Renishaw first half lifted by China orders

Precision tool maker Renishaw carved out a sharp increase in half yearly earnings, after it was boosted by a string of large consumer electronics orders in China, but cautioned it faces tough financial comparators in the second half.

Precision tool maker Renishaw carved out a sharp increase in half yearly earnings, after it was boosted by a string of large consumer electronics orders in China, but cautioned it faces tough financial comparators in the second half.

Adjusted pre-tax profit rose to £43.3m in the six months to December 31st from

£31.2m the same time a year earlier. Revenue for the period was up 18% to £174.2m.

"In the first quarter the group benefited from a number of large orders in China in the consumer electronics market. Such irregular orders produce a distorting effect when comparisons are made between periods."

Rensiahw said it was difficult to predict with certainty the size and timing of forthcoming orders and added that it faces tough financial comparators during the second half, particularly after its strong fourth quarter last year.

The group therefore currently expect that revenue in the second half will be around the level in the second half of last year.

An interim dividend of 11.33p will be offered compared to 10.3p last year.

CJ

Recommended

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall below £2,000, based on average typical use, from July, for the first time since 2022. We have all the detai…
21 Mar 2023
Government plans could see NS&I boost interest rates
Savings

Government plans could see NS&I boost interest rates

The government-backed bank has a new funding target, which could prompt it to boost the rates on its Premium Bonds, ISAs and bonds.
16 Mar 2023
Where will house prices go in 2023?
House prices

Where will house prices go in 2023?

We explore what could happen to house prices in 2023 as the market continues to slow down.
24 Mar 2023