E An Unusual Sunday Blog

Another reason for the information gap is that Charles Schwab, the broker where I hold my stocks, moved all pink-sheet-listed foreign stocks into a global trading account which I cannot access except at the close of day, lacking a news feed. Renishaw was showing as RSW rather than as the ADR I bought (with a different broker) and own and there was no news.

The Renishaw results are discussed below for paid subscribers. I will prepare my close-of-week closed-end fund and sold positions table, but the portfolio table will be closed on Tuesday, the end of July. Fully paid subscribers should read on to learn about the brilliant results of our stock pick. Pre-subscribers should consider signing up for a sub.

*Renishaw plc, maker of metrology (industrial measuring and automation software) systems for precision manufacturing of metal industrial, electronic, and dental and medical components reported record revenues of £611.5 mn, up 18% at constant exchange rates. It had double-digit sales rises in all its regions, notable Japan (up 17%); Germany (+14%); the USA (+13%); and China (up 11%). By region the levels were comparable this time in order of size: Far East +19%; Europe +17%; Americas +19%; and Britain and Ireland +11%. (There is a small rest of the world amount of about 3% of sales.) It was hurt by sterling's weakness against the yen and the dollar but made up for it with the pound's strength against the euro.

Its before-tax profits were up by a third to £155.2 mn. After-tax profits were up a still lovely 29% to £132.4 mn, despite its tax rate rising to 14.7% from 12.2% over the Q4 of FY 2016-7. EPS was also up by 29% to 181.8 pence.

RNSHY's main business is metrology: modern machine tools and systems, with coordination measurement machines (CMM) used to manufacture precision parts for airplanes (its original business), cars, electronic equipment and panels, and sensors for application engineering and general manufacturing equipment. Its fastest growth is in electronic and semiconductor chip making. This is a wide-moat business.

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