Renishaw grew its revenue by 17% to £279.5m in the six months ended 31 December 2017, with an underlying growth of 20% at constant exchange rates. Adjusted profit before tax for the first half year increased by 73% to £62.3m, compared with an adjusted restated £36.1m last year. Statutory profit before tax for the first half year was £66.2m, compared with a restated £25.3m last year. Adjusted earnings per share were 72.7p, compared with 41.4p last year. Statutory earnings per share were 77.0p, compared with 29.4p last year. Revenue from the metrology business for the first six months was £264.3m, compared with £224.6m last year. Adjusted operating profit was £63.2m, compared with £42.0m for the comparable period last year. Net cash balances at 31 December 2017 were £69.1m, compared with £14.0m at 31 December 2016 and £51.9m at 30 June 2017. The group said it anticipates growth in both revenue and profit in this financial year and expects full year revenue to be in the range of £575m to £605m and adjusted profit before tax to be in the range of £127m to £147m. Statutory profit before tax is expected to be in the range of £136m to £156m. The board has approved an interim dividend of 14.0p net per share which will be paid on 9 April 2018 to shareholders on the register on 9 March 2018.
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