Renishaw financial results show continued growth

Renishaw PLC (LON:RSW) has issued a trading update for the first quarter of the financial reporting year 2018. With a year-end of 30th June, the latest financial results from Renishaw PLC mark Q1 2018.

Headline revenue was £142.3m, a growth of 26% over the £112.8m for the corresponding period last year. Shares in the UK HQ’d metrology and healthcare company are currently trading near an all-time high, with the stock price having doubled when compared to the prior year.

Ongoing revenue growth at Renishaw follows a strong full year financial performance for 2017.

Continuing operations Q1 2018 Q1 2017 Variance
£m £m £m %
Metrology 137.1 108.9 28.2 26%
Healthcare 5.2 4 1.2 30%
Total Revenue 142.3 112.9 29.4 26%
Adjusted* Profit before tax 35.8 15.1 20.7 137%
Statutory Profit before tax 36.9 10.7 26.2 245%

UK R&D, global sales expertise

One key to revenue from Additive Manufacturing at Renishaw is the opening of a global network of additive manufacturing solutions centers. Speaking about the full 2017 financial results, William Lee Renishaw Group Sales and Marketing Director said, “We’re very pleased this year we opened our U.S., German and Canadian additive manufacturing solution centers.”

“These are really where we can work with our key customers to get them an introduction to additive manufacturing, so they can come and develop their processes with us in an environment that’s all setup and ready to go”.

The importance of having a presence in local markets was very much evident during my recent visit to Taipei where the Renishaw booth at the Taiwan International 3D Printing Show 2017

was significantly larger than many companies from outside the country, and on par with local manufacturers such as Tongtai.

Notably, revenue growth -in absolute terms- outside Renishaw’s UK home territory has seen the most substantial increases. For FYE2017, Far East revenue was up £55.6M and Americas revenue by £25.6M – this compares with an increase of £4.8M for the UK.

The Ren AM 400. Photo by Michael Petch.
The Ren AM 400 metal additive manufacturing system. Photo by Michael Petch.

3D printing in APJ

The FalconTech commitment to purchase 10 RenAM 500 metal additive manufacturing systems over an 18 month period also illustrates the importance of the Asia-Pacific region.

APJ is vital region not only for Renishaw. Earlier this month SLM Solutions reported a deal for 70 SLM280 metal additive manufacturing systems from an undisclosed customer in Asia. HP has claimed a deal with Shining ePrint 3D whereby over 50 HP Multi Jet Fusion 3D printers will be deployed.

In Renishaw’s most recent trading update the company reports that “The Group balance sheet remains strong with net cash balances of £82.6m as at 30th September 2017 (30th June 2017: £64.8m).”

In a short trading update, Sir David McMurtry wrote, “The Board remains confident in the future prospects of the Group and of achieving good growth in both revenue and profit in this financial year.”

Renishaw will report results for the half year ending 31st December 2017 on 25th January 2018.

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Featured image shows the Ren AM 400 metal additive manufacturing system. Photo by Michael Petch.

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