Record First-Half Revenue Growth
Reported revenue up 7.1% year-on-year and up 11.5% at constant currency, driven by a notable Q2 pickup and growth across all three reporting segments.
Strong Regional Performance in Americas and APAC
Americas revenue rose ~15% at reported rates and >20% at constant currency (benefitting from ~GBP5m pricing/surcharging). APAC grew >10% reported and >15% at constant currency, led by demand for position encoders and Equator flexible gauge.
Segment Momentum — Specialized Technologies and Position Measurement
Specialized Technologies grew >25% at constant currency (Additive Manufacturing the key driver). Position Measurement grew ~7.4% reported and ~12% constant, with strong demand in semiconductor/electronics equipment and factory automation.
Profitability and Operating Profit Improvement
Operating profit increased 11.4% to GBP57.5m; profit before tax rose 11.5% to GBP64.1m. Group operating margin improved by 0.6 percentage points versus prior H1.
Cost Reduction and Efficiency Actions
Company-wide cost program targeted GBP20m plus GBP3m from closing loss-making drug delivery activity; GBP9m of savings recognised in H1 (c.7% headcount reduction to just below 5,000). Expect GBP23m of annualised savings going forward.
Operational and Cash Metrics
Return on invested capital improved to 13.2% (up 0.6pp). CapEx in H1 was GBP17m with FY CapEx guidance ~GBP40m focused on plant and productivity. Cash balance at period end ~GBP240m and cash conversion ~68% (slightly below target).
Product and Innovation Pipeline
Multiple new product launches with strong market reception including Equator-X and MODUS IM, next-gen laser encoders, ASTRiA (inductive encoder), Strada Raman instrument and LIBERTAS AM software — supporting medium/long-term growth strategy.
Positive Forward Guidance and Order Book Momentum
Management issued positive revenue and profit trading guidance for the year ahead and reported an improving order book across segments and regions, with Q2 order uplift particularly notable.