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Renishaw: Numis increases target price from 1385p to 2000p keeping a hold recommendation.
Renishaw: Citigroup raises target price from 1160p to 1383p, but still recommends to sell.
48k buy today....think the directors sold to early :-)
Better re-calibrate their charts for this baby...
52k buy today...
Don't understand these single digit trades...buys and sells 1,2 and 3 shares....anybody?
RECORD FIRST QUARTER FOR RENISHAW Precision tool maker Renishaw chiselled out record revenues for the July - September quarter, with the top line over a third higher year-on-year. Revenue in the three months to the end of September - the first quarter of the firm's financial year- saw group revenue rise 36% to £95.9m from £70.5m the year before. Profit before tax for the first quarter amounted to £28.3m, compared with £13.6m last year, an increase of 108%. The metrology business was singled out for a special mention, as it achieved sales growth of 38%, reflecting major sales to the consumer electronics industry. Healthcare revenue was at a similar level to the comparable period last year. Geographically, the Far East, specifically China, more than doubled its revenue for the quarter compared to the corresponding period last year. Revenues for Europe and the Americas were broadly in line with last year, while the UK, a smaller geographical area in terms of revenue, showed a 27% increase. Chairman and Chief Executive Sir David McMurtry conceded that the cost base has continued to increase as the group has had to take on additional staff, mainly on the engineering side, to support its growing revenue and demand for production resource. The group has also been pumping money into its research and development programmes. Group headcount at the end of September 2012 was 3,018, an increase of 114 from the 2,904 from July 1st, the start of the current financial year. The group's net cash balances, excluding the escrow account relating to security for the UK defined benefit pension scheme, stood at £18,4m at the end of September, down from £21.1m on June 30th. "We have had a strong start to the year, however, it is still very early in our financial year and the order book remains at approximately one month's revenue. There is still much uncertainty surrounding worldwide economic growth rates," McMurty said. "With the group's broad geographical market coverage, however, and focus on global investment in production systems and processes, the board remains confident of a further year of progress," McMurty added. Source: http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=20437779 P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2
An excellent article, which includes 3 video reports, describes Renishaw's new manufacturing facility at Miskin in South Wales: http://www.itv.com/news/wales/2012-10-10/bright-future-for-former-bosch-site-at-miskin/
Outlook We have had a strong start to the year, however it is still very early in our financial year and the order book remains at approximately one month's revenue. There is still much uncertainty surrounding worldwide economic growth rates. With the Group's broad geographical market coverage however and focus on global investment in production systems and processes, the Board remains confident of a further year of progress. Sir David McMurtry CBE, RDI, FRS, FREng, CEng, FIMechE Chairman and Chief Executive
Significant events and financial position On 10th October 2012, the Company held the official opening of its manufacturing facility at Miskin, South Wales, where 68,500 square feet has been refurbished and is operational. There has been no significant capital expenditure or any other significant events during the period. The Group balance sheet remains strong with net cash balances, excluding the escrow account relating to security for the UK defined benefit pension scheme, at 30th September 2012 of £18.4m (30th June 2012 £21.1m). As David Snowden and Terry Garthwaite have each completed nine years on the Board, they will not be seeking re-election at the AGM today. The Board is very grateful for their considerable contributions to the Group. As announced on 10th October 2012 Carol Chesney, a chartered accountant and company secretary at the manufacturing group Halma plc, will be joining the Board on 19th October 2012 as non-executive director and chair of the Audit Committee. Dr David Grant has been appointed the chair of the Remuneration Committee in place of David Snowden. I should like to thank our staff for their continuing efforts and support.
Interim management statement This statement has been prepared for the Group and relates to the three months ended 30th September 2012. It contains unaudited information that covers the first quarter and the period since. Trading activity I am pleased to report that as we expected there was strong growth for the three months to 30th September 2012, with revenue achieving a first quarter record of £95.9m, an increase of £25.4m, or 36%, over the £70.5m for the first quarter of the previous year. By business segment, our metrology business reported revenue growth of 38% ahead of last year reflecting major sales to the consumer electronics industry and our healthcare revenue was at a similar level to the comparable period last year. Geographically, the Far East, specifically China, more than doubled its revenue for this quarter compared to the corresponding period last year. Revenue for Europe and the Americas were broadly in line with last year and the UK, a smaller geographical area in terms of revenue, showed a 27% increase. The Group cost base has continued to increase with additional, mainly engineering, staff to support its growing revenue and demand for production resource, along with increasing investment in its research and development programmes. Group headcount at the end of September 2012 was 3,018, an increase of 114 from the 2,904 at the start of the financial year at 1st July 2012. Profit before tax for the first quarter amounted to £28.3m, compared with £13.6m last year, an increase of £14.7m, or 108%.
http://www.investegate.co.uk/Article.aspx?id=201210181030019885O
Precision machinery manufacturer Renishaw (RSW) saw revenue climb by 15% to 331.9 million pounds for the year to June and pre-tax profits jump 6.9% to 86 million pounds as the business benefitted form a full year's trading from its UK acquisitions. The UK performed the strongest, revenues growing by 28% following the aforementioned acquisitions, followed by the US at 18% and the Middle East at 14%. All product lines reported respectable growth, apart from encoder products which experienced a slow down during the year. The machine tool and calibrations products lines meanwhile performed particularly well and there was there was significant interest in the firm's Equator product thanks to the increased exposure it gained. Renishaw shares slipped 11p to 1,529p.
Ask the Company Owner about his ridiculous house - putting a massive BLOT on the beautiful Gloucestershire countryside!!!!
Financial position The Group maintains a strong balance sheet with net cash balances of £33.7m at 31st March 2012, which includes an escrow account of £11.3m relating to the provision of security for the Group's defined benefit pension scheme. Outlook Despite continuing global macroeconomic uncertainties, we have experienced good growth over the year to date and are starting to see signs of an upturn in the electronics market. The final quarter has started well with activity levels in April ahead of the comparable period last year. We currently expect that the Group's adjusted profit before tax for the year to 30th June 2012 will recover the year-to-date shortfall and should be a little higher than the adjusted profit before tax of £80.4m for the year to 30th June 2011. The Board continues to view the future with confidence.
Healthcare In our healthcare business sector, revenue was £17.1m compared with £14.3m last year, an increase of 20%. Our Spectroscopy product line introduced the RA800-series of OEM benchtop instrument solutions providing research grade Raman microscopy performance with simple-to-use software for materials analysis solutions across a wide range of application areas. Group developments During this period the Group established a new subsidiary in Mexico to provide local support and to expand our marketing activities in this growing market. In February 2012 the Group acquired Thomas Engineering, a company based in Canada, which distributes products for the Group's subsidiary company Measurement Devices Ltd. In April 2012 the Group acquired R&R Sales LLC, a USA-based supplier of fixtures for the global measurement and inspection market. This will support the Group's increasing focus on metrology system sales to end users, such as its new Equator Gauge, which requires fixturing products. It also provides the opportunity for R&R to expand its revenue, which is currently mainly USA-based, through Renishaw's global marketing and distribution infrastructure. The aggregate cash consideration for these two acquisitions amounted to £3.2m plus additional amounts dependent on performance over future specified time periods. Following the purchase of the property at Miskin, South Wales, the Group has completed the refurbishment of 62,500 sq ft and new machinery is currently being commissioned to commence production at the site. This provides for additional manufacturing capacity to accommodate growing demand for the Group's products, including additive manufacturing machines which are scheduled to commence production from the beginning of 2013.
Group trading activity Revenue for the third quarter ended 31st March 2012 was £81.6m, compared with £78.4m for the comparable period last year, an increase of 4%. Cumulative revenue for the 9 months to 31st March 2012 of £228.8m was 9% ahead of the £210.6m for the comparable period. During the period we experienced growth in Europe, UK and the Americas. Sales to the USA, our biggest single market, are going well with revenue above the comparable period. In the Far East, our biggest geographical market, revenue in the third quarter was a little below the level of last year, however activity is picking up and we are expecting revenue for the full year to be ahead of last year. Profit before tax for the third quarter amounted to £21.4m compared with £25.2m last year and for the 9 months to 31st March 2012 amounted to £52.6m compared with £60.5m last year. As stated in the half year report, this reflects the impact of continued investment in staff and infrastructure to support future growth. Metrology Revenue in the Group's metrology sector for the 9 months amounted to £211.7m compared with £196.3m for the comparable period last year, an increase of 8%. This business sector is benefiting from the global investment demand for production systems in the automotive, civil aviation, agriculture, energy and consumer electronics sectors, and is starting to experience growth in the wider electronics market. New products continue to be introduced into the market. The RESOLUTE™ absolute optical encoder is now compatible with Mitsubishi's Melservo-J4 range of servo amplifiers, which are regularly used in industries such as electronic assembly. An updated UCC2-2 CMM controller was also released along with the next software version of UCCsuite, version 4.8. In April 2012 we were pleased to receive the Queen's Award for Enterprise 2012 in the Innovations Category for the SP80 ultra-high accuracy analogue scanning probe. This is the Company's fifteenth Queen's Award.
http://www.investegate.co.uk/Article.aspx?id=201205150700203075D
Singer Capital upgraded Renishaw (RSW) from "fair value" to "buy" with a significantly increased target price of 1,490p, from 900p. With 11% revenue growth of 11% to 147.1 million pounds in its first half and significant investment in additional staff and infrastructure, the broker says the high precision automated measurement product developer is in a much better position that at the end of its first quarter. Additionally, Singer believes the group will see demand for a number of new markets, including automotive, agriculture and energy
Renishaw, the specialist engineering firm, gets the once over from Tempus in the Times. The Gloucestershire based firm, which makes measuring equipment for production lines, gained 20% yesterday after reporting record half yearly revenues, up 11% over the last six months of 2011 versus 2010. China was weak but Europe and the Americas were both strong, Japan also put in a reasonable performance. Despite some concerns over the medical equipment side of the business, Tempus is persuaded by Renishaw’s growth plans and suggests there’s more to come. Buy but expect volatility.
Continued investment for long-term growth We continue to grow and expand our global marketing and distribution activities with additional staff recruited to support the new products introduced. Also, we maintain our focus on our research and development programmes and capabilities to support the Group's strategic targets for growth. Headcount at the end of December 2011 was 2,701, an increase of 26 since the start of the financial year and 421 more than the 2,280 at 31st December 2010. As stated in the Group's Interim management statement in October, due to current uncertainties surrounding the global economy, the Board continues to closely monitor the Group's costs and future recruitment strategy in order to improve our profit margins. The Group has established a new subsidiary company in Mexico to market and support the Group's products in that country and other central American countries. Additionally, we have acquired premises for the Group's Canadian and Italian subsidiaries. We have expanded our working premises in Germany, Brazil and China, and have refurbished and re-occupied a 16,000 square feet building in Schaumburg, USA. Capital expenditure on property, plant and equipment for the six months was £17.8m, of which £10.6m was spent on property and £7.2m on plant, equipment and vehicles. We completed the purchase of the Miskin premises in South Wales on 30th September and have subsequently commenced refurbishment of 62,500 square feet at this facility for the provision of additional manufacturing space to accommodate growth of our metrology range of products. Outlook The outlook for continuing global investment for production systems in automotive, civil aviation, agriculture and energy (including oil, gas and renewables) looks increasingly favourable. Furthermore, we anticipate a recovery in the important electronics sector. The Group is well-positioned to benefit from these structural growth trends as they should result in increasing demand for Renishaw's systems and products. Following restructuring within the healthcare business, we anticipate an improved performance going forward. We therefore remain focused on positioning the Group for further growth and view the future with great confidence. Dividends An interim dividend of 10.3 pence per share will be paid on 10th April 2012, to shareholders on the register on 9th March 2012.
Chairman's statement Revenue for the six months ended 31st December 2011 was a record £147.1m, up 11% on the £132.2m for the corresponding period last year. Geographically, revenue in Europe increased strongly by 25% over the comparable period and the Americas also showed strong growth of 23%. In the Far East we saw 12% growth in Japan, but a fall of 17% in the rest of the Far East which includes China; this was principally due to an industry and world-wide slowdown in the micro-electronics and opto-electronics markets. The Group's profit before tax was £31.2m, 11% below the £35.2m reported last year reflecting the impact of continued investment in staff and infrastructure to support growth. Earnings per share were 34.7p, compared with 39.0p last year.
25th January 2012 Interim report 2012 Highlights • Record first half year revenue of £147.1m, up 11% from £132.2m last year, which was also a record • Increased investment in research and development to support growth • Growth in marketing and distribution infrastructure • Further investment in manufacturing capacity • Continuing strong balance sheet with net cash balances of £26.6m (including pension fund escrow account of £11.1m)
http://www.investegate.co.uk/Article.aspx?id=201201250700091067W
UBS upgrades Renishaw from neutral to buy, target price raised from 900p to 1400p.