Renishaw (LON:RSW) announced its first-half figures, and revenue edged up by 6.1%, while pre-tax profit dipped by nearly 7%. Distribution and administration costs crept up and that hit earnings. The interim-dividend was left unchanged at 14p.
The UK and Ireland division saw a 20% rise in revenue in the six month period, but that might be because clients were front loading their orders ahead of Brexit. Renishaw have increased their headcount, and boosted capital expenditure – a sign of business confidence.
The group are expanding their distribution centre in Ireland as a safeguard in relation to Brexit, which shows the company is taking sensible steps to ensure the business will endure minimal impact from the UK’s departure from the EU.
The company had a solid 2018 as annual revenue and profit jumped by 14% and 33% respectively. Mainland Europe saw a 19% rise in sales, while the UK and Ireland division posted an 11% rise in revenue. The yearly dividend was upped by 15%, while investment in research and development was increased by 12.3%. The company had a softer start to 2019 as first-quarter pre-tax profit slipped by 8.9%, while revenue edged up by 8%. The company’s cash position improved by over 10%.
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