Record Results at Renishaw
LONDON -- Renishaw -- a global company specializing in measurement, motion control, spectroscopy, and precision machining -- today unveiled record results in its half-year report.
Adjusted pre-tax profit is up a substantial 42%, at 43 million pounds, on revenue that increased 18% to 174 million pounds. Earnings per share surged 38%, to 48 pence, and the company announced that the proposed divided would be raised 10%, to 11.33 pence per share.
Geographically, revenue growth was driven by a 59% increase in the Far East, offsetting a decline in Europe and the Americas. In terms of operating divisions, the company reported that Metrology saw most growth, with Health Care showing its usual bias to a weaker first-half performance.
Commenting on the outlook, chairman and chief executive Sir David McMurtry said:
The Group ... faces tough financial comparators during the second half of this financial year given the strong trading conditions in the prior year, particularly in the fourth quarter. The directors therefore currently expect that revenue in the second half will be around the level in the second half of last year.
Renishaw's markets continue to exhibit attractive, long-term structural growth drivers with continuing global investment in production systems and processes. Despite continuing global economic uncertainties and short-term fluctuations in activity levels, we continue to invest in our business with confidence to position it for sustainable long-term growth.
Renishaw's share price has rallied from 237 pence to over 20 pounds since 2009, creating a spectacular return for investors smart enough to spot the opportunity.
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The article Record Results at Renishaw originally appeared on Fool.com.Jon Wallis has no position in any stocks mentioned. The Motley Fool recommends Renishaw. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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