,196 23,224 48,983 Far East, including Japan and Australia 18,931 14,774 34,099 North and South America 18,444 14,944 33,305 Other overseas regions 1,826 1,168 2,494 UK and Ireland 5,056 4,466 8,820 _______ ________ ________ Total group turnover 72,453 58,576 127,701 _______ ________ ________ 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 2004 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 6.10p will be paid on 11th April 2005 to shareholders on the register on 11th March 2005. 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: For the first six months of the current year I am pleased to report continued progress in all aspects of the Group's activities. There was considerable growth in turnover during the period, which has increased by 24% to £72.5m (2003: £58.6m) , despite adverse currency movements of £3.2m. Sales grew in all geographical market areas and in all product lines. The Group benefited during the period from strong manufacturing growth in our major markets, especially Japan, Germany and the USA and in our newer markets of Eastern Europe and Russia. The improvement by product lines was particularly marked in Digitising (including Dental), Machine Tools and Encoders. Our worldwide marketing infrastructure continues to be strengthened, with new offices being established in India and Russia and our staff in Nagoya, Japan are due to move into larger offices in the next six months. The Group has maintained its high level of research and development expenditure on products for the future and a number of new product launches are planned for this year. Total research and development expenditure, with associated engineering costs, amounted to £12.3m (2003: £11.0m). Operating profit for the six months rose to £10.8m compared with £5.6m in the previous year. Profit before tax was £12.2m (2003: £6.6m) resulting in an increase of 76% in earnings per share to 13.4p (2003: 7.6p). As reported at the Annual General Meeting last October, the Company has acquired for £5m a 100,000 sq feet factory and offices at Stonehouse, 15 miles from our New Mills site. This facility increases the Group's manufacturing capability and will accommodate a new anodising plant, the transfer of our manufacturing equipment from New Mills, the Company's raw material metal stores and the finishing processes for manufactured components. Substantial investment in additional manufacturing equipment, including machine tools, has also been made. Total capital expenditure during this period amounted to £10.4m (2003: £10.1m). At 31st December 2004 net cash balances were £23.2m (2003: £29.1m). The Group continues to depend on the introduction of new products and the growth of the markets in which we operate. At present, markets are buoyant and the outlook favourable. Although the Group only has short order book visibility, it has taken steps, including the build up of finished stock levels, to meet the increasing demand. We remain very confident of the Group's longer term future. An interim dividend of 6.10p per share (2003: 5.61p per share) will be paid on 11th April 2005 to shareholders on the register on 11th March 2005. Sir David R McMurtry CBE RDI CEng FIMechE FREng Chairman and Chief Executive 25th January 2005 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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