Annual Report 2021
FORTiS-S™ 2CX733
Transforming
Tomorrow
Together
Financial highlights
Revenue
£565.6m
(2020: £510.2m)
Adjusted* profit before tax
£119.7m
(2020: £48.6m)
Statutory profit before tax
£139.4m
(2020: £3.2m)
Total dividend for the year
66.0p
(2020: 0p)
Adjusted* earnings per share
132.0p
(2020: 51.0p)
Statutory earnings per share
153.2p
(2020: 0.4p)
Front cover illustration: FORTiS™ is a new innovative enclosed linear absolute encoder for use in harsh environments such
as machine tools
- see page 15.
Contents
Strategic Report
- Our purpose and vision
- Renishaw at a glance
- Business model
- Chairman's statement
- Chief Executive's review
- Our strategic objectives
- Key performance indicators
- Financial review
- Our principal markets
- Performance review
- Risk management
- Principal risks and uncertainties
- Viability statement
- Managing our resources and relationships
-
Task Force on Climate-related
Financial Disclosures and Non-financial reporting statement - Section 172 statement
Governance
58 Directors' Corporate Governance Report 60 Board of Directors
62 Executive Committee
68 Nomination Committee Report
71 Audit Committee Report
77 Directors' Remuneration Report
94 Other statutory and regulatory disclosures
97 Directors' responsibilities
98 Independent Auditor's Report
Financial statements
- Financial statements contents
- Consolidated income statement
- Consolidated statement of comprehensive income and expense
- Consolidated balance sheet
- Consolidated statement of changes in equity
- Consolidated statement of cash flow
- Notes (forming part of the financial statements)
- Company balance sheet
- Company statement of changes in equity
- Notes to the Company financial statements
Shareholder information
- 10 year financial record
-
Additional information
157 Greenhouse gas emissions
158 Glossary and trade marks
159 Shareholder information
- Note 28, Alternative performance measures, defines how Adjusted profit before tax and Adjusted earnings per share are calculated.
We use abbreviations and trade marks within this document. For brevity, we do not define or identify these every time they are used; please refer to the glossary on page 158 for this information. Dates within this document refer to financial years unless otherwise stated.
Strategic Report | Governance | Financial statements | Shareholder information | |
Our purpose and vision
Transforming
Tomorrow
Together
Renishaw is a global provider of manufacturing technologies, analytical instruments and medical devices.
Our purpose is to make it possible to create the products, materials and therapies that will define our world in the decades to come and touch billions of lives.
By pursuing our purpose, we can continue to be a world leader in precision technology and deliver on our vision to innovate and transform capabilities in manufacturing, science and healthcare through unparalleled levels of precision, productivity and practicality.
Illustration: Renishaw's REVO® system uses synchronised motion and 5-axismeasurement technology to minimise the dynamic effects of CMM motion at ultra-highmeasurement speeds.
REVO is used in the automotive industry to inspect high-efficiency electric motors found in the latest generation of electric cars. The air gap between the rotor and stator in these assemblies is critical to ensure electrical efficiency to maximise driving range.
Renishaw plc Annual Report 2021 | 1 |
Strategic Report
Renishaw at a glance
What we do
We work closely with our customers to solve complex engineering and science challenges and improve products and processes. Our unique blend of pioneering research and product innovation helps push the boundaries of what is possible, transforming product performance and touching billions of lives around the world.
We have two operating segments: Manufacturing technologies, and Analytical instruments and medical devices.
Manufacturing technologies (formerly Metrology)
The products in our Manufacturing technologies segment of the business (formerly referred to as Metrology) are enabling the factories of the future. From metal part manufacture on machine tools and additive manufacturing systems (AM), to industrial automation and motion systems, manufacturers rely on us. We provide customers with products that support precise, intricate production processes; higher process yields; faster cycle times; and greater automation. We also provide easy-to-use solutions with embedded knowledge and data analytics.
Industrial Metrology | Position Measurement | Additive Manufacturing |
0 | ||||
5 | ||||
0 | ||||
4 | ||||
- | ||||
5 | ||||
0 | ||||
49-A |
Analytical instruments and medical devices (formerly Healthcare)
Our innovative technologies also bring precision, productivity and practicality to a wide range of applications, including advanced materials analysis, brain surgery, facial reconstructive surgery and dentistry. Our spectroscopy systems give researchers a deeper understanding of materials and their interactions at a molecular level, including biochemical changes associated with disease formation and progression. Our robots and drug delivery devices help deliver precision for life-enhancing therapies for neurological conditions. We also supply specially configured metal additive manufacturing systems for medical and dental applications.
Spectroscopy | Neurological | Medical Dental |
InVia Ramen | microscope |
2 Renishaw plc Annual Report 2021
Strategic Report | Governance | Financial statements | Shareholder information | |
Where we operate
APAC
Locations
Our principal markets and key trends
32
Total revenue
£274.8m
- Manufacturing technologies revenue
£262.3m
- Analytical instruments and
medical devices revenue
£12.5m 95% 5%
Aerospace
New fuel-efficient engines with complex parts requiring faster measurement and cost-effective manufacturing processes.
Ongoing short-term impacts on civil aircraft production due to the pandemic.
Improvements to fuel efficiency by minimising airframe weight. Research into Net Zero aircraft.
Agriculture
Increasing global demand for food products due to growing population and rising incomes.
Investment in machinery for intensive farming and technology to increase yields, and reduce environmental costs.
Smart farming, including geomapping satellites, and greater automation.
EMEA
Locations
38
Total revenue
£169.1m
- Manufacturing technologies revenue
£150.6m
- Analytical instruments and
Automotive
Cost efficiencies and flexible, automated processes needed throughout the supply chain.
Increasing sector investment in hybrid and electric vehicles with reduced investment in internal combustion engines (ICE).
Improved fuel efficiency requires tighter tolerances on powertrain components. Focus on reducing gearbox noise in electric vehicles (EV).
Construction
Skills shortages and the need to minimise labour costs requires more automation by equipment manufacturers.
Drive to improve efficiency of large diesel engines used for vehicles in the sector. Longer-term plans to switch to hydrogen fuel cells.
Major infrastructure projects increase heavy equipment sales.
medical devices revenue
£18.5m 89%11%
Americas
Locations
9
Total revenue
£121.7m
- Manufacturing technologies revenue
Consumer electronics
Increased demand for computing devices driven by home working and online schooling.
Electronic devices and household appliances demand precision manufacturing systems for product fit and finish.
Complex integrated circuits and new designs needed for 5G mobile products.
Shorter product life cycles need flexible manufacturing systems.
Healthcare
An increase in life expectancy means greater demand for healthcare products and procedures.
Growing demand for orthopaedic implants and patient-specific implants.
Neurological disorders need faster and highly precise surgical therapies.
Growing demand for cosmetic dentistry with superior aesthetics.
£113.4m
- Analytical instruments and
medical devices revenue
£8.3m 93%7%
We use the term APAC throughout this report to refer to the Asia Pacific region, and EMEA to refer to Europe, the Middle East and Africa.
Power generation
Increasing focus on maximising output from equipment used in power generation, including wind turbines and solar panels.
Increasing research into energy storage.
Civil nuclear, wind and solar energy require manufacture of precision components.
See pages 24 and 25, Our principal markets, for further details.
Resource exploration
Global population growth and urbanisation drive long-term demand for fossil fuels.
Equipment manufactured to stringent safety requirements needs accurate, cost-effective and traceable processes.
Fossil fuels need exploration in demanding terrains or more research into optimal extraction.
Renishaw plc Annual Report 2021 | 3 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Renishaw plc published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 19:32:03 UTC.