23rd Jan 2009 15:32
Renishaw plc
23 January 2009
Trading statement & Interim results preview
Trading statement
Since the announcement of the Interim Management Statement on 10 October 2008 the Group has experienced lower demand for its products than it anticipated at the time. As a consequence the Board expects that the results for the year to 30th June 2009 will be significantly below current market forecasts. A more detailed update on current trading and the outlook for the full year will be provided with the interim results on Wednesday 28 January.
Interim results preview (unaudited)
Revenue for the six months to 31st December 2008 is expected to be £102.7m, an increase of 12% over the £91.6m for 2007. This revenue, however, includes an £11.5m exchange rate benefit due to favourable currency movements compared with the previous year.
Operating profit is expected to be £11.9m, compared with £13.0m in 2007, after charging £1.4m in respect of the legal costs relating to current patent infringement litigation in the United States. At constant exchange rates, operating profit would have been £4.7m. Profit before tax amounted to £14.0m, compared with £15.1m. Profit after tax was £11.2m (2007 £12.1m), giving earnings per share of 15.4p (2007 16.6p).
The Company's interim results for the six months to 31 December 2008 will be announced in full on Wednesday 28 January.
Enquiries:
Sir David McMurtry
Allen Roberts
Renishaw plc
Registered office. New Mills, Wotton-under-Edge, Gloucestershire, GL12 8JR
Registered number. 1106260
Telephone number. 01453 524524
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