Renishaw Plc H1 Earnings Fall, But Revenues Rise

Renishaw Plc (RSW.L), a British engineering firm, on Thursday posted a decline in earnings for the first half, amidst higher costs and expenses.

However, the company posted a rise in revenue, supported by firm growth in sales of multi-laser additive manufacturing systems, 5-axis co-ordinate measuring machine, inspection systems, and laser encoders.

For the six-month period to December 31, 2022, the UK-based company reported a pre-tax earnings of 77.814 million pounds, lesser than 81.482 million pounds, posted for the same period a year ago.

Adjusted pre-tax profit fell to 73.5 million pounds from 84.2 million pounds of previous year.

Profit for the period was at 64.068 million pounds or 88.1 pence per share, compared with 68.533 million pounds or 94.2 pence per share a year ago.

Excluding items, income per share moved down to 83.4 pence, from 97.2 pence per share of previous fiscal.

Operating income stood at 71.298 million pounds as against 80.180 million pounds of 2021.

Cost of sales rose to 172.442 million pounds from previous year’s 153.293 million pounds of last fiscal. Distribution costs were at 66.836 million pounds, higher than last year’s 55.830 million pounds.

Administrative expenses moved up to 35.311 million pounds, versus 33.560 million pounds of 2021.

The company generated revenue of 347.679 million pounds, higher than 325.176 million pounds of last fiscal.

The Board has approved an interim dividend of 16.8 pence per share, to be paid on April 11, to shareholders of record on March 10.

Looking ahead, for the full-year, Renishaw expects adjusted profit before tax of 140 million pounds to 165 million pounds, on revenue of 690 million pounds to 730 million pounds.

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