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(RSW.L) Renishaw PLC Buy/Sell

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Time: 01:25 (Market Closed)

Bid	646.50
Ask	652.00
Price	649.25
Previous	655.00
Change	-3 (-0.46%)
Last Trade	652 (16:35:11)
Trading Vol.	72,072
Today's High	659.50
Today's Low	645.50

52 Wk Low	245.50
52 Wk Low	(02/04/2009)
52 Wk High	659.50
52 Wk High	(19/03/2010)
52 Wk Change	+378.25
52 Wk Change	(+138.17%)
4 Wk Volume	666,924
ISIN Number	GB0007323586
Currency	GBX

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Recent News
Date/Time	Headline	Source
27-01-10	Renishaw PLC - Half Yearly Report - Replacement	RNS
RNS Number : 2024G Renishaw PLC 27 January 2010 Renishaw plc 27th January 2010 Interim report 2010 This Interim report has been re-issued due to the following errors in the original submission: In note 2, revenue for Continental Europe now reads £22,565,000, was £25,565,000; and In note 9, Included in other receivables in non-current assets now reads £1,951,000 was £618,000, Included in other receivables in current assets now reads £618,000, was £1,951,000. Financial highlights `6 months to31st 6 months to31st change% Year ended30th June2009£000` `December2009£000 December2008£000` `Revenue 73,851 102,670 -28% 171,247` `Adjusted operating profit 6,918 11,903 -42% 5,991` `Adjusted profit before 7,101 14,023 -49% 8,843` taxation `Adjusted earnings per share 7.8p 15.4p -49% 9.3p` Statutory `Operating profit 6,918 11,903 -42% 1,870` `Profit before taxation 7,101 14,023 -49% 4,722` `Earnings per share 7.8p 15.4p -49% 4.9p` `Proposed dividend per share 4.00p 7.76p -48% 7.76p` Note on adjusted figures Adjusted figures only apply to the full year ended 30th June 2009 figures and these exclude the exceptional redundancy costs incurred in the second half of the 2009 financial year. Half year management report Chairman's statement I am delighted to announce that the improvements in order intake and revenue previously reported for the first three months have accelerated throughout the second quarter ended 31st December 2009 with order intake now exceeding revenue in each of the last six months. This has resulted in the order book increasing from £9.7m at 30th June 2009 to £17.6m by 31st December 2009. Total group revenue for the six months to 31st December 2009 amounted to £73.9m (2008 £102.7m), which, whilst contrasting adversely with that achieved for the same period last year (a reduction of 32% at previous year exchange rates), was 8% ahead of the £68.6m recorded in the second six months of the previous financial year. Group operating profit amounted to £6.9m (2008 £11.9m), which, whilst also significantly lower than that reported for the same period last year, provided a substantial improvement over the pre-exceptional operating loss of £5.9m recorded in the second six months of the previous financial year, following the cost control measures introduced in February 2009. After net financial income, the Group delivered profit before tax of £7.1m (2008 £14.0m), resulting in earnings per share of 7.8p compared with 15.4p in the previous year. Favourable currency movements benefited revenue and operating profits by £3.6m and £2.5m respectively. Segmental analysis This year the Group has divided its operating, research and development and reporting activities into two main segments:- the traditional metrology business, the cornerstone of Renishaw, and the smaller Healthcare activities into which parts of Renishaw have migrated or which have been established or acquired. METROLOGY Revenue in our traditional Metrology product segment (probes and accessories for coordinate measuring machines (CMM) and machine tools, laser calibration systems and linear and angle encoder systems) was £65.9m (2008 £94.2m). Although there was a decline in revenue in most geographic areas, there was growth in the Far East, excluding Japan. Current indications are that growth in China, Korea and Taiwan is likely to continue, particularly in the production of electronic products and in the recovering Japanese machine tool market, which experienced strong order intake last month. Investment continues (albeit at a lower level than last year) in the research and development of a range of new products and applications. New products introduced to the market this year include the RMP40 compact radio transmission spindle probe and the QC20-W wireless ballbar. HEALTHCARE The Healthcare segment comprises the neurosurgical, dental and spectroscopy products, which includes PulseTeq (coils for MRI scanners), D3 Technologies (surface enhanced Raman spectroscopy) and Renishaw Mayfield (surgical robots, which was acquired in November 2008). Revenue for this segment amounted to £8.0m (2008 £8.5m, of which £2.5m included non-recurring revenue). Excluding the non-recurring revenue, there was growth in all geographic markets, notably the Far East. Investment continues in marketing the newly introduced products and meeting the associated regulatory compliance requirements. The Company provided further investment of £1m in D3 Technologies Limited, bringing its shareholding up to 80% (previously 75%). Balance sheet Capital expenditure was much reduced during this period and amounted to £1.1m, of which £0.6m was property and £0.5m was plant and machinery. There were further efficiencies achieved in inventories, which reduced by £4.2m in the six months. Trade receivables rose in line with increased activity in November and December. Cost containment measures continue. Net cash balances at 31st December 2009 were £24.4m (30th June 2009 £20.5m, 31st December 2008 £15.7m). The deficit in the pension fund has increased to £29.7m (£22.5m at 30th June 2009) reflecting a significant increase in liabilities (caused by a decrease in the AA Corporate Bond yield rate and an increase in the inflation assumption) offset partly by a strong investment performance Prospects After a serious and protracted global downturn we are encouraged by the progress in this first six months, particularly by the performance in this last quarter and the improvements in the rate of order intake. Overall we are cautiously optimistic for the full year and thereafter. The Board has resolved to pay an interim dividend of 4.0p (covered 2 times by available earnings for the period) payable on 31st March 2010 to shareholders on the share register on 26th February 2010. We are grateful for our employees understanding and continued commitment and look forward to returning to consistent growth for our shareholders. Sir David R McMurtry CBE, RDI, FREng, CEng, FIMechE Chairman & Chief Executive, 27th January 2010 Consolidated income statement Unaudited `Notes 6 months to31st 6 months to31st AuditedYear` `December2009£000 December2008£000 ended30th` `June2009£000` `Revenue 2 73,851 102,670 171,247` `Cost of sales (41,319) (55,484) (101,064)` `Gross profit 32,532 47,186 70,183` `Distribution costs (17,149) (22,748) (41,559)` `Administrative expenses (8,465) (12,535) (26,754)` including exceptional item `Operating profit excluding 6,918 11,903 5,991` exceptional item `Exceptional item redundancy - - (4,121)` costs `Operating profit 6,918 11,903 1,870` `Financial income 3 2,998 4,820 8,754` `Financial expenses 3 (2,945) (3,089) (6,219)` `Share of profits from 130 389 317` associates `Profit before tax 4 7,101 14,023 4,722` `Income tax expense (1,420) (2,805) (1,124)` `Profit for the period from 5,681 11,218 3,598` continuing operations Profit attributable to: `Equity shareholders of the 5,939 11,368 3,871` parent company `Minority interest (258) (150) (273)` `5,681 11,218 3,598` `Pence pence Pence` `Dividend per share arising in 8 4.00 7.76 7.76` respect of the period `Earnings per share (basic and 5 7.8 15.4 4.9` diluted) Consolidated balance sheet Unaudited `Notes At 31st At 31st AuditedAt 30th` `December2009£000 December2008£000 June2009£000` Assets `Property, plant and equipment 6 72,021 78,433 73,583` `Intangible assets 7 28,564 26,478 27,683` `Investments in associates 7,024 7,252 7,085` `Deferred tax assets 17,322 20,465 14,165` `Other receivables 9 1,951 - 4,020` `Total non-current assets 126,882 132,628 126,536` Current assets `Inventories 24,972 35,899 29,156` `Trade receivables 30,389 40,247 24,057` `Current tax 3,107 329 1,626` `Other receivables 9 4,147 5,085 4,335` `Cash and cash equivalents 24,372 15,659 20,488` `Total current assets 86,987 97,219 79,662` Current liabilities `Trade payables 6,291 12,355 6,588` `Current tax 841 2,570 910` `Provisions 599 847 656` `Other payables 9 16,602 29,895 13,339` `Total current liabilities 24,333 45,667 21,493` `Net current assets 62,654 51,552 58,169` Non-current liabilities `Employee benefits 10 29,728 10,771 22,458` `Deferred tax liabilities 10,624 12,410 10,618` `Other payables 9 7,086 25,138 7,849` `Total non-current liabilities 47,438 48,319 40,925` `Total assets less total 142,098 135,861 143,780` liabilities Equity `Share capital 8 14,558 14,558 14,558` `Share premium 8 42 42 42` `Currency translation reserve 8 2,610 1,149 1,822` `Cash flow hedging reserve 8/9 (8,401) (31,964) (5,415)` `Retained earnings 8 133,380 152,043 132,755` `Total equity attributable to 142,189 135,828 143,762` the equity holders of the parent company `Minority interest (91) 33 18` `Total shareholders' funds 142,098 135,861 143,780` Consolidated statement of cash flow Unaudited `6 months to31st 6 months to31st AuditedYear` `December2009£000 December2008£000 ended30th` `June2009£000` Cash flows from operating activities `Profit for the period 5,681 11,218 3,598` `Amortisation of development 2,220 1,276 4,433` costs `Amortisation of other 897 1,100 1,441` intangibles `Depreciation 4,050 4,056 8,890` `Profit on sale of property, - (6) 151` plant and equipment `Share of profits from (130) (389) (317)` associates `Financial income (2,998) (4,820) (8,754)` `Financial expenses 2,945 3,089 6,219` `Tax expense 1,420 2,805 1,124` `8,404 7,111 13,187` `Decrease/(increase) in 4,184 (1,679) 5,064` inventories `(increase)/decrease in trade (5,456) 14,819 28,167` and other receivables `Increase/(decrease) in trade 102 (5,633) (12,026)` and other payables `(Decrease)/increase in (57) 23 (168)` provisions `(1,227) 7,530 21,037` `Income taxes paid (2,947) (3,088) (6,368)` `Cash flows from operating 9,911 22,771 31,454` activities Investing activities `Purchase of property, plant (1,103) (6,540) (11,005)` and equipment `Development costs capitalised (3,590) (2,576) (6,618)` `Purchase of other intangibles (235) (6,863) (7,503)` `Investment in associates - (400) (400)` `Saleof property, plant and 71 40 259` equipment `Interest received 132 956 1,161` `Dividend received from 21 21 80` associate `Cash flows from investing (4,704) (15,362) (24,026)` activities Financing activities `Interest paid (117) (67) (255)` `Dividends paid - (12,833) (15,649)` `Cash flows from financing (117) (12,900) (15,904)` activities `Net increase/(decrease) in 5,090 (5,491) (8,476)` cash and cash equivalents `Cash and cash equivalents at 20,488 38,183 38,183` the beginning of the period `Effect of exchange rate (1,206) (17,033) (9,219)` fluctuations on cash held `Cash and cash equivalents at 24,372 15,659 20,488` the end of the period Consolidated statement of comprehensive income and expense Unaudited `6 months to31st 6 months to31st AuditedYear` `December2009£000 December2008£000 ended30th` `June2009£000` `Profit for the period 5,681 11,218 3,598` `Foreign exchange translation 788 (425) 248` differences `Actuarial loss in the pension (7,308) (558) (13,032)` schemes Effective portion of changes in fair value of cash flow hedges, net of recycling: `Amounts recycled during the (2,559) (987) (1,938)` period `Fair value of outstanding (1,588) (37,502) 323` amounts `(4,147) (38,489) (1,615)` `Deferred tax on income and 3,155 10,440 3,614` expense recognised in equity `Expense recognised directly in (7,512) (29,032) (10,785)` equity `Total comprehensive income and (1,831) (17,814) (7,187)` expense for the period Attributable to: `Equity holders of the parent (1,573) (17,664) (6,914)` company `Minority interest (258) (150) (273)` `Total comprehensive income and (1,831) (17,814) (7,187)` expense for the period Responsibility statement We confirm that to the best of our knowledge: THE CONDENSED SET OF FINANCIAL STATEMENTS HAS BEEN PREPARED IN ACCORDANCE WITH IAS 34 INTERIM FINANCIAL REPORTING AS ADOPTED BY THE EU; THE INTERIM REPORT INCLUDES A FAIR REVIEW OF THE INFORMATION REQUIRED BY: (a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and (b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so. On behalf of the Board A C G Roberts FCA Group Finance Director 27th January 2010 Notes `1. Status of Interim report and accounting policies` The Interim report, which has not been audited, was approved by the directors on 27th January 2010. General information The Interim report has been prepared in accordance with the EU endorsed standard IAS 34, Interim financial reporting. This interim financial information has been prepared on the basis of the accounting policies adopted in the most recent annual financial statements, these being for the year ended 30th June 2009, as revised for the implementation of specified new amended endorsed standards or interpretations. Given the nature of some forward-looking information included in this report, which the directors have given in good faith, this information should be treated with due caution. The Interim report is available on our website www.renishaw.com. The interim financial information for the six months to 31st December 2009 and the comparative figures for the six months to 31st December 2008 are unaudited. The comparative figures for the financial year ended 30th June 2009 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. Going concern The Group has considerable financial resources at its disposal and the directors have considered the current financial projections. As a consequence, the directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook. After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Interim report. Accounting policies The accounting policies applied and significant estimates used by the Group in this Interim report are the same as those applied by the Group for the year ended 30th June 2009. The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial year ending 30th June 2010: IAS 1 (REVISED), PRESENTATION OF FINANCIAL STATEMENTS* BECAME EFFECTIVE FROM 1ST JANUARY 2009. THE REVISION HAS RESULTED IN MINOR CHANGES TO THE PRESENTATION OF THE PRIMARY STATEMENTS IN THE INTERIM REPORT. IFRS 8, OPERATING SEGMENTS, EFFECTIVE FOR ANNUAL PERIODS BEGINNING ON OR AFTER 1ST JANUARY 2009. THIS NEW STANDARD HAS RESULTED IN CHANGES IN THE DISCLOSURE OF THE SEGMENTAL RESULTS OF THE GROUP. IFRS 3 (2008), 'BUSINESS COMBINATIONS', A REVISION, BECAME EFFECTIVE FOR ANNUAL PERIODS BEGINNING ON OR AFTER 1ST JULY 2009. IT IS NOT EXPECTED TO HAVE ANY MATERIAL IMPACT ON THE FINANCIAL STATEMENTS IN THIS FINANCIAL YEAR. IFRIC 14, 'THE LIMIT ON A DEFINED BENEFIT ASSET, MINIMUM FUNDING REQUIREMENTS AND THEIR INTERACTION', BECAME EFFECTIVE FOR ANNUAL PERIODS BEGINNING ON OR AFTER 1ST JANUARY 2009. THIS INTERPRETATION HAS NOT HAD A MATERIAL EFFECT ON THE INTERIM RESULTS OF THE GROUP. `2. Segmental information` Renishaws business is metrology, the science of measurement. The Group manufactures a comprehensive range of high-precision probing systems, accessories, calibration and measuring systems and other innovative products which enable customers worldwide to carry out dimensional measurements to traceable standards. In addition to developing the Group's traditional core metrology business, the Group has also been investing in the development of additional applications for new market sectors based upon its core metrology expertise. The additional investment has been focussed on the healthcare sector and products for the dental and neurosurgical markets, together with our spectroscopy product offerings. The Group thus manages its business in two business segments, Metrology, being the traditional core business, and Healthcare. The Groups main products within these segments comprise: Metrology - Co-ordinate measuring machine (CMM) probes and accessories, which are used for accurate post-process inspection of components on CMMs; Machine tool probes and tool setting systems, used for automated component identification, workpiece and tool setting and component inspection; Laser calibration systems and the QC20-W ballbar, used to determine the accuracy of CMMs, machine tools and other industrial and scientific equipment; Linear and angle encoder systems, for precise linear and rotary motion control; and a broad range of styli for all probes. Healthcare - Scanning and digitising systems applied to the dental sector, offering a complete CAD/CAM system for crown and bridge frameworks; Spectroscopy products, including a Raman microscope, used to identify the composition and structure of materials (including medicinal tablet mapping, molecular diagnostics and DNA analysis); and Neurosurgical products for use in neurosurgical procedures and for enhancing the images obtained from MRI scanners. `Revenue Metrology Healthcare Total` `£000 £000 £000` `6 months to 31st December 2009 65,876 7,975 73,851` `6 months to 31st December 2008 94,205 8,465 102,670` `Year ended 30th June 2009 152,894 18,353 171,247` Depreciation and amortisation `6 months to 31st December 2009 6,335 832 7,167` `6 months to 31st December 2008 5,571 861 6,432` `Year ended 30th June 2009 12,773 1,991 14,764` Operating profit `6 months to 31st December 2009 9,029 (2,111) 6,918` `Share of profits from associates 130 - 130` `Net financial income 53` `Profit before tax 7,101` `6 months to 31st December 2008 13,878 (1,975) 11,903` `Share of profits from associates 389 - 389` `Net financial income 1,731` `Profit before tax 14,023` `Year ended 30th June 2009 6,286 (4,416) 1,870` `Share of profits from associates 317 - 317` `Net financial income 2,535` `Profit before tax 4,722` There is no allocation of assets and liabilities to operating segments. Depreciation is included within certain other overhead expenditure which is allocated to segments on the basis of the level of activity. The following table shows the analysis of revenue by geographical market and the effect of exchange rate changes: `6 months to 6 months to 6 months to` `31stDecember 2009 31stDecember 2008 31stDecember 2009 at` `atactual exchange atactual exchange previousyear's` `rates£000 rates£000 exchange rates£000` `Continental Europe 22,565 38,690 22,550` `Far East 26,649 32,179 24,224` `North & South America 17,303 23,076 16,221` `United Kingdomand Ireland 4,983 5,874 4,983` `Other Regions ("ROW") 2,351 2,851 2,349` `73,851 102,670 70,327` Revenue in the above table has been allocated to regions based on the geographical location of the customer. Individual countries which comprised more than 10% of Group revenue were: `6 months to31st 6 months to31st Year ended30th June2009£000` `December2009£000 December2008£000` `USA 15,114 21,341 38,618` `Germany 12,556 18,277 31,020` `China 12,365 10,575 19,458` `Japan 7,665 15,031 23,165` There was no revenue from transactions with a single external customer amounting to 10% or more of the Groups total revenue. The following table shows the analysis of non-current assets by geographical area: `At31st At31st December2008£000 At30th June2009£000` `December2009£000` `United Kingdom 72,612 73,075 76,098` `Overseas 36,948 39,088 36,273` `109,560 112,163 112,371` `3. Financial income and expenses` `Financial income 6 months to31st 6 months to31st Year ended30th` `December2009£000 December2008£000 June2009£000` `Expected return on assets in 2,866 3,864 7,593` the pension schemes `Bank interest receivable 132 956 1,161` `2,998 4,820 8,754` `Financial expenses 6 months to31st 6 months to31st Year ended30th June2009£000` `December2009£000 December2008£000` `Interest on pension scheme 2,828 3,022 5,964` liabilities `Bank interest payable 117 67 255` `2,945 3,089 6,219` `4. Income tax expense` The income tax expense has been estimated at a rate of 20% (December 2008: 20%), the rate expected to be applicable for the full year. `5. Earnings per share` Earnings per share are calculated on earnings of £5,681,000 (December 2008: £11,218,000) and on 72,788,543 shares, being the number of shares in issue during the period. Earnings per share for the year ended 30th June 2009 are calculated on earnings of £3,598,000 and on 72,788,543 shares, being the number of shares in issue during that year. `6. Property, plant and equipment` `Freeholdland Plant Motorvehicles£000 Assets in thecourse Total£000` `andbuildings£000 andequipment£000 of construction£000` Cost `At 1st July 2009 65,066 76,133 5,129 480 146,808` `Additions 590 444 22 47 1,103` `Transfers - 133 - (133) -` `Disposals - (98) (139) - (237)` `Currency adjustment 1,409 710 171 - 2,290` `At 31st December 2009 67,065 77,322 5,183 394 149,964` Depreciation `At 1st July 2009 13,541 56,226 3,458 - 73,225` `Charge for the period 809 2,871 370 - 4,050` `Released on disposals - (49) (117) - (166)` `Currency adjustment 342 392 100 - 834` `At 31st December 2009 14,692 59,440 3,811 - 77,943` Net book value `At 31st December 2009 52,373 17,882 1,372 394 72,021` `At 30th June 2009 51,525 19,907 1,671 480 73,583` `7. Intangible assets` `Goodwill on Other intangible Internallygeneratedd Software licences Total` `consolidation assets evelopment costs` `In use In the courseof` `acquisition` `£000 £000 £000 £000 £000 £000` Cost `At 1st July 2009 5,569 5,416 28,973 11,252 - 51,210` `Additions 149 69 3,590 17 - 3,825` `Currency adjustment - - - 18 - 18` `At 31st December 2009 5,718 5,485 32,563 11,287 - 55,053` Amortisation `At 1st July 2009 - 1,150 15,829 6,548 - 23,527` `Charge for the period - 277 2,220 450 - 2,947` `Currency adjustment - - - 15 - 15` `At 31st December 2009 - 1,427 18,049 7,013 - 26,489` Net book value `At 31st December 2009 5,718 4,058 14,514 4,274 - 28,564` `At 30th June 2009 5,569 4,266 13,144 4,704 - 27,683` `8. Reconciliations of movements in equity` `6 months to 31st December 2009 Sharecapital£000 Sharepremium£000 Currencytranslationr Cash Total£000` `eserve£000 flowhedgingreserve£* Retainedearnings£` 000 000* `Balance at the beginning of 14,558 42 1,822 (5,415) 132,755 143,762` the period `Profit for the period - - - - 5,939 5,939` `Other recognised income and - - 788 (2,986) (5,314) (7,512)` expense `Balance at the end of the 14,558 42 2,610 (8,401) 133,380 142,189` period `6 months to 31st December 2008 Sharecapital£000 Sharepremium£000 Currencytranslationr Cash Total£000` `eserve£000 flowhedgingreserve£* Retainedearnings£` 000 000* `Balance at the beginning of 14,558 42 1,574 (4,252) 154,403 166,325` the period `Profit for the period - - - - 11,368 11,368` `Other recognised income and - - (425) (27,712) (895) (29,032)` expense `Dividends paid - - - - (12,833) (12,833)` `Balance at the end of the 14,558 42 1,149 (31,964) 152,043 135,828` period `Year ended 30th June 2009 Sharecapital£000 Sharepremium£000 Currencytranslationr Cash Total£000` `eserve£000 flowhedgingreserve£* Retainedearnings£` 000 000* `Balance at the beginning of 14,558 42 1,574 (4,252) 154,403 166,325` the year `Profit for the year - - - - 3,871 3,871` `Other recognised income and - - 248 (1,163) (9,870) (10,785)` expense `Dividends paid - - - - (15,649) (15,649)` `Balance at the end of the year 14,558 42 1,822 (5,415) 132,755 143,762` `Dividends paid during the 6 months to31st 6 months to31st Year ended30th June2009£000` `period were: December2009£000 December2008£000` `2008 final dividend of 17.63p - 12,833 12,833` per share `2009 interim dividend of - - 2,816` 7.76p, net of waivers `- 12,833 15,649` No final dividend was paid in respect of the year ended 30th June 2009. The 2009 interim dividend of 7.76p per share was subject to waivers totalling £2,833,000. An interim dividend for 2010 of £2,911,542 (4.0p per share) will be paid on 31st March 2010, to shareholders on the register on 26th February 2010, with an ex-div date of 24th February 2010. `9. Currency hedging reserve` Outstanding forward contracts were revalued based on the forward exchange rates pertaining at 31st December 2009. The currency hedging reserve of £(8,401,000) (December 2008 £(31,964,000)) is analysed as: `At31st At30th June2009£000` `December2009£000 At31st` `December2008£000` `Included in other receivables 1,951 4,020` in non-current assets `Included in other receivables 618 - 709` in current assets `Included in other payables in (7,151) (19,257) (5,623)` current liabilities `Included in other payables in (7,086) (25,138) (6,627)` non-current liabilities `(11,668) (44,395) (7,521)` `Included in deferred tax 3,267 12,431 2,106` assets `(8,401) (31,964) (5,415)` `10. Employee benefits` The Group operates a number of pension schemes throughout the world. The major scheme, which covers the UK-based employees, was of the defined benefit type. In April 2007, this scheme ceased any future accrual for current members and was closed to new members. UK employees are now covered by a defined contribution scheme. The latest full actuarial valuation of the UK defined benefit scheme was carried out at September 2006 and updated to 31st December 2009 by a qualified independent actuary. The major assumptions used by the actuary were: `At31st At31st At30th June2009£000` `December2009£000 December2008£000` `Discount rate 5.7% 5.7% 6.2%` `Inflation rate 3.8% 2.7% 3.4%` `Expected return on equities 8.3% 9.1% 8.3%` `Retirement age 64 64 64` The assets and liabilities in the defined benefit schemes were: `At31st At31st At30th June2009£000` `December2009£000 December2008£000` `Market value of assets 86,246 70,371 70,168` `Actuarial value of liabilities (115,974) (81,142) (92,626)` `Deficit in the schemes (29,728) (10,771) (22,458)` `Deferred tax thereon 7,697 2,659 5,701` The movements in the schemes' assets and liabilities were: `6 months to31st 6 months to31st Year ended30th June2009£000` `December2009£000 December2008£000` `Balance at the beginning of (22,458) (11,055) (11,055)` the period `Expected return on pension 2,866 3,864 7,593` schemes' assets `Interest on pension schemes' (2,828) (3,022) (5,964)` liabilities `Actuarial loss (7,308) (558) (13,032)` `Balance at the end of the (29,728) (10,771) (22,458)` period Under the defined benefit deficit funding plan, there are certain UK properties, owned by Renishaw plc, which are subject to a registered charge to secure the UK defined benefit pension scheme liabilities. No scheme assets are invested in the Group's own equity. `11. Related party transactions` The only related party transactions to have taken place during the first half year were normal business transactions between the Group and its associates, which have not had a material effect on the results of the Group for this period. `12. Risks and uncertainties` The principal risks and uncertainties affecting the business activities of the Group are considered to be: Current trading levels and order book The downturn in the global economic climate adversely affected the Groups second half revenue and profits for last year and, whilst the first half of the current year has shown a significant improvement, with the Group showing a profit compared with last years second half loss, the transition from recessions around the world are expected to be gradual. Orders from customers generally involve short lead-times with the outstanding order book at any time being around one months worth of revenue value. This limited forward order visibility leaves the annual revenue forecasts at risk. The Chairman and Chief Executives statement in this Interim report includes a comment on the outlook for the Group for the remaining six months of the financial year. Research and development The Group invests heavily in research and development, to develop new products and processes to maintain the long-term growth of the Group. This research and development encompasses new innovative products within the core metrology and emerging healthcare businesses. The development of new products and processes involves risk, such as with development time, which may take longer than originally forecast and hence involve more cost. Also, being at the leading edge of new technology in metrology and healthcare, there are uncertainties whether new developments will work as planned and in some cases, projects may need to be halted with the consequent non-recoverability of expenditure if the intended deliverables of the project are not forthcoming. Expenditure is only capitalised once the commercial and technical feasibility of a product is proven. These risks are minimised by operating strictly managed research and development programmes with regular reviews against milestones achieved and against forecast business plans. Research and development also involves beta testing at customers to ensure that new products will meet the needs of the market at the right price. Defined benefit pension schemes The Group has previously closed its major defined benefit pension schemes for future accruals, so has eliminated the major risk of growth in liabilities for future accrual of salary increases above RPI and additional years of service. The fund is still subject to fluctuations arising from investment performance and actuarial assumptions. The UK defined benefit scheme is secured by a registered charge on certain of the Groups UK properties. Treasury With the concentration of manufacturing in the UK, Ireland and India, but with over 90% of sales to countries elsewhere around the world, there is an exposure to fluctuating currencies on these export sales, mainly in respect of the US Dollar, Euro and Japanese Yen. The Group has mitigated the risks associated with fluctuating exchange rates by the use of forward contracts to hedge a proportion of US Dollar sales and the majority of forecast Euro and Japanese Yen sales for the current year. It also has forward contracts in place going forward a further three years in respect of significant proportions of forecast Euro and Japanese Yen sales. Tax Significant judgement is required in determining the effective tax rate and in evaluating certain tax positions. Tax provisions are adjusted due to changing facts and circumstances, such as case law, progress of tax audits or when an event occurs requiring a change in tax provisions. Management regularly assesses the appropriateness of tax provisions. Financial calendar `Record date for 2010 interim dividend 26th February 2010` `2010 interim dividend payment 31st March 2010` `Announcement of 2010 full year results 28th July 2010` `Mailing of 2010 Annual report Late August 2010` `Annual general meeting 14th October 2010` `2010 final dividend payment 18th October 2010` Registered office: Renishaw plc New Mills Wotton-under-Edge Gloucestershire UK GL12 8JR Registered number: 1106260 `Telephone. 01453 524524` `Fax. 01453 524901` `email. uk@renishaw.com` `Internet. www.renishaw.com` Enquiries: `Ben Taylor 01453 524445` `Allen Roberts 01453 524445` This information is provided by RNS The company news service from the London Stock Exchange END IR LLFELLIIDFII More
27-01-10	STOCKS NEWS UK-Renishaw up on hike in order book, outlook	AFX UK Focus
`STOCKS NEWS Reuters` Results diary `Europe Real-time Equity News` `UK Stocks on the move` `UK smallcaps UK smallcaps news` `10:39GMT 27Jan2010-Renishaw up on hike in order book, outlook` ------------------------------------------------------------- `Shares in Renishaw Plc rise as much as 3 percent after the precision engineer says its order book nearly doubled in the first half and it was cautiously optimistic for the full year.` `Numis Securities says: "We believe that Renishaw is still a good recovery play as it is a world leader in its field and with its high operational gearing, we should see further earnings momentum as volumes grow".` `The brokerage raises its fiscal 2010 pretax profit forecast for the company by 50 percent to 18 million pounds and for fiscal 2011 by 20 percent to 31.7 million pounds.` `Numis upgrades the stock to "add" from "hold" and has a 700 pence price target.` `For more please click on` Reuters messaging rm://shivani.singh.thomsonreuters.com@reuters.net `09:10GMT 27Jan2010-Plant Health down on deferral of sales` --------------------------------------------------------- `Shares in Plant Health Care fall more than 7 percent after the company says at least one-third of its sales expected for 2010 would now likely fall in the next year, despite forecasting a significantly reduced full-year loss.` `"There is a slight wobble caused in the share price by the timing of near-term sales but the absolute quantum of revenue for 2010 and 2011 combined should be unaltered," FinnCap analyst 2010 and 2011 combined should be unaltered," FinnCap analyst Charles Pick says.` `Pick keeps his 'buy' rating and has a price target of 300 pence on the stock.` `For more please click on` Reuters messaging rm://aditi.samajpati.reuters.com@reuters.net `09:58GMT 27Jan2010-System C higher on H1 profit surge` ----------------------------------------------------- `Shares in System C Healthcare Plc rise 3 percent as the healthcare IT specialist posts a 49 percent rise in first-half profit, driven by growing demand for its products and a positive outlook.` Charles Stanley analyst Ian Mitchell says: "System C has delivered strong growth in its interim results, achieving 50 percent of our full year revenue and operating profit forecasts despite the second-half typically being stronger". `"System C has a wealth of domain knowledge in healthcare IT that is in strong demand as the NHS seeks to upgrade its systems to cope with modern demands," says Mitchell, who has a "buy" rating on the stock.` `For more, please click on` Reuters messaging rm://purwa.naveen.reuters.com@reuters.net `09:45GMT 27Jan2010-Britvic rises on Q1 revenue growth` ----------------------------------------------------- `Shares in British soft drinks maker Britvic rise 4.1 percent as it posts an increase in first quarter revenues of 11 percent due to strong growth and a consumer switch to premium products in the water and sports drinks category.` `"A very strong Q1 sales performance, led by carbonates volume up 17 percent, is likely to lead to consensus forecast upgrades," says Evolution Securities analyst Andrew Holland.` `"Britvic is cautious on Q2, citing tougher comparisons and poor January weather, but our current sales growth forecast of 3.4 percent for the full year looks low," he adds.` `The broker maintains its "buy" recommendation on the stock with a target price of 420 pence.` `For more click on` Reuters messaging rm://sarah.young.thomsonreuters.com@reuters.net `09:20GMT 27Jan2010-Charles Stanley shares rise on Q3 results` ------------------------------------------------------------ `Shares in Charles Stanley Group Plc rise 2.5 percent after the UK stockbroker says funds under management rose 4.3 percent in the third quarter and that it plans to pay an interim dividend of 5 pence.` `"Charles Stanley's Q3/10 IMS shows strong underlying progress in revenues and AUM growth comfortably ahead of the benchmark," say analysts at Canaccord Adams.` `The brokerage raises its price target to 391 pence from 374 pence and keeps its "buy" rating on the stock.` `For more please click on` Reuters messaging rm://shivani.singh.thomsonreuters.com@reuters.net `08:47GMT 27Jan2010-UK Small Caps down 0.1 pct at open` ----------------------------------------------------- `The FTSE Small Cap index slips 0.1 percent lower at open, easily outperforming more significant slides by the blue chip and mid cap indexes, which lose 1.4 and 0.9 percent, respectively.` `Charles Stanley adds 2.5 percent after the independent stockbroker says, in a trading update, that its funds under management rose 4.3 percent in the third quarter, from the previous quarter, as its business continued to show resilience, and it plans to resume dividends with a 5 pence interim payout.` `In reaction, Canaccord Adams raises its target price for Charles Stanley to 391 pence from 374 pence and reiterated its "buy" rating on the stock.` `International Ferro Metals sheds 5.5 percent, tracking sharp falls in the broader metals & mining sector having had a good run following recent production data.` `For more on Charles Stanley's update double click on` Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net Keywords: MARKETS UK STOCKSNEWS/ =2 COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
27-01-10	Renishaw PLC - Half Yearly Report	RNS
RNS Number : 1703G Renishaw PLC 27 January 2010 Renishaw plc 27th January 2010 Interim report 2010 Financial highlights `6 months to31st 6 months to31st change% Year ended30th June2009£000` `December2009£000 December2008£000` `Revenue 73,851 102,670 -28% 171,247` `Adjusted operating profit 6,918 11,903 -42% 5,991` `Adjusted profit before 7,101 14,023 -49% 8,843` taxation `Adjusted earnings per share 7.8p 15.4p -49% 9.3p` Statutory `Operating profit 6,918 11,903 -42% 1,870` `Profit before taxation 7,101 14,023 -49% 4,722` `Earnings per share 7.8p 15.4p -49% 4.9p` `Proposed dividend per share 4.00p 7.76p -48% 7.76p` Note on adjusted figures Adjusted figures only apply to the full year ended 30th June 2009 figures and these exclude the exceptional redundancy costs incurred in the second half of the 2009 financial year. Half year management report Chairman's statement I am delighted to announce that the improvements in order intake and revenue previously reported for the first three months have accelerated throughout the second quarter ended 31st December 2009 with order intake now exceeding revenue in each of the last six months. This has resulted in the order book increasing from £9.7m at 30th June 2009 to £17.6m by 31st December 2009. Total group revenue for the six months to 31st December 2009 amounted to £73.9m (2008 £102.7m), which, whilst contrasting adversely with that achieved for the same period last year (a reduction of 32% at previous year exchange rates), was 8% ahead of the £68.6m recorded in the second six months of the previous financial year. Group operating profit amounted to £6.9m (2008 £11.9m), which, whilst also significantly lower than that reported for the same period last year, provided a substantial improvement over the pre-exceptional operating loss of £5.9m recorded in the second six months of the previous financial year, following the cost control measures introduced in February 2009. After net financial income, the Group delivered profit before tax of £7.1m (2008 £14.0m), resulting in earnings per share of 7.8p compared with 15.4p in the previous year. Favourable currency movements benefited revenue and operating profits by £3.6m and £2.5m respectively. Segmental analysis This year the Group has divided its operating, research and development and reporting activities into two main segments:- the traditional metrology business, the cornerstone of Renishaw, and the smaller Healthcare activities into which parts of Renishaw have migrated or which have been established or acquired. `Metrology` Revenue in our traditional Metrology product segment (probes and accessories for coordinate measuring machines ("CMM") and machine tools, laser calibration systems and linear and angle encoder systems) was £65.9m (2008 £94.2m). Although there was a decline in revenue in most geographic areas, there was growth in the Far East, excluding Japan. Current indications are that growth in China, Korea and Taiwan is likely to continue, particularly in the production of electronic products and in the recovering Japanese machine tool market, which experienced strong order intake last month. Investment continues (albeit at a lower level than last year) in the research and development of a range of new products and applications. New products introduced to the market this year include the RMP40 compact radio transmission spindle probe and the QC20-W wireless ballbar. HEALTHCARE The Healthcare segment comprises the neurosurgical, dental and spectroscopy products, which includes PulseTeq (coils for MRI scanners), D3 Technologies (surface enhanced Raman spectroscopy) and Renishaw Mayfield (surgical robots, which was acquired in November 2008). Revenue for this segment amounted to £8.0m (2008 £8.5m, of which £2.5m included non-recurring revenue). Excluding the non-recurring revenue, there was growth in all geographic markets, notably the Far East. Investment continues in marketing the newly introduced products and meeting the associated regulatory compliance requirements. The Company provided further investment of £1m in D3 Technologies Limited, bringing its shareholding up to 80% (previously 75%). Balance sheet Capital expenditure was much reduced during this period and amounted to £1.1m, of which £0.6m was property and £0.5m was plant and machinery. There were further efficiencies achieved in inventories, which reduced by £4.2m in the six months. Trade receivables rose in line with increased activity in November and December. Cost containment measures continue. Net cash balances at 31st December 2009 were £24.4m (30th June 2009 £20.5m, 31st December 2008 £15.7m). The deficit in the pension fund has increased to £29.7m (£22.5m at 30th June 2009) reflecting a significant increase in liabilities (caused by a decrease in the AA Corporate Bond yield rate and an increase in the inflation assumption) offset partly by a strong investment performance Prospects After a serious and protracted global downturn we are encouraged by the progress in this first six months, particularly by the performance in this last quarter and the improvements in the rate of order intake. Overall we are cautiously optimistic for the full year and thereafter. The Board has resolved to pay an interim dividend of 4.0p (covered 2 times by available earnings for the period) payable on 31st March 2010 to shareholders on the share register on 26th February 2010. We are grateful for our employees' understanding and continued commitment and look forward to returning to consistent growth for our shareholders. Sir David R McMurtry CBE, RDI, FREng, CEng, FIMechE Chairman & Chief Executive, 27th January 2010 Consolidated income statement Unaudited `Notes 6 months to31st 6 months to31st AuditedYear` `December2009£000 December2008£000 ended30th` `June2009£000` `Revenue 2 73,851 102,670 171,247` `Cost of sales (41,319) (55,484) (101,064)` `Gross profit 32,532 47,186 70,183` `Distribution costs (17,149) (22,748) (41,559)` `Administrative expenses (8,465) (12,535) (26,754)` including exceptional item `Operating profit excluding 6,918 11,903 5,991` exceptional item `Exceptional item redundancy - - (4,121)` costs `Operating profit 6,918 11,903 1,870` `Financial income 3 2,998 4,820 8,754` `Financial expenses 3 (2,945) (3,089) (6,219)` `Share of profits from 130 389 317` associates `Profit before tax 4 7,101 14,023 4,722` `Income tax expense (1,420) (2,805) (1,124)` `Profit for the period from 5,681 11,218 3,598` continuing operations Profit attributable to: `Equity shareholders of the 5,939 11,368 3,871` parent company `Minority interest (258) (150) (273)` `5,681 11,218 3,598` `Pence pence Pence` `Dividend per share arising in 8 4.00 7.76 7.76` respect of the period `Earnings per share (basic and 5 7.8 15.4 4.9` diluted) Consolidated balance sheet Unaudited `Notes At 31st At 31st AuditedAt 30th` `December2009£000 December2008£000 June2009£000` Assets `Property, plant and equipment 6 72,021 78,433 73,583` `Intangible assets 7 28,564 26,478 27,683` `Investments in associates 7,024 7,252 7,085` `Deferred tax assets 17,322 20,465 14,165` `Other receivables 9 1,951 - 4,020` `Total non-current assets 126,882 132,628 126,536` Current assets `Inventories 24,972 35,899 29,156` `Trade receivables 30,389 40,247 24,057` `Current tax 3,107 329 1,626` `Other receivables 9 4,147 5,085 4,335` `Cash and cash equivalents 24,372 15,659 20,488` `Total current assets 86,987 97,219 79,662` Current liabilities `Trade payables 6,291 12,355 6,588` `Current tax 841 2,570 910` `Provisions 599 847 656` `Other payables 9 16,602 29,895 13,339` `Total current liabilities 24,333 45,667 21,493` `Net current assets 62,654 51,552 58,169` Non-current liabilities `Employee benefits 10 29,728 10,771 22,458` `Deferred tax liabilities 10,624 12,410 10,618` `Other payables 9 7,086 25,138 7,849` `Total non-current liabilities 47,438 48,319 40,925` `Total assets less total 142,098 135,861 143,780` liabilities Equity `Share capital 8 14,558 14,558 14,558` `Share premium 8 42 42 42` `Currency translation reserve 8 2,610 1,149 1,822` `Cash flow hedging reserve 8/9 (8,401) (31,964) (5,415)` `Retained earnings 8 133,380 152,043 132,755` `Total equity attributable to 142,189 135,828 143,762` the equity holders of the parent company `Minority interest (91) 33 18` `Total shareholders' funds 142,098 135,861 143,780` Consolidated statement of cash flow Unaudited `6 months to31st 6 months to31st AuditedYear` `December2009£000 December2008£000 ended30th` `June2009£000` Cash flows from operating activities `Profit for the period 5,681 11,218 3,598` `Amortisation of development 2,220 1,276 4,433` costs `Amortisation of other 897 1,100 1,441` intangibles `Depreciation 4,050 4,056 8,890` `Profit on sale of property, - (6) 151` plant and equipment `Share of profits from (130) (389) (317)` associates `Financial income (2,998) (4,820) (8,754)` `Financial expenses 2,945 3,089 6,219` `Tax expense 1,420 2,805 1,124` `8,404 7,111 13,187` `Decrease/(increase) in 4,184 (1,679) 5,064` inventories `(increase)/decrease in trade (5,456) 14,819 28,167` and other receivables `Increase/(decrease) in trade 102 (5,633) (12,026)` and other payables `(Decrease)/increase in (57) 23 (168)` provisions `(1,227) 7,530 21,037` `Income taxes paid (2,947) (3,088) (6,368)` `Cash flows from operating 9,911 22,771 31,454` activities Investing activities `Purchase of property, plant (1,103) (6,540) (11,005)` and equipment `Development costs capitalised (3,590) (2,576) (6,618)` `Purchase of other intangibles (235) (6,863) (7,503)` `Investment in associates - (400) (400)` `Saleof property, plant and 71 40 259` equipment `Interest received 132 956 1,161` `Dividend received from 21 21 80` associate `Cash flows from investing (4,704) (15,362) (24,026)` activities Financing activities `Interest paid (117) (67) (255)` `Dividends paid - (12,833) (15,649)` `Cash flows from financing (117) (12,900) (15,904)` activities `Net increase/(decrease) in 5,090 (5,491) (8,476)` cash and cash equivalents `Cash and cash equivalents at 20,488 38,183 38,183` the beginning of the period `Effect of exchange rate (1,206) (17,033) (9,219)` fluctuations on cash held `Cash and cash equivalents at 24,372 15,659 20,488` the end of the period Consolidated statement of comprehensive income and expense Unaudited `6 months to31st 6 months to31st AuditedYear` `December2009£000 December2008£000 ended30th` `June2009£000` `Profit for the period 5,681 11,218 3,598` `Foreign exchange translation 788 (425) 248` differences `Actuarial loss in the pension (7,308) (558) (13,032)` schemes Effective portion of changes in fair value of cash flow hedges, net of recycling: `Amounts recycled during the (2,559) (987) (1,938)` period `Fair value of outstanding (1,588) (37,502) 323` amounts `(4,147) (38,489) (1,615)` `Deferred tax on income and 3,155 10,440 3,614` expense recognised in equity `Expense recognised directly in (7,512) (29,032) (10,785)` equity `Total comprehensive income and (1,831) (17,814) (7,187)` expense for the period Attributable to: `Equity holders of the parent (1,573) (17,664) (6,914)` company `Minority interest (258) (150) (273)` `Total comprehensive income and (1,831) (17,814) (7,187)` expense for the period Responsibility statement We confirm that to the best of our knowledge: THE CONDENSED SET OF FINANCIAL STATEMENTS HAS BEEN PREPARED IN ACCORDANCE WITH IAS 34 INTERIM FINANCIAL REPORTING AS ADOPTED BY THE EU; THE INTERIM REPORT INCLUDES A FAIR REVIEW OF THE INFORMATION REQUIRED BY: (a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and (b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so. On behalf of the Board A C G Roberts FCA Group Finance Director 27th January 2010 Notes `1. Status of Interim report and accounting policies` The Interim report, which has not been audited, was approved by the directors on 27th January 2010. General information The Interim report has been prepared in accordance with the EU endorsed standard IAS 34, 'Interim financial reporting'. This interim financial information has been prepared on the basis of the accounting policies adopted in the most recent annual financial statements, these being for the year ended 30th June 2009, as revised for the implementation of specified new amended endorsed standards or interpretations. Given the nature of some forward-looking information included in this report, which the directors have given in good faith, this information should be treated with due caution. The Interim report is available on our website www.renishaw.com. The interim financial information for the six months to 31st December 2009 and the comparative figures for the six months to 31st December 2008 are unaudited. The comparative figures for the financial year ended 30th June 2009 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. Going concern The Group has considerable financial resources at its disposal and the directors have considered the current financial projections. As a consequence, the directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook. After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Interim report. Accounting policies The accounting policies applied and significant estimates used by the Group in this Interim report are the same as those applied by the Group for the year ended 30th June 2009. The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial year ending 30th June 2010: IAS 1 (REVISED), 'PRESENTATION OF FINANCIAL STATEMENTS' BECAME EFFECTIVE FROM 1ST JANUARY 2009. THE REVISION HAS RESULTED IN MINOR CHANGES TO THE PRESENTATION OF THE PRIMARY STATEMENTS IN THE INTERIM REPORT. IFRS 8, 'OPERATING SEGMENTS', EFFECTIVE FOR ANNUAL PERIODS BEGINNING ON OR AFTER 1ST JANUARY 2009. THIS NEW STANDARD HAS RESULTED IN CHANGES IN THE DISCLOSURE OF THE SEGMENTAL RESULTS OF THE GROUP. IFRS 3 (2008), 'BUSINESS COMBINATIONS', A REVISION, BECAME EFFECTIVE FOR ANNUAL PERIODS BEGINNING ON OR AFTER 1ST JULY 2009. IT IS NOT EXPECTED TO HAVE ANY MATERIAL IMPACT ON THE FINANCIAL STATEMENTS IN THIS FINANCIAL YEAR. IFRIC 14, 'THE LIMIT ON A DEFINED BENEFIT ASSET, MINIMUM FUNDING REQUIREMENTS AND THEIR INTERACTION', BECAME EFFECTIVE FOR ANNUAL PERIODS BEGINNING ON OR AFTER 1ST JANUARY 2009. THIS INTERPRETATION HAS NOT HAD A MATERIAL EFFECT ON THE INTERIM RESULTS OF THE GROUP. 2. Segmental information Renishaw's business is metrology, the science of measurement. The Group manufactures a comprehensive range of high-precision probing systems, accessories, calibration and measuring systems and other innovative products which enable customers worldwide to carry out dimensional measurements to traceable standards. In addition to developing the Group's traditional core metrology business, the Group has also been investing in the development of additional applications for new market sectors based upon its core metrology expertise. The additional investment has been focussed on the healthcare sector and products for the dental and neurosurgical markets, together with our spectroscopy product offerings. The Group thus manages its business in two business segments, Metrology, being the traditional core business, and Healthcare. The Group's main products within these segments comprise: Metrology - Co-ordinate measuring machine ("CMM") probes and accessories, which are used for accurate post-process inspection of components on CMMs; Machine tool probes and tool setting systems, used for automated component identification, workpiece and tool setting and component inspection; Laser calibration systems and the QC20-W ballbar, used to determine the accuracy of CMMs, machine tools and other industrial and scientific equipment; Linear and angle encoder systems, for precise linear and rotary motion control; and a broad range of styli for all probes. Healthcare - Scanning and digitising systems applied to the dental sector, offering a complete CAD/CAM system for crown and bridge frameworks; Spectroscopy products, including a Raman microscope, used to identify the composition and structure of materials (including medicinal tablet mapping, molecular diagnostics and DNA analysis); and Neurosurgical products for use in neurosurgical procedures and for enhancing the images obtained from MRI scanners. `Revenue Metrology Healthcare Total` `£000 £000 £000` `6 months to 31st December 2009 65,876 7,975 73,851` `6 months to 31st December 2008 94,205 8,465 102,670` `Year ended 30th June 2009 152,894 18,353 171,247` Depreciation and amortisation `6 months to 31st December 2009 6,335 832 7,167` `6 months to 31st December 2008 5,571 861 6,432` `Year ended 30th June 2009 12,773 1,991 14,764` Operating profit `6 months to 31st December 2009 9,029 (2,111) 6,918` `Share of profits from associates 130 - 130` `Net financial income 53` `Profit before tax 7,101` `6 months to 31st December 2008 13,878 (1,975) 11,903` `Share of profits from associates 389 - 389` `Net financial income 1,731` `Profit before tax 14,023` `Year ended 30th June 2009 6,286 (4,416) 1,870` `Share of profits from associates 317 - 317` `Net financial income 2,535` `Profit before tax 4,722` There is no allocation of assets and liabilities to operating segments. Depreciation is included within certain other overhead expenditure which is allocated to segments on the basis of the level of activity. The following table shows the analysis of revenue by geographical market and the effect of exchange rate changes: `6 months to 6 months to 6 months to` `31stDecember 2009 31stDecember 2008 31stDecember 2009 at` `atactual exchange atactual exchange previousyear's` `rates£000 rates£000 exchange rates£000` `Continental Europe 25,565 38,690 22,550` `Far East 26,649 32,179 24,224` `North & South America 17,303 23,076 16,221` `United Kingdomand Ireland 4,983 5,874 4,983` `Other Regions ("ROW") 2,351 2,851 2,349` `73,851 102,670 70,327` Revenue in the above table has been allocated to regions based on the geographical location of the customer. Individual countries which comprised more than 10% of Group revenue were: `6 months to31st 6 months to31st Year ended30th June2009£000` `December2009£000 December2008£000` `USA 15,114 21,341 38,618` `Germany 12,556 18,277 31,020` `China 12,365 10,575 19,458` `Japan 7,665 15,031 23,165` There was no revenue from transactions with a single external customer amounting to 10% or more of the Group's total revenue. The following table shows the analysis of non-current assets by geographical area: `At31st At31st December2008£000 At30th June2009£000` `December2009£000` `United Kingdom 72,612 73,075 76,098` `Overseas 36,948 39,088 36,273` `109,560 112,163 112,371` `3. Financial income and expenses` `Financial income 6 months to31st 6 months to31st Year ended30th` `December2009£000 December2008£000 June2009£000` `Expected return on assets in 2,866 3,864 7,593` the pension schemes `Bank interest receivable 132 956 1,161` `2,998 4,820 8,754` `Financial expenses 6 months to31st 6 months to31st Year ended30th June2009£000` `December2009£000 December2008£000` `Interest on pension scheme 2,828 3,022 5,964` liabilities `Bank interest payable 117 67 255` `2,945 3,089 6,219` `4. Income tax expense` The income tax expense has been estimated at a rate of 20% (December 2008: 20%), the rate expected to be applicable for the full year. `5. Earnings per share` Earnings per share are calculated on earnings of £5,681,000 (December 2008: £11,218,000) and on 72,788,543 shares, being the number of shares in issue during the period. Earnings per share for the year ended 30th June 2009 are calculated on earnings of £3,598,000 and on 72,788,543 shares, being the number of shares in issue during that year. `6. Property, plant and equipment` `Freeholdland Plant Motorvehicles£000 Assets in thecourse Total£000` `andbuildings£000 andequipment£000 of construction£000` Cost `At 1st July 2009 65,066 76,133 5,129 480 146,808` `Additions 590 444 22 47 1,103` `Transfers - 133 - (133) -` `Disposals - (98) (139) - (237)` `Currency adjustment 1,409 710 171 - 2,290` `At 31st December 2009 67,065 77,322 5,183 394 149,964` Depreciation `At 1st July 2009 13,541 56,226 3,458 - 73,225` `Charge for the period 809 2,871 370 - 4,050` `Released on disposals - (49) (117) - (166)` `Currency adjustment 342 392 100 - 834` `At 31st December 2009 14,692 59,440 3,811 - 77,943` Net book value `At 31st December 2009 52,373 17,882 1,372 394 72,021` `At 30th June 2009 51,525 19,907 1,671 480 73,583` `7. Intangible assets` `Goodwill on Other intangible Internallygeneratedd Software licences Total` `consolidation assets evelopment costs` `In use In the courseof` `acquisition` `£000 £000 £000 £000 £000 £000` Cost `At 1st July 2009 5,569 5,416 28,973 11,252 - 51,210` `Additions 149 69 3,590 17 - 3,825` `Currency adjustment - - - 18 - 18` `At 31st December 2009 5,718 5,485 32,563 11,287 - 55,053` Amortisation `At 1st July 2009 - 1,150 15,829 6,548 - 23,527` `Charge for the period - 277 2,220 450 - 2,947` `Currency adjustment - - - 15 - 15` `At 31st December 2009 - 1,427 18,049 7,013 - 26,489` Net book value `At 31st December 2009 5,718 4,058 14,514 4,274 - 28,564` `At 30th June 2009 5,569 4,266 13,144 4,704 - 27,683` `8. Reconciliations of movements in equity` `6 months to 31st December 2009 Sharecapital£000 Sharepremium£000 Currencytranslationr Cash Total£000` `eserve£000 flowhedgingreserve£* Retainedearnings£` 000 000* `Balance at the beginning of 14,558 42 1,822 (5,415) 132,755 143,762` the period `Profit for the period - - - - 5,939 5,939` `Other recognised income and - - 788 (2,986) (5,314) (7,512)` expense `Balance at the end of the 14,558 42 2,610 (8,401) 133,380 142,189` period `6 months to 31st December 2008 Sharecapital£000 Sharepremium£000 Currencytranslationr Cash Total£000` `eserve£000 flowhedgingreserve£* Retainedearnings£` 000 000* `Balance at the beginning of 14,558 42 1,574 (4,252) 154,403 166,325` the period `Profit for the period - - - - 11,368 11,368` `Other recognised income and - - (425) (27,712) (895) (29,032)` expense `Dividends paid - - - - (12,833) (12,833)` `Balance at the end of the 14,558 42 1,149 (31,964) 152,043 135,828` period `Year ended 30th June 2009 Sharecapital£000 Sharepremium£000 Currencytranslationr Cash Total£000` `eserve£000 flowhedgingreserve£* Retainedearnings£` 000 000* `Balance at the beginning of 14,558 42 1,574 (4,252) 154,403 166,325` the year `Profit for the year - - - - 3,871 3,871` `Other recognised income and - - 248 (1,163) (9,870) (10,785)` expense `Dividends paid - - - - (15,649) (15,649)` `Balance at the end of the year 14,558 42 1,822 (5,415) 132,755 143,762` `Dividends paid during the 6 months to31st 6 months to31st Year ended30th June2009£000` `period were: December2009£000 December2008£000` `2008 final dividend of 17.63p - 12,833 12,833` per share `2009 interim dividend of - - 2,816` 7.76p, net of waivers `- 12,833 15,649` No final dividend was paid in respect of the year ended 30th June 2009. The 2009 interim dividend of 7.76p per share was subject to waivers totalling £2,833,000. An interim dividend for 2010 of £2,911,542 (4.0p per share) will be paid on 31st March 2010, to shareholders on the register on 26th February 2010, with an ex-div date of 24th February 2010. `9. Currency hedging reserve` Outstanding forward contracts were revalued based on the forward exchange rates pertaining at 31st December 2009. The currency hedging reserve of £(8,401,000) (December 2008 £(31,964,000)) is analysed as: `At31st At30th June2009£000` `December2009£000 At31st` `December2008£000` `Included in other receivables 618 4,020` in non-current assets `Included in other receivables 1,951 - 709` in current assets `Included in other payables in (7,151) (19,257) (5,623)` current liabilities `Included in other payables in (7,086) (25,138) (6,627)` non-current liabilities `(11,668) (44,395) (7,521)` `Included in deferred tax 3,267 12,431 2,106` assets `(8,401) (31,964) (5,415)` `10. Employee benefits` The Group operates a number of pension schemes throughout the world. The major scheme, which covers the UK-based employees, was of the defined benefit type. In April 2007, this scheme ceased any future accrual for current members and was closed to new members. UK employees are now covered by a defined contribution scheme. The latest full actuarial valuation of the UK defined benefit scheme was carried out at September 2006 and updated to 31st December 2009 by a qualified independent actuary. The major assumptions used by the actuary were: `At31st At31st At30th June2009£000` `December2009£000 December2008£000` `Discount rate 5.7% 5.7% 6.2%` `Inflation rate 3.8% 2.7% 3.4%` `Expected return on equities 8.3% 9.1% 8.3%` `Retirement age 64 64 64` The assets and liabilities in the defined benefit schemes were: `At31st At31st At30th June2009£000` `December2009£000 December2008£000` `Market value of assets 86,246 70,371 70,168` `Actuarial value of liabilities (115,974) (81,142) (92,626)` `Deficit in the schemes (29,728) (10,771) (22,458)` `Deferred tax thereon 7,697 2,659 5,701` The movements in the schemes' assets and liabilities were: `6 months to31st 6 months to31st Year ended30th June2009£000` `December2009£000 December2008£000` `Balance at the beginning of (22,458) (11,055) (11,055)` the period `Expected return on pension 2,866 3,864 7,593` schemes' assets `Interest on pension schemes' (2,828) (3,022) (5,964)` liabilities `Actuarial loss (7,308) (558) (13,032)` `Balance at the end of the (29,728) (10,771) (22,458)` period Under the defined benefit deficit funding plan, there are certain UK properties, owned by Renishaw plc, which are subject to a registered charge to secure the UK defined benefit pension scheme liabilities. No scheme assets are invested in the Group's own equity. 11. Related party transactions The only related party transactions to have taken place during the first half year were normal business transactions between the Group and its associates, which have not had a material effect on the results of the Group for this period. `12. Risks and uncertainties` The principal risks and uncertainties affecting the business activities of the Group are considered to be: Current trading levels and order book The downturn in the global economic climate adversely affected the Group's second half revenue and profits for last year and, whilst the first half of the current year has shown a significant improvement, with the Group showing a profit compared with last year's second half loss, the transition from recessions around the world are expected to be gradual. Orders from customers generally involve short lead-times with the outstanding order book at any time being around one month's worth of revenue value. This limited forward order visibility leaves the annual revenue forecasts at risk. The Chairman and Chief Executive's statement in this Interim report includes a comment on the outlook for the Group for the remaining six months of the financial year. Research and development The Group invests heavily in research and development, to develop new products and processes to maintain the long-term growth of the Group. This research and development encompasses new innovative products within the core metrology and emerging healthcare businesses. The development of new products and processes involves risk, such as with development time, which may take longer than originally forecast and hence involve more cost. Also, being at the leading edge of new technology in metrology and healthcare, there are uncertainties whether new developments will work as planned and in some cases, projects may need to be halted with the consequent non-recoverability of expenditure if the intended deliverables of the project are not forthcoming. Expenditure is only capitalised once the commercial and technical feasibility of a product is proven. These risks are minimised by operating strictly managed research and development programmes with regular reviews against milestones achieved and against forecast business plans. Research and development also involves beta testing at customers to ensure that new products will meet the needs of the market at the right price. Defined benefit pension schemes The Group has previously closed its major defined benefit pension schemes for future accruals, so has eliminated the major risk of growth in liabilities for future accrual of salary increases above RPI and additional years of service. The fund is still subject to fluctuations arising from investment performance and actuarial assumptions. The UK defined benefit scheme is secured by a registered charge on certain of the Group's UK properties. Treasury With the concentration of manufacturing in the UK, Ireland and India, but with over 90% of sales to countries elsewhere around the world, there is an exposure to fluctuating currencies on these export sales, mainly in respect of the US Dollar, Euro and Japanese Yen. The Group has mitigated the risks associated with fluctuating exchange rates by the use of forward contracts to hedge a proportion of US Dollar sales and the majority of forecast Euro and Japanese Yen sales for the current year. It also has forward contracts in place going forward a further three years in respect of significant proportions of forecast Euro and Japanese Yen sales. Tax Significant judgement is required in determining the effective tax rate and in evaluating certain tax positions. Tax provisions are adjusted due to changing facts and circumstances, such as case law, progress of tax audits or when an event occurs requiring a change in tax provisions. Management regularly assesses the appropriateness of tax provisions. Financial calendar `Record date for 2010 interim dividend 26th February 2010` `2010 interim dividend payment 31st March 2010` `Announcement of 2010 full year results 28th July 2010` `Mailing of 2010 Annual report Late August 2010` `Annual general meeting 14th October 2010` `2010 final dividend payment 18th October 2010` Registered office: Renishaw plc New Mills Wotton-under-Edge Gloucestershire UK GL12 8JR* Registered number: 1106260 `Telephone. 01453 524524` `Fax. 01453 524901` `email. uk@renishaw.com` `Internet. www.renishaw.com` Enquiries: `Ben Taylor 01453 524445` `Allen Roberts 01453 524445` This information is provided by RNS The company news service from the London Stock Exchange END IR BFMPTMBMTBFM More
19-01-10	Renishaw PLC - Holding(s) in Company	RNS
RNS Number : 7625F Renishaw PLC 19 January 2010 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi `1. Identity of the issuer or the underlying issuer Renishaw plc` of existing shares to which voting rights are attached: ii 2 Reason for the notification (please tick the appropriate box or boxes): `An acquisition or disposal of voting rights X` An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Full name of person(s) subject to the `notification obligation: iii BlackRock Inc.` 4. Full name of shareholder(s) (if different from 3.):iv `5. Date of the transaction and date on 15th January 2010` which the threshold is crossed or reached: v `6. Date on which issuer notified: 18th January 2010` `7. Threshold(s) that is/are crossed or Holding has gone above 5%` reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix `Class/type of Situation previous Resulting situation after the triggering transaction` `shares to the triggering` `transaction` if possible using the ISIN CODE `Number Number Number Number of voting % of voting rights x` `of of of shares rights` `Shares Voting` `Rights` `Direct Direct xi Indirect xii Direct Indirect` `N/A N/A 2,716,843 N/A 3.73%` GB0007323586 N/A N/A B: Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Expiration Exercise/ Number of voting % of voting` `instrument date xiii Conversion Period xiv rights that may be rights` `acquired if the` `instrument is` `exercised/ converted.` C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction `Type of financial Exercise price Expiration date xvii Exercise/ Number of voting rights instrument refers to % of voting rights xix, xx` `instrument Conversion period xviii` `CFD N/A N/A N/A Nominal Delta` `932,260` `1.28% 1.28%` Total (A+B+C) `Number of voting rights Percentage of voting rights` `3,649,103 5.01%` 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi BlackRock Investment Management (UK) Limited - 3,649,103 (5.01%) Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: `14. Contact name: Mike Ratford` `15. Contact telephone number: 01453 524447` This information is provided by RNS The company news service from the London Stock Exchange END HOLSFLSAUFSSESF More

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Date/Time	Subject	Author
10-03-10	Re: IMS Due In Mid-March?	EngineerinIT


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	Renishaw state that the Interim Management Statement will be on 14th May 2010. Last March 11th was a trading update due to the recession and redundancies. 2009 IMS was 15th May. See http://www.renishaw.com/en/investor-relations--6430 What happened yesterday ? RSW shares went through the roof !! More \| View thread (2) \| Respond \| Login to Vote up
10-03-10	IMS Due In Mid-March?	MelchiorHoffman	1


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	RSW's shares have had a good run-up over the last couple of weeks. We're now getting a more realistic rating, but we've got some way to go to reflect the real strengths of the company - especially given the big extra boost from a weak £. Last year we had an IMS on 11th March. Perhaps part of the very recent sp rise has been in "anticipation" of the confirmation of further progress. More \| View thread (2) \| Respond \| Login to Vote up
22-02-10	BUY Renishaw comeback !	EngineerinIT	2


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	I had every confidence that Renishaw would pull through these black times, I was one of the staff made redundant last spring after 24 years !!. And guess where my redundancy payment went, on Renishaw shares. They were very cheap then. I have a tidy profit at the moment. Lets hope they rise again to the 8 - 9 pound mark. I had and still have every confidence in the directors of Renishaw to pull the company through, its not over yet, but i'm sure Sir David and John have a tight hold on the rudder. Also a 4 pence divi in the next few days as well. This is a very well run British manufacturing company. More \| View thread (1) \| Respond \| Login to Vote up
22-02-10	Re: RSW Recivery is Better Than We Know	LK Hyman


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	He's read it now! LKH on the flybridge More \| View thread (3) \| Respond \| Login to Vote up

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