StockMarketWire.com - Metrology and healthcare technology group Renishaw has reported full-year revenue fell 11% and pre-tax profit halved as the pandemic impacted most of its product lines and regions.

In its results for the year ended 30 June 2020, the company announced revenue of £510.2m, 11% lower on 2019, and said it was lower in all regions.

Adjusted pre-tax profit declined 53% to £48.6m during the year, while Renishaw saw statutory profit plunge 97% to £3.2m, down from £109.9m in the previous year.

Metrology revenue fell by 11% to £475.2m, which Renishaw attributed mainly to the trade tensions between the US and China, weaker demand in the machine tool sector and the impact of the pandemic.

It said a recovery in the semiconductor market meant it experienced good growth in its position encoder product line.

Healthcare revenue was down by 15% during the year to £35m due to delays in orders, shipments, installations and postponements of elective surgery caused by COVID-19.

The company said it had taken actions during the year to preserve cash and reduce its cost base, including a reduction in global headcount, the restructure of its additive manufacturing business and the cancellation of its interim dividend and decision not to declare a final dividend.

As at 30 June 2020, Renishaw had net cash and bank deposits of £120.4m, compared with £106.8m at the same point in 2019.

Executive chairman Sir David McMurtry said: 'It has been a particularly challenging year for the group and we are extremely proud of the commitment our employees have shown during these exceptional times.

'Looking ahead, there are many exciting opportunities to grow our business, due to our new product pipeline, excellent manufacturing and commercial operations, and highly skilled people.'


At 8:01am: [LON:RSW] Renishaw PLC share price was +233p at 5523p



Story provided by StockMarketWire.com