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

Aviva: a share for income investors to tuck away
Share tips

Aviva: a share for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
18 May 2022
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Three fast-growing, undervalued UK mid-cap stocks to buy now
Share tips

Three fast-growing, undervalued UK mid-cap stocks to buy now

Professional investor Katen Patel of the JPMorgan Mid Cap Investment Trust picks three fast-growing UK mid-cap stocks to buy now.
18 May 2022
Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
Value is starting to emerge in the markets
Investment strategy

Value is starting to emerge in the markets

If you are looking for long-term value in the markets, some is beginning to emerge, says Merryn Somerset Webb. Indeed, you may soon be able to buy tra…
16 May 2022