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Annual Report and Accounts 2014 3FOJTIBXQMD Annual Report and Accounts 2014

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Annual Report and Accounts 2014 3FOJTIBXQMD Annual Report and Accounts 2014 Annual report and accounts 2014 3FOJTIBXQMD Annual report and accounts 2014 Contents 4USBUFHJDSFQPSU (PWFSOBODF 'JOBODJBMTUBUFNFOUT *OUSPEVDUJPO *OUSPEVDUJPO $POTPMJEBUFEJODPNFTUBUFNFOU $IBJSNBOTTUBUFNFOU #PBSEPGEJSFDUPSTBOEDPNQBOZTFDSFUBSZ $POTPMJEBUFECBMBODFTIFFU 0VSCVTJOFTTNPEFM &YFDVUJWF#PBSE $POTPMJEBUFETUBUFNFOU 0VSTUSBUFHZ *OUFSOBUJPOBM4BMFTBOE.BSLFUJOH#PBSE PGDPNQSFIFOTJWFJODPNF BOEFYQFOTF 0VSTUSBUFHZJOBDUJPO %JSFDUPSTDPSQPSBUFHPWFSOBODFSFQPSU $POTPMJEBUFETUBUFNFOUPGDIBOHFTJOFRVJUZ 0VSCVTJOFTTTFDUPSTm.FUSPMPHZ /PNJOBUJPODPNNJUUFFSFQPSU $POTPMJEBUFETUBUFNFOUPGDBTh flPX 4QBUJBMNFBTVSFNFOUEFWJDFTPWFSWJFX "VEJUDPNNJUUFFSFQPSU /PUFTUPUIFDPOTPMJEBUFE 0VSCVTJOFTTTFDUPSTm)FBMUIDBSF %JSFDUPSTSFNVOFSBUJPOSFQPSU fiOBODJBMTUBUFNFOUT 0VSNBSLFUTm%FMJWFSJOHTPMVUJPOTHMPCBMMZ 0UIFSTUBUVUPSZBOESFHVMBUPSZEJTDMPTVSFT $PNQBOZCBMBODFTIFFU 1FSGPSNBODFm0WFSWJFX %JSFDUPSTSFTQPOTJCJMJUJFT 3FDPODJMJBUJPOPGNPWFNFOUT 1FSGPSNBODFm.FUSPMPHZ *OEFQFOEFOUBVEJUPSTSFQPSUUPUIF JOTIBSFIPMEFSTGVOET 1FSGPSNBODFm.BOVGBDUVSJOH NFNCFSs oG3FOJTIBXQMD /PUFTUPUIF$PNQBOy fiOBODJBMTUBUFNFOUT 1FSGPSNBODFm)FBMUIDBSF 1FSGPSNBODFm'JOBODJBMSFWJFX 4IBSFIPMEFSJOGPSNBUJPO ,FZQFSGPSNBODFJOEJDBUPST 1SJODJQBMSJTLTBOEVODFSUBJOUJFT ZFBr fiOBODJBMSFDPSE $PSQPSBUFTPDJBMSFTQPOTJCJMJUZ 4VCTJEJBSZVOEFSUBLJOHT 4IBSFIPMEFSJOGPSNBUJPO 1 3FOJTIBXQMD Annual report and accounts 2014 Introduction report Strategic Renishaw is a world leading metrology company. With our highly experienced team, we are confidently driving our future growth through innovative and patented products and processes, efficient, high-quality manufacturing and the ability to provide local support in a growing number of geographies and markets. 93% of our sales are outside the UK. Our continuing investment in property, plant and equipment and Governance new product development (c.£75m in the last year) is the key to our confidence in our long-term strategic prospects. With around 3,500 skilled and motivated staff, we continue to be at the leading edge of technological innovation. Financial statements Financial New building at New Mills A computer generated image of our new 153,000 sq ft building due for full occupation by the first calendar quarter of 2015. Find more information online %PXOMPBET *OWFTUPS BOEXFCDBTUT JOGPSNBUJPO information Shareholder You can access the annual and half year Information of interest to shareholders and others, reports for the last five years from our such as videos explaining our products and website. Also available are recordings business strategy, are provided on our website. of previous webcasts. www.renishaw.com/investor www.renishaw.com/financials This Annual report has been prepared for the purpose of assisting the Company’s shareholders to assess the strategies adopted by the Company and the potential for those strategies to succeed and no-one, including the Company’s shareholders, may rely on it for any other purpose. The directors owe their duties only to the Company as a whole and they undertake no duty of care to individual shareholders, other stakeholders or potential investors. This Annual report has been prepared on the basis of the knowledge For more information visit: and information available to the directors at the time. Given the nature of some forward-looking information, which has been given in good faith, the Company’s shareholders should treat this information with www.renishaw.com due caution. All dates within this document refer to financial years unless stated otherwise. 2 3FOJTIBXQMD Annual report and accounts 2014 Strategic report Chairman’s statement The Group continues to invest for the long term, expanding our global marketing and distribution infrastructure, along with increasing manufacturing capacity and research and development activities. Sir David R McMurtry Chairman and Chief Executive I am pleased to report our 2014 The strengthening of Sterling during The Group’s adjusted profit before tax year’s results. the second half of the financial year has for the year was £70.1m, compared impacted group revenue; at previous with an adjusted and restated £79.2m* Revenue for the year ended 30th June year exchange rates revenue would have last year. Statutory profit before tax was 2014 was £355.5m, compared with been higher by £11.2m, giving a revised £96.4m (2013: £82.1m), which includes £346.9m for last year, an increase of underlying growth of 11%. the exceptional gain of £26.3m on the 2% and includes a record quarterly disposal of our shareholding in Delcam revenue of £107.0m achieved in the Regional analysis shows that the plc (see below). The strength of Sterling final 3 months of the year. This and 8% underlying revenue growth (as also impacted the group profit before tax recent years have been characterised adjusted above) at actual exchange which, at previous year exchange rates, by large unpredictable revenue both in rates was 11% in the Far East; 8% in would have been higher by £6.8m. timing and value from certain Far East the Americas; 4% in Europe; and 15% customers. If adjusted, this would result in the UK. More specifically, revenue in The tax charge this year amounts to in underlying revenue growth of 8% for the Americas increased from £79.2m £10.7m (2013: £15.0m) representing this year. to £85.6m; in Europe from £96.0m to a tax rate of 11.1% (2013: 18.3%). £100.2m; and in the UK from £20.7m Excluding exceptional items, none of to £23.8m. which is taxable, the underlying tax QFSGPSNBODF Restated Restated 2013 Change 4UBUVUPSZ 2013 Change Revenue (£m) 346.9 +2% Profit before tax (£m) 82.1 +17% Operating profit (£m)* 79.1 -11% Basic earnings per share (pence) 92.9 +27% Adjusted profit before tax (£m)* 79.2 -11% Adjusted earnings per share (pence)* 88.9 -7% Dividend per share (pence) 40.0 +3% *Adjusted and restated profit Last year’s results have been restated from £84.4m to £82.1m to reflect the amendment to the accounting standard IAS 19 relating to pension accounting. Also, the adjusted profit excludes the exceptional profit of £26.3m on the disposal of the shareholding in Delcam plc for the current year and excludes an exceptional gain of £2.9m relating to an early settlement of a deferred consideration for the previous year. 3 3FOJTIBXQMD Annual report and accounts 2014 Strategic report Strategic rate is 15.3% (2013: 19.0%). The tax construction, consumer electronics and Our encoder products line launched rate improvement reflects a corporation agriculture continues with each requiring the ultra-compact ATOM™ readhead, tax reduction in the UK to 21% from our new product offerings and system an innovative optical linear and rotary April 2014 and 20% from April 2015, solutions to achieve demanding quality incremental encoder system. the latter being used for UK deferred standards and efficiency improvements. The spatial measurement product tax calculations. The patent box tax We have experienced strong demand line has recently introduced the incentive has resulted in a tax credit of Governance for our 3D metal additive manufacturing Quarryman® Pro into its mining and £1.3m compared to £0.3m last year. products as we continue to integrate quarrying sector and the MX2 scanner Adjusted earnings per share were 82.3p, the production, sales and marketing used for mobile mapping and surveying compared with an adjusted and restated activities and the previously acquired is gaining wide market acceptance. 88.9p last year. Statutory earnings per LBC business in Germany within the Other new product releases in share were 118.4p, compared with a group infrastructure. We also saw good the metrology business were the restated 92.9p last year. growth in our measurement automation PH10M-iQ PLUS probe head (a new and encoder product lines. .FUSPMPHZ version of PH10 with reduced calibration New product releases during the year time), RSP2 V2, a new improved version Revenue from our metrology business include the SPRINT™ high-speed of the REVO 2D scanning probe, SPA3 for the year was £326.6m, compared contact scanning system for machine high powered compact CMM amplifier with £317.9m last year. Operating profit tools which opens up completely new and new software releases UCCsuite 4.6 was £74.4m (2013: £84.5m) and reflects process control opportunities for high- and 4.7 and MODUS 1.6. value CNC machine tools. The system continued investment in this business )FBMUIDBSF sector, currency effects and the tough incorporates a new generation of on- Financial statements Financial revenue comparators in the Far East machine scanning technology enabling Revenue from our healthcare referred to above. fast and accurate form and profile data capture from both prismatic and business for the year was £28.9m, Global investment in production systems complex 3D components. compared with £29.0m last year. and processes in the key markets There was an operating loss of of aerospace, automotive, energy, £4.0m, compared with a loss of Adjusted profit Adjusted earnings Revenue £m before tax £m per share pence Dividend per share pence Shareholder information Shareholder 346.9 86.0 79.2 95.6 88.9 40.0 331.9 80.4 88.5 38.5 288.7 35.0 2013 2013 2013 2013 2012 2012 2012 2012 2011 2011 2011 2011 4 3FOJTIBXQMD Annual report and accounts 2014 Strategic report Chairman’s statement continued £5.4m last year. We experienced $POUJOVFEJOWFTUNFOUGPS R&D and corporate services staff, as growth in our dental products but MPOHUFSNHSPXUI well as corporate demonstration and the strength of Sterling adversely training facilities, and will enable our impacted the sales performance
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