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, including significant progress in emerging businesses and product innovation.

• All three business segments delivered revenue growth, with Specialised Technologies showing the strongest improvement, especially in additive manufacturing and enclosed optical encoders.

• Cost reduction initiatives, including closure of the drug delivery business, supported margin improvements despite currency and tariff headwinds.

• Introduced multiple new products in Industrial Metrology, Position Measurement, and Specialised Technologies, supporting growth and innovation.

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

Financial highlights

• H1 FY2026 revenue reached £365.6m, up 7.1% (11.5% at constant currency) year-over-year; all three segments and regions showed growth, though EMEA was down 5%.

• Adjusted operating profit increased 11.4% to £57.5m; margin improved to 15.7% (up 0.6 percentage points).

• Adjusted profit before tax was £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 economic/geopolitical uncertainties persist, but significant opportunities from structural market growth drivers and new product launches.

• Continued currency headwinds expected, but benefits from cost reduction and margin flow-through anticipated.