susanne9
25 Jan 2018
SP Thanks gamesinvestor - my sentiments exactly. I love this company and have watched the SP steadily rise so I will ignore the drop.
gamesinvestor
25 Jan 2018
Re: SP " or is there some underlying reason that is not obvious?"There could be, but I doubt it very much - RSW seem pretty up front in their reporting.I think the drop is just what you can expect on anything that reports anything these days, good bad or indifferent.These were certainly not indifferent results, they were good results, that's all we can really ask for.I'm hoping long term that healthcare, AM and Spectroscopy wil be much bigger shares of the business and profitable ones as well.Games -- happy to keep as 3% of my wad, or a bit less today I guess lol !!
gamesinvestor
25 Jan 2018
Solid Half Year Report in my view :-The 17% (20% constant currency) is very good. What's also nice is the Heathcare business is growing steadily and reduced loss from £6M to £1.9M and I expect this time next year it'll start to show a profit. He's handed the CEO role to the Group Sales Director, which probably makes sense and he can now oversee the ship while he gets established. EPS grew from 41p to 73p and the dividend is up, interim, from 12.5p to 14p (12%) Increased R&D spend which should be encouraging.Also the US grew 26% which was the concerning weaker area last year -- so maybe Trump is having an effect. With all the money repatriated to the US and at long last a sensible corporation tax rate, I expect this will continue to be the case. The growth in the Additive Manufacturing Products looks really encouraging, and the Raman Spectroscopy business is really great to see -- there is so much opportunity for spectroscopy -- if you look on their web site they have made a little unit for assessing the constituent materials in tablets.I could see them installing these at airports etc. [link] The cash is growing nicely, derisking the operation somewhat -- it's now £69M compared to £14M last year. No debt, but the number of employees has risen to ove 4500 now, so operational gearing is there to see. The outlook statement seems pretty confident. I top sliced yesterday taking this down from 3.3% of my wad to 2.9% and the stock dropped 10%, the action was to allow me to invest more in IGG in the same account.Games
susanne9
25 Jan 2018
SP SP down over 10% - is that just people taking a profit or is there some underlying reason that is not obvious? MY best share by far and one that has been consistent over the years.
SundayTrader
25 Jan 2018
Re: slice Nicely timed. Results are spectacularly good, but the share price is off about 10%.
nettle124
25 Jan 2018
How did the buyers know? The results seem very good.What I cant work out is this. The share price has risen pretty steadily for the last year. How did those buyers buy with such confidence? The only explanation that makes sense is that they knew that profits and sales would go up.Now it might have been due to the Brexit effect, with the fall in the value of the pound going straight through to profit bottom line. But the foreign currency information was pretty much known immediately after the fall in the pound after Brexit and most of the share price rise subsequent to sterling's fall. Today excepted, the share price has risen at a steep but constant rate even during recent times when the pound has been rising against the dollar. Are the buyers party to information that the rest of us are not, or am I missing a good source of open information?
picstloup
25 Jan 2018
Interims look good Adjusted profit up 73%, underlying growth up 20%, statutory profit up 140%, interim divi up 15%, cash balance up 35%.Only downer is that non metrology is now loss-making.Whether it's enough to keep the share price at current vertiginous levels will soon be seen.
picstloup
24 Jan 2018
McMurtry (patly) standing down Sales guy taking over as CEO, but the old boy remains as executive chairman. New CEO's been there since 1996 - they do seem to go in for staff retention down in New Mill
gamesinvestor
24 Jan 2018
slice Yes -- decided to take some off the table here.Takes it down to 2.95% of my wad from about 3.3%If the results are good, the analcysts can still potentially pick holes in it and force the stock price down temporarily -- although I'm not sure I'm comfortable buying back that slice again anyway at these levels. The additive manufacturing/robotic arms are still a small % of the biz and they have increased their loss so far last year compared to the year before.I remain to be surprised, but I'm assuming both these new divsions have a long way to go timewise before, if, they become a healthy enough share of the business.In the meantime let's pray that a manufacturing downturn doesn't happen anytime soon or the 75% which is the metrology biz will get a bit of a clobbering again.Nice that they have a bigger cash balance though as of last time increasing it to £56M -- no debt. No debt is great but it doesn't mean no risk, as the operational gearing is high at Renishaw with all those new mouths to feed. They added 244 new employees. many in sales and delivery of the healthcare proposition.That takes them up to 4530 employed for a revenue per head of just under £132K and a post tax profit per head of £29.9K.Games
SundayTrader
21 Jan 2018
Re: Incredible... Like Games, I am a bit puzzled. The results next Thursday should be good, but that was priced in at 45, let alone 57. And the currency tailwind is now a headwind. So what is happening? Only four more days to find out.I put it down to a thin market, a shortage of quality businesses for investment - there are more Carillions out there - and the possibility of a pleasant surprise from AM. And, after all, this is a very cyclical business selling into a global upturn. So I will continue to work hard at just standing there.
Merlindale
19 Jan 2018
Re: Incredible... Too right, nettle! I started buying these in 2011, first entry was at 848, since when I have been in and out top slicing here and there, but holding on for now, and showing an overall gain of 'only' 275% plus dividends - not to be sneezed at, but how daft of me not simply to have held and held for the long haul!
nettle124
19 Jan 2018
Re: Incredible... "I've been thinking about top-slicing since before £30."Just thinking about it has been very profitable. Don't just do something, stand there.
picstloup
19 Jan 2018
Re: Incredible... It's unlikely to be a bid, as the old boys hold ~52% between them, so they would, effectively, have to sell their shares for any bid to succeed. Of the other 10 top investors, only Baillie Gifford, at 5.3%, has over 5%, and that hasn't changed since last June, nor has Blackrock's 3.1%.If the price hits £65, entry to the FTSE 100 beckons (currently we're 111th, up over 60 places yoy).I assume next week's figures will be spectacular, and could do with a bump in the divi (under 1% at current prices). If they aren't, then probably we'll go tumbling back down to under £50 or less (consensus broker forecast has a median target of £42.50).I've been thinking about top-slicing since before £30. This time, if it does hit £60 next week, I really will take 10% off the table, lowering my average book cost from £20 to £14 (but fortunately with no CGT implications, as they're all safely tucked up in my ISA).
gamesinvestor
17 Jan 2018
Incredible... run this having.I wonder what's driving this -- it's surely not just the numbers -- perhaps a bid?Games
gamesinvestor
12 Jan 2018
Re: Broker downgrade "I don't think RSW make anything that goes in an iphone."True, RSW doesn't make anything that goes into anything per se.They are a tools supplier and measurement company principally.Even when they move into Additive Manufacturing it's most likely to be providing the kit and training the end customer..It's interesting how RSW has managed to scale so much with that model -- they certainly could have the capability to outright manufacture things but that sets them against their customers and it's also a whole different financial ball game and infrastructure set up.Games -- let's hope there isn't a downturn in manufacturing, or RSW will easily halve in price.
