Renishaw plc (LON:RSW), the global high-precision metrology and healthcare technology group, published a trading update for the nine months ended 31 March 2019. It contains unaudited information that covers the first three quarters of the financial year and the period since. As previously announced, the Company is hosting its annual investor day today.
Trading activity
Revenue from continuing operations for the first three quarters of the current financial year was £431.1m, an increase of 0.3% compared with £429.9m for the corresponding period last year.
Metrology revenue for the nine months to 31 March 2019 amounted to £404.5m compared with £406.6m for the same period last year. Revenue in our healthcare business has grown to £26.6m compared to £23.3m for the same period last year, an increase of 14.2%.
Adjusted profit before tax from continuing operations for the first three quarters amounted to £79.6m compared with an adjusted profit before tax of £97.6m for the corresponding period last year. Statutory profit before tax amounted to £84.8m (2018: £104.4m).
Financial position
The Group balance sheet remains strong with net cash balances of £120.5m as at 31 March 2019 (30 June 2018: £103.8m).
Outlook
Based on recent order trends and customer feedback, we now expect full year revenue to be in the range of £580m to £600m. Adjusted profit before tax is now expected to be in the range of £105m to £120m and statutory profit before tax in the range of £111m to £126m. We continue to focus on increasing productivity and on-going investment in the business for the long term.
Notwithstanding the current economic uncertainties, the Board remains confident in the future prospects of the Group.
The preliminary full year results for the year ending 30 June 2019 will be released on 1 August 2019.
