Renishaw (RSW) H1 2026 earnings summary

Executive summary

• Achieved record H1 revenue of £365.6m, up 7.1% year-over-year (11.5% at constant currency), with strong Q2 momentum and a growing order book across all segments, especially in emerging businesses.

• Growth was driven by demand in semiconductor manufacturing equipment, defense, and emerging businesses, with significant new product launches and a focus on innovation-led long-term growth.

• Adjusted operating profit rose 11.4% to £57.5m, with margin improvement to 15.7% despite currency and tariff headwinds.

• All three business segments delivered revenue growth, with Specialised Technologies showing the strongest improvement.

• Statutory profit before tax fell 20% due to £18.0m in restructuring and one-off costs.

Financial highlights

• Revenue: £365.6m (H1 FY2025: £341.4m), up 7.1% (11.5% at constant currency), with all segments and regions growing except EMEA, which declined.

• Adjusted operating profit: £57.5m, up 11.4%; adjusted operating margin improved to 15.7%, up 0.6 percentage points.

• Adjusted profit before tax: £64.1m, up 11.5% year-over-year; statutory profit before tax was £46.0m, down 20% due to non-recurring items.

• Adjusted earnings per share increased 8.9% to 68.8p; interim dividend maintained at 16.8p per share.

• Return on invested capital rose to 13.2%, up 0.6 percentage points year-over-year.

Outlook and guidance

• Full-year FY2026 revenue expected in the range of £740m to £780m, with adjusted profit before tax guidance of £132m to £157m.

• H2 typically stronger than H1; positive momentum continues into Q3.

• Mixed trading conditions and uncertain economy, but significant opportunities from structural market growth drivers and new product launches.

• Continued currency headwinds expected, but further benefits from cost reduction and productivity initiatives anticipated.

• Focus on innovation-led growth and productivity improvements to achieve long-term margin and ROIC targets.