Renishaw concludes formal sale process, updates guidance

The formal sale process undertaken by Renishaw PLC (LON:RSW) has now concluded. The engineering company said it had reviewed a number of proposals with its advisers and unanimously concluded that none would meet the board’s objectives of delivering an outcome that satisfactorily met the interests of stakeholders.

The FTSE 250 company’s founders, Sir David McMurty and John Deer, announced in March that they intended to sell their substantial shareholdings in the company, kicking off the formal sale process.

Following the conclusion of the formal sale process, Deer and McMurty said they remain committed to the company and have no intention of selling their shares on the market in the considerable future.

“At the start of this process we made it very clear that, with the Board, we were focused on ensuring that we find the right new owner for our business,” said McMurty and Deer.

“We remain fully committed to Renishaw and have indicated to the Board that we have no intention of selling our shares on the market for the foreseeable future.

“We continue to enjoy good health and as we consider the future of our shareholdings in due course, we intend to follow an orderly process that continues to take into account the interests of all stakeholders.”

Current trading
Alongside the announcement, Renishaw provided an update on current trading conditions.

The company said they had seen a strong trading performance in the final quarter of the financial year ended 30th June 2021 and finished the year with a record order book.

Revenue for the year ended 30th June is now expected between £562 million and £567 million, leading to adjusted profit before tax of between £116 million to £121 million.

At 09:00BST, shares in Renishaw were trading higher by 1.3% at 5,140 pence per share.