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1. Accounting policies
This section sets out our principal accounting policies that relate to the financial statements as a whole, along with the
critical accounting judgements and estimates that management has identified as having a potentially material impact on
the Group\u2019s consolidated financial statements. Where an accounting policy is applicable to a specific note in the financial
statements, the policy is described within that note.
Basis of preparation
Renishaw plc (the Company) is a company incorporated in England and Wales. The Group financial statements consolidate those
of the Company and its subsidiaries (together referred to as the Group, and \u2018we\u2019) and equity account the Group\u2019s interest in joint
ventures. The parent company financial statements present information about the Company as a separate entity and not about
the Group.
The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted International
Accounting Standards (IAS). The parent company financial statements have been prepared in accordance with Financial Reporting
Standard 101 \u2018Reduced Disclosure Framework\u2019.
The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional currency and the Group\u2019s
presentational currency, and all values are rounded to the nearest thousand (\u00a3\u2019000).
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group
financial statements. Page 127 sets out the critical estimates (that have a significant risk of material adjustment in the next year) and
key judgements (that have a significant effect on the financial statements) made by the Directors in applying the accounting policies.
Basis of consolidation
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control,
the Group takes into consideration potential voting rights that are exercisable. The acquisition date is the date on which control is
transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the
date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary
are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance.
Joint ventures are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost.
The Group\u2019s investments includes goodwill identified on acquisition, net of any accumulated impairment losses.
The consolidated financial statements include the Group\u2019s share of the total comprehensive income and equity movements of equity
accounted investees, from the date that significant influence commences until the date that significant influence ceases. When the
Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to nil and
recognition of further losses is discontinued (except to the extent that the Group has incurred legal obligations or made payments
on behalf of an investee).
Intragroup balances and transactions, and any unrealised income and expenses arising from intragroup transactions, are eliminated
on consolidation. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment
to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only
to the extent that there is no evidence of impairment.
Foreign currencies
On consolidation, overseas subsidiaries\u2019 results are translated into Sterling at weighted average exchange rates for the year
by translating each overseas subsidiary\u2019s monthly results at exchange rates applicable to the respective months. Assets and
liabilities denominated in foreign currencies at the balance sheet date are translated into Sterling at the foreign exchange rates
prevailing at that date. Differences on exchange resulting from the translation of overseas assets and liabilities are recognised
in Other comprehensive income and are accumulated in equity.
Monetary assets and liabilities denominated in foreign currencies are reported at the rates prevailing at the time, with any gain or
loss arising from subsequent exchange rate movements being included as an exchange gain or loss in the Consolidated income
statement. Foreign currency differences arising from transactions are recognised in the Consolidated income statement.
New, revised or changes to existing accounting standards
The following accounting standards and amendments became effective as at 1 January 2024 and have been adopted in the
preparation of these financial statements, with effect from 1 July 2024:
\u2014 amendments to IAS 1, Classification of Liabilities as Current or Non-current;
\u2014 amendments to IAS 7 and IFRS 7, Supplier Finance Arrangements; and
\u2014 amendments to IFRS 16, Lease liability in a Sale and Leaseback.
These have not had a material effect on these financial statements.
At the date of these financial statements, the following standards and amendments that are potentially relevant to the Group,
and which have not been applied in these financial statements, were in issue but not yet effective:
\u2014 IFRS 18 Presentation and Disclosures in Financial Statements (not yet endorsed by the UK); and
\u2014 IFRS 19 Subsidiaries without Public Accountability: Disclosures (not yet endorsed by the UK); and
\u2014 amendments to IAS 21, Lack of exchangeability.
The adoption of these standards and interpretations in future periods is not expected to have a material impact on the financial
statements of the Group.
The Group has applied the temporary exception issued by the International Accounting Standards Board from the accounting
requirements for deferred taxes in IAS 12 arising from the Organisation for Economic Co-operation and Development\u2019s (OECD)
international tax reform. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities
related to Global Minimum Tax income taxes.
Alternative performance measures
The financial statements are prepared in accordance with adopted IFRS and applied in accordance with the provisions of the
Companies Act 2006. In measuring our performance, the financial measures that we use include those which have been derived
from our reported results, to eliminate factors which distort year-on-year comparisons.
These are considered non-GAAP financial measures. We believe this information, along with comparable GAAP measurements,
is useful to stakeholders in providing a basis for measuring our operational performance. The Board uses these financial measures,
along with the most directly comparable GAAP financial measures, in evaluating our performance (see Note 29).
Prior year restatement
An error has been identified with the Group\u2019s classification of a German pension scheme as a defined contribution scheme,
as opposed to a defined benefit scheme, following a request for funding from the pension scheme support fund. In line with IAS 8,
the Group has restated balances at 30 June 2024 and 1 July 2023.
The impact on the financial statements as 1 July 2023 was the recognition of a non-current liability employee benefit of \u00a320,493,000
and a reimbursement right asset of \u00a311,348,000. A corresponding net deferred tax asset of \u00a32,651,000 has also been recognised.
The net effect was a reduction in retained earnings of \u00a36,494,000.
At 30 June 2024, the closing non-current liability employee benefit and reimbursement right asset were of \u00a321,349,000 and
\u00a312,116,000 respectively. A corresponding net deferred tax asset of \u00a32,677,000 has also been recognised. The total adjustment
recognised through the Consolidated statement of comprehensive income and expense related to the \u2018Remeasurement of defined
benefit pension scheme assets/liabilities/reimbursement right\u2019 and \u2018Deferred tax on remeasurement of defined benefit pension
scheme assets/liabilities/reimbursement right\u2019 was a loss of \u00a388,000 and a gain of \u00a326,000 respectively. See Note 23 Employee
benefits for further details.
2024
2023
Reported Adjustment Restated Reported Adjustment Restated
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
Reimbursement right
\u2013
12,116
12,116
\u2013
11,348
11,348
Deferred tax assets
17,690
2,677
20,367
19,944
2,651
22,595
Non-current liabilities
Employee benefits
\u2013
(21,349)
(21,349)
(45)
(20,493)
(20,538)
Equity
Retained earnings
876,990
(6,556)
870,434
871,777
(6,494)
865,283
Critical accounting judgements and estimation uncertainties
The preparation of financial statements in conformity with UK-adopted IAS requires management to make judgements, estimates
and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
The estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable
under the circumstances. The results of this form the basis of making judgements about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may therefore differ from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis.
The areas of critical accounting judgements and estimation uncertainties that have a significant risk of causing a material adjustment
to the carrying amount of assets and liabilities in the next financial year are summarised below with further details included within
accounting policies as indicated.
Item
Key judgements (J) and estimates (E)
Page
Taxation
J \u2013 Whether uncertain tax positions need to be recognised
132
Research and development costs
J \u2013 Whether a project meets the criteria for capitalisation
138
Goodwill and capitalised development costs
E \u2013 Estimates of future cash flows for impairment testing
138
Inventories
E \u2013 Determination of net realisable value
143
Defined benefit pension schemes
E \u2013 Valuation of defined benefit pension schemes\u2019 liabilities
146
Defined benefit pension schemes
J \u2013 Whether past service costs need to be recognised
146
Cash flow hedges
E \u2013 Estimates of highly probable forecasts of the hedged item
151
Adjusted performance measures
J \u2013 Whether items are appropriate to exclude from adjusted measures
159
Employment benefits
J \u2013 When termination benefits should be recognised\ue003
162
Climate change
We have considered the potential effect of physical and transitional climate change risks when preparing these consolidated
financial statements and have also considered the effect of our own Net Zero commitments. Our consideration of the potential effect
of climate change on these consolidated financial statements included reviewing:
\u2014 discounted cash flow forecasts, used in accounting for goodwill, capitalised development costs, and deferred tax assets;
\u2014 useful economic lives and residual values of property, plant and equipment;
\u2014 planned use of right-of-use assets; and
\u2014 expected demand for inventories.
We also considered the estimated capital expenditure needed in the next five years to deliver our Net Zero plan.
Overall, we do not believe that climate change has a material effect on our accounting judgements and estimates, nor in the carrying
value of assets and liabilities in the consolidated financial statements for the year ended 30 June 2025. We will continue to review
this, and update our accounting and disclosures as the position changes.
Going concern
In preparing these financial statements, the Directors have adopted the going concern basis. The decision to adopt the going
concern basis was made after considering:
\u2014 the Group\u2019s strategy and business model, as set out on pages 11 to 14;
\u2014 the Group\u2019s risk management processes and principal risks, disclosed on pages 15 to 23;
\u2014 the Group\u2019s financial resources and strategies (pages 31 to 33); and
\u2014 the process undertaken to review the Group\u2019s viability, including scenario testing, as set out on page 24.
The financial models for the viability review were based on the pessimistic version of the five-year business plan, but covering
a period to 30 September 2028. For context, revenue in the first year of this pessimistic base scenario is lower than the FY2025
revenue of \u00a3713.0m, while costs and other cash outflows still reflect ambitious growth plans. In the going concern assessment, the
Directors reviewed this same version of the plan but to 30 September 2026, as well as the \u2018severe but plausible\u2019 scenarios used in
the viability review, again to 30 September 2026. These scenarios reflected a significant reduction in revenue, a significant increase
in costs, and a third scenario incorporating both a reduction to revenue and an increase in costs but to a lesser degree than the first
two scenarios. In each scenario the Group\u2019s cash balances remained positive throughout the period to 30 September 2026.
The Directors also reviewed a reverse stress test for the period to 30 September 2026, identifying what would need to happen
in this period for the Group to deplete its cash and cash equivalents and bank deposit balances. This identified a trading level
so low that the Directors feel that the events that could trigger this would be remote. The Directors also concluded that the risk of
a one-off cash outflow that would exhaust the Group\u2019s cash and cash equivalents and bank deposits balances in the assessment
period was also remote.
Based on this assessment, incorporating a review of the current position, the scenarios, the principal risks and mitigation, the
Directors have a reasonable expectation that the Group will be able to continue operating and meet its liabilities as they fall due
over the period to 30 September 2026.
Accounting policy
The Group generates revenue from the sale of goods, capital equipment and services. These can be sold both on their own
and together.
a) Sale of goods, capital equipment and services
The Group\u2019s contracts with customers consist both of contracts with one performance obligation and contracts with multiple
performance obligations.
For contracts with one performance obligation, revenue is measured at the transaction price, which is typically the contract value
except for customers entitled to volume rebates, and recognised at the point in time when control of the product transfers to the
customer. This point in time is typically when the products are made available for collection by the customer, collected by the
shipping agent, or delivered to the customer, depending upon the shipping terms applied to the specific contract.
Contracts with multiple performance obligations typically exist where, in addition to supplying products, we also supply services
such as user training, servicing and maintenance, and installation. Where the installation service is simple, does not include
a significant integration service and could be performed by another party then the installation is accounted for as a separate
performance obligation. Where the contracts include multiple performance obligations, the transaction price is allocated to each
performance obligation based on the relative stand-alone selling prices. The revenue allocated to each performance obligation is
then recognised when, or as, that performance obligation is satisfied. For installation, this is typically at the point in time in which
installation is complete. For training, this is typically the point in time at which training is delivered. For servicing and maintenance,
the revenue is recognised evenly over the course of the servicing agreement except for ad-hoc servicing and maintenance which
is recognised at the point in time in which the work is undertaken.
b) Sale of software
The Group provides software licences and software maintenance to customers, sold both on their own and together with
associated products. For software licences, where the licence and/or maintenance is provided as part of a contract that provides
customers with software licences and other goods and services then the transaction price is allocated on the same basis as
described in a) above.
The Group\u2019s distinct software licences provide a right of use, and therefore revenue from software licences is recognised at the
point in time in which the licence is supplied to the customer. Revenue from software maintenance is recognised evenly over the
term of the maintenance agreement.
c) Extended warranties
The Group provides standard warranties to customers that address potential latent defects that existed at point of sale and
as required by law (assurance-type warranties). In some contracts, the Group also provides warranties that extend beyond the
standard warranty period and may be sold to the customer (service-type warranties).
Assurance-type warranties are accounted for by the Group under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent
Assets\u2019. Service-type warranties are accounted for as separate performance obligations and therefore a portion of the transaction
price is allocated to this element, and then recognised evenly over the period in which the service is provided.
d) Contract balances
Contract assets represent the Group\u2019s right to consideration in exchange for goods, capital equipment and/or services that have
been transferred to a customer, and mainly includes accrued revenue in respect of goods and services provided to a customer
but not yet fully billed. Contract assets are distinct from receivables, which represent the Group\u2019s right to consideration that
is unconditional.
Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which
the Group has either received consideration or consideration is due from the customer.
e) Disaggregation of revenue
The Group disaggregates revenue from contracts with customers between: goods, capital equipment and installation, and
aftermarket services; reporting segment; and geographical location.
Management believe these categories best depict how the nature, amount, timing and uncertainty of the Group\u2019s revenue is
affected by economic factors.
Accounting policy
We receive both government grants and RDEC (tax credits) for research and development projects. For research projects,
where the costs have not been capitalised, we recognise a deduction against expenditure within Cost of sales in the
Consolidated income statement (having initially recognised the grant in the Consolidated balance sheet if it was received in
advance of the related expense). Where a grant or RDEC is received for capitalised development costs, we initially recognise
it in the Consolidated balance sheet and then release it to match the amortisation within Cost of sales. Both types are only
recognised when we have reasonable assurance that any grant conditions will be met.
Accounting policy
Tax on the profit for the year comprises current, deferred and global minimum taxes. Tax is recognised in the Consolidated
income statement except to the extent that it relates to items recognised directly in Other comprehensive income, in which case
it is recognised in the Consolidated statement of comprehensive income and expense. Current tax is the expected tax payable
on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any
adjustment to tax payable in previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The following temporary differences are not provided for:
\u2014 the initial recognition of goodwill;
\u2014 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business
combination; and
\u2014 differences relating to investments in subsidiaries, to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised to the extent it is probable that future taxable profits (including the future release of deferred
tax liabilities) will be available, against which the deductible temporary differences can be used, based on management\u2019s
assumptions relating to the amounts and timing of future taxable profits. Estimates of future profitability on an entity basis are
required to ascertain whether it is probable that sufficient taxable profits will arise to support the recognition of deferred tax
assets relating to the corresponding entity.
Key judgement \u2013 Whether uncertain tax positions need to be recognised
The Group is subject to a range of tax legislation that can vary by jurisdiction, and tax compliance for global businesses is
increasingly complex. The objective of our tax strategy is to comply with all applicable tax laws and regulations in the territories
that the Group operates in, however sometimes the tax treatment of transactions and events can be uncertain.
Where this is the case, judgement is needed in how these uncertain tax treatments should be reflected in preparing the financial
statements, particularly as such topics are often complex and can take several years to resolve. This year, the nature and potential
value of the issues under review were significant and were a key judgement for management.
Accounting policy
Freehold land is not depreciated. Other assets are stated at cost less accumulated depreciation and accumulated impairment
losses, if any. Depreciation is provided to write off the cost of assets less their estimated residual value on a straight-line basis
over their estimated useful economic lives as follows: freehold buildings, 50 years; building infrastructure, 10 to 50 years; plant
and equipment, 3 to 25 years; and vehicles, 3 to 4 years.
Accounting policy
At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease
liability for any payments due. Right-of-use assets are initially measured at cost, being the present value of the lease liability plus
any initial costs incurred in entering the lease and less any incentives received. See Note 21 for further detail on lease liabilities.
Right-of-use assets are subsequently depreciated on a straight-line basis from the commencement date to the earlier of the end
of the useful life or the end of the lease term.
Accounting policy
Where property owned by the Group is held to earn rentals or for long-term capital growth it is recognised as investment property.
Where a property is part-occupied by the Group, portions of the property are recognised as investment property if they meet
the above description and if these portions could be sold separately and reliably measured. If the portions could not be sold
separately, the property is recognised as an investment property only if a significant proportion is held for rental or
appreciation purposes.
The Group has elected to value investment properties on a cost basis, initially comprising of the purchase price and any directly
attributable expenditure. Depreciation is provided to write off the cost of assets on a straight-line basis over their estimated useful
economic lives, being 50 years. Amounts relating to freehold land is not depreciated.
Accounting policy
Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net
identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise
from legal rights regardless of whether those rights are separable.
Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or
earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the
estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are
recognised in the Consolidated income statement.
Intangible assets such as customer lists, patents, trademarks, know-how and intellectual property that are acquired by the Group
are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on
a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets
included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years.
Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on
development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has
the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can
measure reliably the expenditure attributable to the intangible asset during its development.
Development activities involve a plan or design for the production of new or substantially improved products or processes.
The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads.
Other development expenditure is recognised in the Consolidated income statement as an expense as incurred.
Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging
from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation
commences when a product or process is available for use as intended by management. Capitalised development expenditure
is removed from the balance sheet 10 years after being fully amortised.
All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired.
An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds
its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s
value-in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash-
generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market
assessment of the time value of money and the risks specific to the asset concerned.
Goodwill and capitalised development costs are subject to an annual impairment test.
Key judgement \u2013 Whether a project meets the criteria for capitalisation
Product development costs are capitalised once a project has reached a certain stage of development, being the point at which
the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable
regulations. Judgement is required to assess whether the new product development has reached the appropriate point for
capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use.
Should a product become obsolete, the accumulated capitalised development costs would need to be immediately written off
in the Consolidated income statement.
Key estimate \u2013 Estimates of future cash flows used for impairment testing
Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of
cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future
cash flows of each CGU and select the appropriate discount rate for each CGU.
Accounting policy
Where the Group transfers the risks and rewards of ownership of lease assets to a third party, the Group recognises a receivable
in the amount of the net investment in the lease. The lease receivable is subsequently reduced by the principal received, while an
interest component is recognised as financial income in the Consolidated income statement. Standard contract terms are up to
five years and there is a nominal residual value receivable at the end of the contract.
Where the Group retains the risks and rewards of ownership of lease assets, it continues to recognise the leased asset in Property,
plant and equipment. Income from operating leases is recognised on a straight-line basis over the lease term and recognised as
revenue rather than other revenue as such income is not material. Operating leases are on one to five year terms.
Accounting policy
Cash and cash equivalents comprise cash balances, and deposits with an original maturity of less than three months or with an
original maturity date of more than three months where the deposit can be accessed on demand without significant penalty for
early withdrawal and where the original deposit amount is recoverable in full.
Accounting policy
Inventory and work in progress is valued at the lower of actual cost on a first-in, first-out (FIFO) basis and net realisable value.
In respect of work in progress and finished goods, cost includes all production overheads and the attributable proportion of
indirect overhead expenses that are required to bring inventories to their present location and condition. Overheads are absorbed
into inventories on the basis of normal capacity or on actual hours if higher.
Key estimate \u2013 Determination of net realisable inventory value
Determining the net realisable value of inventory requires management to estimate future demand, especially in respect of
provisioning for slow moving and potentially obsolete inventory. When calculating an inventory provision management generates
an estimate of future demand for individual inventory items (capped at 3 years) based upon the higher of 12 months of historical
usage or 12 months of demand from customer orders and manufacturing build plans. A 50% provision is calculated where actual
holdings represent between 3 to 5 years\u2019 worth of future demand, and 100% is calculated where actual holdings represent over
5 years\u2019 worth of future demand. Adjustments are made where needed, for example where it is highly likely that there will be an
increase in sales beyond the 12-month demand period or where there are obsolescence programmes.
Accounting policy
The Group provides a warranty from the date of purchase, except for those products that are installed by the Group where the
warranty starts from the date of completion of the installation. This is typically for a 12-month period, although up to three years
is given for a small number of products. A warranty provision is included in the Group financial statements, which is calculated
on the basis of historical returns and internal quality reports.
Accounting policy
At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease
liability for any payments due. Lease liabilities are initially measured at the present value of the lease payments that are not paid
at the commencement date, discounted using the incremental borrowing rate of the applicable entity. The lease liability is
subsequently measured at amortised cost using the effective interest method and is remeasured if there is a change in future
lease payments arising from a change in an index or rate (such as an inflation-linked increase) or if there is a change in the
Group\u2019s assessment of whether it will exercise an extension or termination option. When this happens there is a corresponding
adjustment to the right-of-use asset. Where the Group enters into leases with a lease term of 12-months or less, these are treated
as \u2018short-term\u2019 leases and are recognised on a straight-line basis as an expense in the Consolidated income statement. The same
treatment applies to low-value assets, which are typically IT equipment and office equipment.
Accounting policy
Defined benefit pension schemes are managed by trustees who are independent of the Group finances. Investment assets of the
schemes are measured at fair value using the bid price of the unitised investments, quoted by the investment manager, at the
reporting date. For buy-in insurance contracts, where the income received from a policy matches exactly the benefit payments
due to the members it is covering, the value attributable to the contract to be recognised as an asset is the equivalent IAS 19
value of the corresponding liabilities. Reimbursement assets are measured at fair value, quoted by the insurance company,
at the reporting date. Reimbursement assets are not classified as a plan asset as they are not a qualifying insurance policy.
Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high-
quality corporate bond of equivalent term and currency to the liability. Remeasurements arising from defined benefit schemes
comprise actuarial gains and losses, the return on scheme assets (excluding interest) and the effect of the asset ceiling (if any,
excluding interest). The Company recognises them immediately in Other comprehensive income and all other expenses related
to defined benefit schemes are included in the Consolidated income statement.
The pension schemes\u2019 surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented
on the face of the Consolidated balance sheet under Employee benefits. Where a guarantee is in place in relation to a pension
scheme deficit, liabilities are reported in accordance with IFRIC 14 \u2018The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction\u2019. To the extent that contributions payable will not be available as a refund after they are paid into
the plan, a liability is recognised at the point the obligation arises, which is the point at which the minimum funding guarantee is
agreed. Overseas-based employees are covered by a combination of state, defined benefit and private pension schemes in their
countries of residence. Actuarial valuations of overseas pension schemes were not obtained, apart from Ireland and Germany.
For defined contribution schemes, the amount charged to the Consolidated income statement represents the contributions
payable to the schemes in respect of the accounting period.
Key estimate \u2013 Valuation of defined benefit pension schemes\u2019 liabilities
Determining the value of the future defined benefit obligation requires estimation in respect of the assumptions used to determine
the present values. These include future mortality, discount rate and inflation. Management makes these estimates in consultation
with independent actuaries.
Key judgement \u2013 Whether past service costs need to be recognised
Management also need to determine the appropriate accounting treatment for past service costs, and do so in consultation with
independent legal advisors and actuaries.
Accounting policy
Renishaw shares are granted in accordance with the Renishaw plc deferred annual equity incentive plan (the DAEIP). The share
awards are subject only to continuing service of the employee and are equity settled. The fair value of the awards at the date of
grant, which is estimated to be equal to the market value, is charged to the Consolidated income statement on a straight-line basis
over a three-year vesting period, with appropriate adjustments made to reflect expected or actual forfeitures. The corresponding
credit is to Other reserve.
The number of shares to be awarded is calculated by dividing the relevant amount of annual bonus under the DAEIP by the
average price of a share during a period determined by the Remuneration Committee of not more than five dealing days ending
with the dealing day before the award date. These shares must be purchased on the open market and cannot be satisfied by
issuance of new shares or transfer of existing treasury shares.
The Renishaw Employee Benefit Trust (EBT) is responsible for purchasing shares on the open market on behalf of the Company
to satisfy the DAEIP awards. These are held by the EBT until transferring to the employee, which will normally be on the third
anniversary of the award date, subject to continued employment. Malus and clawback provisions can be operated by the
Committee within five years of the award date. During the vesting period, no dividends are payable on the shares. However,
upon vesting, employees will be entitled to additional shares or cash, equivalent to the value of dividends paid on the awarded
shares during this period. This amount is accrued over the vesting period.
Own shares held are recognised as an element in equity until they are transferred at the end of the vesting period, and such
shares are excluded from earnings per share calculations.
Accounting policy
The Group measures financial instruments such as forward exchange contracts at fair value at each balance sheet date
in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value, as defined by IFRS 13 \u2018Fair Value Measurement\u2019, is the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. This note provides detail on the IFRS 13 fair value hierarchy.
Trade and other current receivables are initially recognised at fair value and are subsequently held at amortised cost less any
provision for bad and doubtful debts and expected credit losses according to IFRS 9. Trade and other current payables are
initially recognised at fair value and are subsequently held at amortised cost.
Financial liabilities in the form of loans are initially recognised at fair value and are subsequently held at amortised cost.
Financial liabilities are assessed for embedded derivatives and whether any such derivatives are closely related. If not closely
related, such derivatives are accounted for at fair value in the Consolidated income statement.
Foreign currency derivatives are used to manage risks arising from changes in foreign currency rates relating to overseas sales
and foreign currency-denominated assets and liabilities. The Group does not enter into derivatives for speculative purposes.
Foreign currency derivatives are stated at their fair value, being the estimated amount that the Group would pay or receive to
terminate them at the balance sheet date, based on prevailing foreign currency rates.
Changes in the fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are
recognised in Other comprehensive income and in the Cash flow hedging reserve, and subsequently transferred to the carrying
amount of the hedged item or the Consolidated income statement. Realised gains or losses on cash flow hedges are therefore
recognised in the Consolidated income statement within revenue in the same period as the hedged item.
Hedge accounting is discontinued when the hedging instrument expires or when the hedging instrument or hedged item
no longer qualify for hedge accounting. If the forecast transaction is still expected to occur, but is no longer highly probable,
the cumulative gain or loss in the cash flow hedge reserve remains in that reserve until the transaction occurs. If the forecast
transaction is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified
to the Consolidated income statement.
Changes in fair value of foreign currency derivatives, which are ineffective or do not meet the criteria for hedge accounting in
IFRS 9, are recognised in the Consolidated income statement within Gains/losses from the fair value of financial instruments.
In addition to derivatives held for cash flow hedging purposes, the Group uses short-term derivatives not designated as hedging
instruments to offset gains and losses from exchange rate movements on foreign currency-denominated assets and liabilities.
Gains and losses from currency movements on underlying assets and liabilities, realised gains and losses on these derivatives,
and fair value gains and losses on outstanding derivatives of this nature are all recognised in Financial income and expenses
in the Consolidated income statement.
Key estimate \u2013 Estimates of highly probable forecasts of the hedged item
Derivatives are effective for hedge accounting to the extent that the hedged item is \u2018highly probable\u2019 to occur, with \u2018highly probable\u2019
indicating a much greater likelihood of occurrence than the term \u2018more likely than not\u2019. Determining a highly probable sales
forecast for Renishaw plc and Renishaw UK Sales Limited, being the hedged item, over a multiple year time period, requires
judgement of the suitability of external and internal data sources and estimations of future sales.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-622": { "value": "Basis of preparation Renishaw plc (the Company) is a company incorporated in England and Wales. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the Group, and \u2018we\u2019) and equity account the Group\u2019s interest in joint ventures. The parent company financial statements present information about the Company as a separate entity and not about the Group. The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (IAS). The parent company financial statements have been prepared in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure Framework\u2019. The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional currency and the Group\u2019s presentational currency, and all values are rounded to the nearest thousand (\u00a3\u2019000). The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group financial statements. Page 127 sets out the critical estimates (that have a significant risk of material adjustment in the next year) and key judgements (that have a significant effect on the financial statements) made by the Directors in applying the accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-5": { "value": "Renishaw plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-620": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-6": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-655": { "value": "The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (IAS). The parent company financial statements have been prepared in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure Framework\u2019. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-681": { "value": "The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional currency and the Group\u2019s presentational currency, and all values are rounded to the nearest thousand (\u00a3\u2019000). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-623": { "value": "Basis of consolidation Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Joint ventures are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost. The Group\u2019s investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that significant influence commences until the date that significant influence ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued (except to the extent that the Group has incurred legal obligations or made payments on behalf of an investee). Intragroup balances and transactions, and any unrealised income and expenses arising from intragroup transactions, are eliminated on consolidation. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-624": { "value": "Foreign currencies On consolidation, overseas subsidiaries\u2019 results are translated into Sterling at weighted average exchange rates for the year by translating each overseas subsidiary\u2019s monthly results at exchange rates applicable to the respective months. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into Sterling at the foreign exchange rates prevailing at that date. Differences on exchange resulting from the translation of overseas assets and liabilities are recognised in Other comprehensive income and are accumulated in equity. Monetary assets and liabilities denominated in foreign currencies are reported at the rates prevailing at the time, with any gain or loss arising from subsequent exchange rate movements being included as an exchange gain or loss in the Consolidated income statement. Foreign currency differences arising from transactions are recognised in the Consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-682": { "value": "New, revised or changes to existing accounting standards The following accounting standards and amendments became effective as at 1 January 2024 and have been adopted in the preparation of these financial statements, with effect from 1 July 2024: \u2014 amendments to IAS 1, Classification of Liabilities as Current or Non-current; \u2014 amendments to IAS 7 and IFRS 7, Supplier Finance Arrangements; and \u2014 amendments to IFRS 16, Lease liability in a Sale and Leaseback. These have not had a material effect on these financial statements. At the date of these financial statements, the following standards and amendments that are potentially relevant to the Group, and which have not been applied in these financial statements, were in issue but not yet effective: \u2014 IFRS 18 Presentation and Disclosures in Financial Statements (not yet endorsed by the UK); and \u2014 IFRS 19 Subsidiaries without Public Accountability: Disclosures (not yet endorsed by the UK); and \u2014 amendments to IAS 21, Lack of exchangeability. The adoption of these standards and interpretations in future periods is not expected to have a material impact on the financial statements of the Group. The Group has applied the temporary exception issued by the International Accounting Standards Board from the accounting requirements for deferred taxes in IAS 12 arising from the Organisation for Economic Co-operation and Development\u2019s (OECD) international tax reform. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities related to Global Minimum Tax income taxes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-656": { "value": "New, revised or changes to existing accounting standards The following accounting standards and amendments became effective as at 1 January 2024 and have been adopted in the preparation of these financial statements, with effect from 1 July 2024: \u2014 amendments to IAS 1, Classification of Liabilities as Current or Non-current; \u2014 amendments to IAS 7 and IFRS 7, Supplier Finance Arrangements; and \u2014 amendments to IFRS 16, Lease liability in a Sale and Leaseback. These have not had a material effect on these financial statements. At the date of these financial statements, the following standards and amendments that are potentially relevant to the Group, and which have not been applied in these financial statements, were in issue but not yet effective: \u2014 IFRS 18 Presentation and Disclosures in Financial Statements (not yet endorsed by the UK); and \u2014 IFRS 19 Subsidiaries without Public Accountability: Disclosures (not yet endorsed by the UK); and \u2014 amendments to IAS 21, Lack of exchangeability. The adoption of these standards and interpretations in future periods is not expected to have a material impact on the financial statements of the Group. The Group has applied the temporary exception issued by the International Accounting Standards Board from the accounting requirements for deferred taxes in IAS 12 arising from the Organisation for Economic Co-operation and Development\u2019s (OECD) international tax reform. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities related to Global Minimum Tax income taxes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-625": { "value": "New, revised or changes to existing accounting standards The following accounting standards and amendments became effective as at 1 January 2024 and have been adopted in the preparation of these financial statements, with effect from 1 July 2024: \u2014 amendments to IAS 1, Classification of Liabilities as Current or Non-current; \u2014 amendments to IAS 7 and IFRS 7, Supplier Finance Arrangements; and \u2014 amendments to IFRS 16, Lease liability in a Sale and Leaseback. These have not had a material effect on these financial statements. At the date of these financial statements, the following standards and amendments that are potentially relevant to the Group, and which have not been applied in these financial statements, were in issue but not yet effective: \u2014 IFRS 18 Presentation and Disclosures in Financial Statements (not yet endorsed by the UK); and \u2014 IFRS 19 Subsidiaries without Public Accountability: Disclosures (not yet endorsed by the UK); and \u2014 amendments to IAS 21, Lack of exchangeability. The adoption of these standards and interpretations in future periods is not expected to have a material impact on the financial statements of the Group. The Group has applied the temporary exception issued by the International Accounting Standards Board from the accounting requirements for deferred taxes in IAS 12 arising from the Organisation for Economic Co-operation and Development\u2019s (OECD) international tax reform. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities related to Global Minimum Tax income taxes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-626": { "value": "Alternative performance measures The financial statements are prepared in accordance with adopted IFRS and applied in accordance with the provisions of the Companies Act 2006. In measuring our performance, the financial measures that we use include those which have been derived from our reported results, to eliminate factors which distort year-on-year comparisons. These are considered non-GAAP financial measures. We believe this information, along with comparable GAAP measurements, is useful to stakeholders in providing a basis for measuring our operational performance. The Board uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating our performance (see Note 29). ", "dimensions": { "concept": "renishawplc:DescriptionOfAccountingPolicyForAlternativeMeasures", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-627": { "value": "Prior year restatement An error has been identified with the Group\u2019s classification of a German pension scheme as a defined contribution scheme, as opposed to a defined benefit scheme, following a request for funding from the pension scheme support fund. In line with IAS 8, the Group has restated balances at 30 June 2024 and 1 July 2023. The impact on the financial statements as 1 July 2023 was the recognition of a non-current liability employee benefit of \u00a320,493,000 and a reimbursement right asset of \u00a311,348,000. A corresponding net deferred tax asset of \u00a32,651,000 has also been recognised. The net effect was a reduction in retained earnings of \u00a36,494,000. At 30 June 2024, the closing non-current liability employee benefit and reimbursement right asset were of \u00a321,349,000 and \u00a312,116,000 respectively. A corresponding net deferred tax asset of \u00a32,677,000 has also been recognised. The total adjustment recognised through the Consolidated statement of comprehensive income and expense related to the \u2018Remeasurement of defined benefit pension scheme assets/liabilities/reimbursement right\u2019 and \u2018Deferred tax on remeasurement of defined benefit pension scheme assets/liabilities/reimbursement right\u2019 was a loss of \u00a388,000 and a gain of \u00a326,000 respectively. See Note 23 Employee benefits for further details.
2024
2023
Reported Adjustment Restated Reported Adjustment Restated
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
Reimbursement right
\u2013
12,116
12,116
\u2013
11,348
11,348
Deferred tax assets
17,690
2,677
20,367
19,944
2,651
22,595
Non-current liabilities
Employee benefits
\u2013
(21,349)
(21,349)
(45)
(20,493)
(20,538)
Equity
Retained earnings
876,990
(6,556)
870,434
871,777
(6,494)
865,283
", "dimensions": { "concept": "renishawplc:DescriptionOfAccountingPolicyForPriorYearRestatament", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-725": { "value": "Critical accounting judgements and estimation uncertainties The preparation of financial statements in conformity with UK-adopted IAS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances. The results of this form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may therefore differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The areas of critical accounting judgements and estimation uncertainties that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in the next financial year are summarised below with further details included within accounting policies as indicated.
Item
Key judgements (J) and estimates (E)
Page
Taxation
J \u2013 Whether uncertain tax positions need to be recognised
132
Research and development costs
J \u2013 Whether a project meets the criteria for capitalisation
138
Goodwill and capitalised development costs
E \u2013 Estimates of future cash flows for impairment testing
138
Inventories
E \u2013 Determination of net realisable value
143
Defined benefit pension schemes
E \u2013 Valuation of defined benefit pension schemes\u2019 liabilities
146
Defined benefit pension schemes
J \u2013 Whether past service costs need to be recognised
146
Cash flow hedges
E \u2013 Estimates of highly probable forecasts of the hedged item
151
Adjusted performance measures
J \u2013 Whether items are appropriate to exclude from adjusted measures
159
Employment benefits
J \u2013 When termination benefits should be recognised\ue003
162
Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgement is required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product become obsolete, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cash flows of each CGU and select the appropriate discount rate for each CGU. Key estimate \u2013 Determination of net realisable inventory value Determining the net realisable value of inventory requires management to estimate future demand, especially in respect of provisioning for slow moving and potentially obsolete inventory. When calculating an inventory provision management generates an estimate of future demand for individual inventory items (capped at 3 years) based upon the higher of 12 months of historical usage or 12 months of demand from customer orders and manufacturing build plans. A 50% provision is calculated where actual holdings represent between 3 to 5 years\u2019 worth of future demand, and 100% is calculated where actual holdings represent over 5 years\u2019 worth of future demand. Adjustments are made where needed, for example where it is highly likely that there will be an increase in sales beyond the 12-month demand period or where there are obsolescence programmes. Key estimate \u2013 Valuation of defined benefit pension schemes\u2019 liabilities Determining the value of the future defined benefit obligation requires estimation in respect of the assumptions used to determine the present values. These include future mortality, discount rate and inflation. Management makes these estimates in consultation with independent actuaries. Key judgement \u2013 Whether past service costs need to be recognised Management also need to determine the appropriate accounting treatment for past service costs, and do so in consultation with independent legal advisors and actuaries. Key estimate \u2013 Estimates of highly probable forecasts of the hedged item Derivatives are effective for hedge accounting to the extent that the hedged item is \u2018highly probable\u2019 to occur, with \u2018highly probable\u2019 indicating a much greater likelihood of occurrence than the term \u2018more likely than not\u2019. Determining a highly probable sales forecast for Renishaw plc and Renishaw UK Sales Limited, being the hedged item, over a multiple year time period, requires judgement of the suitability of external and internal data sources and estimations of future sales. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-657": { "value": "Climate change We have considered the potential effect of physical and transitional climate change risks when preparing these consolidated financial statements and have also considered the effect of our own Net Zero commitments. Our consideration of the potential effect of climate change on these consolidated financial statements included reviewing: \u2014 discounted cash flow forecasts, used in accounting for goodwill, capitalised development costs, and deferred tax assets; \u2014 useful economic lives and residual values of property, plant and equipment; \u2014 planned use of right-of-use assets; and \u2014 expected demand for inventories. We also considered the estimated capital expenditure needed in the next five years to deliver our Net Zero plan. Overall, we do not believe that climate change has a material effect on our accounting judgements and estimates, nor in the carrying value of assets and liabilities in the consolidated financial statements for the year ended 30 June 2025. We will continue to review this, and update our accounting and disclosures as the position changes. ", "dimensions": { "concept": "renishawplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-628": { "value": "Climate change We have considered the potential effect of physical and transitional climate change risks when preparing these consolidated financial statements and have also considered the effect of our own Net Zero commitments. Our consideration of the potential effect of climate change on these consolidated financial statements included reviewing: \u2014 discounted cash flow forecasts, used in accounting for goodwill, capitalised development costs, and deferred tax assets; \u2014 useful economic lives and residual values of property, plant and equipment; \u2014 planned use of right-of-use assets; and \u2014 expected demand for inventories. We also considered the estimated capital expenditure needed in the next five years to deliver our Net Zero plan. Overall, we do not believe that climate change has a material effect on our accounting judgements and estimates, nor in the carrying value of assets and liabilities in the consolidated financial statements for the year ended 30 June 2025. We will continue to review this, and update our accounting and disclosures as the position changes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-629": { "value": "Going concern In preparing these financial statements, the Directors have adopted the going concern basis. The decision to adopt the going concern basis was made after considering: \u2014 the Group\u2019s strategy and business model, as set out on pages 11 to 14; \u2014 the Group\u2019s risk management processes and principal risks, disclosed on pages 15 to 23; \u2014 the Group\u2019s financial resources and strategies (pages 31 to 33); and \u2014 the process undertaken to review the Group\u2019s viability, including scenario testing, as set out on page 24. The financial models for the viability review were based on the pessimistic version of the five-year business plan, but covering a period to 30 September 2028. For context, revenue in the first year of this pessimistic base scenario is lower than the FY2025 revenue of \u00a3713.0m, while costs and other cash outflows still reflect ambitious growth plans. In the going concern assessment, the Directors reviewed this same version of the plan but to 30 September 2026, as well as the \u2018severe but plausible\u2019 scenarios used in the viability review, again to 30 September 2026. These scenarios reflected a significant reduction in revenue, a significant increase in costs, and a third scenario incorporating both a reduction to revenue and an increase in costs but to a lesser degree than the first two scenarios. In each scenario the Group\u2019s cash balances remained positive throughout the period to 30 September 2026. The Directors also reviewed a reverse stress test for the period to 30 September 2026, identifying what would need to happen in this period for the Group to deplete its cash and cash equivalents and bank deposit balances. This identified a trading level so low that the Directors feel that the events that could trigger this would be remote. The Directors also concluded that the risk of a one-off cash outflow that would exhaust the Group\u2019s cash and cash equivalents and bank deposits balances in the assessment period was also remote. Based on this assessment, incorporating a review of the current position, the scenarios, the principal risks and mitigation, the Directors have a reasonable expectation that the Group will be able to continue operating and meet its liabilities as they fall due over the period to 30 September 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-658": { "value": "2. Revenue disaggregation and segmental analysis We manage our business by segment, comprising Manufacturing technologies and Analytical instruments and medical devices, and by geographical region. The results of these segments and regions are regularly reviewed by the Board to assess performance and allocate resources, and are presented in this note. Accounting policy The Group generates revenue from the sale of goods, capital equipment and services. These can be sold both on their own and together. a) Sale of goods, capital equipment and services The Group\u2019s contracts with customers consist both of contracts with one performance obligation and contracts with multiple performance obligations. For contracts with one performance obligation, revenue is measured at the transaction price, which is typically the contract value except for customers entitled to volume rebates, and recognised at the point in time when control of the product transfers to the customer. This point in time is typically when the products are made available for collection by the customer, collected by the shipping agent, or delivered to the customer, depending upon the shipping terms applied to the specific contract. Contracts with multiple performance obligations typically exist where, in addition to supplying products, we also supply services such as user training, servicing and maintenance, and installation. Where the installation service is simple, does not include a significant integration service and could be performed by another party then the installation is accounted for as a separate performance obligation. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the relative stand-alone selling prices. The revenue allocated to each performance obligation is then recognised when, or as, that performance obligation is satisfied. For installation, this is typically at the point in time in which installation is complete. For training, this is typically the point in time at which training is delivered. For servicing and maintenance, the revenue is recognised evenly over the course of the servicing agreement except for ad-hoc servicing and maintenance which is recognised at the point in time in which the work is undertaken. b) Sale of software The Group provides software licences and software maintenance to customers, sold both on their own and together with associated products. For software licences, where the licence and/or maintenance is provided as part of a contract that provides customers with software licences and other goods and services then the transaction price is allocated on the same basis as described in a) above. The Group\u2019s distinct software licences provide a right of use, and therefore revenue from software licences is recognised at the point in time in which the licence is supplied to the customer. Revenue from software maintenance is recognised evenly over the term of the maintenance agreement. c) Extended warranties The Group provides standard warranties to customers that address potential latent defects that existed at point of sale and as required by law (assurance-type warranties). In some contracts, the Group also provides warranties that extend beyond the standard warranty period and may be sold to the customer (service-type warranties). Assurance-type warranties are accounted for by the Group under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Service-type warranties are accounted for as separate performance obligations and therefore a portion of the transaction price is allocated to this element, and then recognised evenly over the period in which the service is provided. d) Contract balances Contract assets represent the Group\u2019s right to consideration in exchange for goods, capital equipment and/or services that have been transferred to a customer, and mainly includes accrued revenue in respect of goods and services provided to a customer but not yet fully billed. Contract assets are distinct from receivables, which represent the Group\u2019s right to consideration that is unconditional. Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which the Group has either received consideration or consideration is due from the customer. e) Disaggregation of revenue The Group disaggregates revenue from contracts with customers between: goods, capital equipment and installation, and aftermarket services; reporting segment; and geographical location. Management believe these categories best depict how the nature, amount, timing and uncertainty of the Group\u2019s revenue is affected by economic factors. Within the Manufacturing technologies business there are multiple product offerings with similar economic characteristics, similar production processes and similar customer bases. Our Manufacturing technologies business consists of industrial metrology, position measurement and additive manufacturing (AM) product groups. Analytical instruments and medical devices represents all other operating segments within the Group, which consists of spectroscopy and neurological product lines. More details of the Group\u2019s products and services are given in the Strategic Report.
Manufacturing Analytical instruments
technologies and medical devices Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
671,469
41,575
713,044
Depreciation, amortisation and impairment
33,001
2,745
35,746
Research and development expenditure
65,727
3,18
3
68,910
Operating profit
107,5 9 3
292
107,885
Share of profits of joint ventures
3,538
\u2013
3,538
Net financial income
\u2013
\u2013
6,577
Profit before tax
\u2013
\u2013
118,000
Manufacturing Analytical instruments
technologies and medical devices Total
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
648,063
43,238
691,301
Depreciation, amortisation and impairment
31,374
1,454
32,828
Research and development expenditure
68,205
2,855
71,060
Operating profit
103,181
5,486
108,667
Share of profits of joint ventures
3,880
\u2013
3,880
Net financial income
\u2013
\u2013
10,047
Profit before tax
\u2013
\u2013
122,594
There is no allocation of assets and liabilities to the segments identified above. Depreciation, amortisation and impairments are allocated to segments on the basis of the level of activity. The following table shows the analysis of non-current assets, excluding deferred tax, derivatives and employee benefits, by geographical region:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
UK
286,145
268,0
27\ue003
Overseas
166,118
16
6,816
Total non-current assets
452,263
434
,843
No overseas country had non-current assets amounting to 10% or more of the Group\u2019s total non-current assets. The following table shows the disaggregation of Group revenue by category:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Goods, capital equipment and installation
642,378
624,491
Aftermarket services
70,666
66,810
Total Group revenue
713,044
691,301
Aftermarket services include repairs, maintenance and servicing, programming, training, extended warranties, and software licences and maintenance. There is no significant difference between our two reporting segments as to their split of revenue by type. The analysis of revenue by geographical market was:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
APAC total
337,721
318,83
6\ue003
UK (country of domicile)
34,017
37,9 56
EMEA, excluding UK
173,751
1
70,077\ue003
EMEA total
207,768
208,033\ue003
Americas total
167,555
164,432
Total Group revenue
713,044
691,301
Revenue in the previous table has been allocated to regions based on the geographical location of the customer. Countries with individually significant revenue figures in the context of the Group were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
China
186,495
17 7,155
USA
142,860
138,8
36\ue003
Germany
55,682
5
4,572
Japan
49,273
4
9,329\ue003
There was no revenue from transactions with a single external customer which amounted to more than 10% of the Group\u2019s total revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-630": { "value": "2. Revenue disaggregation and segmental analysis We manage our business by segment, comprising Manufacturing technologies and Analytical instruments and medical devices, and by geographical region. The results of these segments and regions are regularly reviewed by the Board to assess performance and allocate resources, and are presented in this note. Accounting policy The Group generates revenue from the sale of goods, capital equipment and services. These can be sold both on their own and together. a) Sale of goods, capital equipment and services The Group\u2019s contracts with customers consist both of contracts with one performance obligation and contracts with multiple performance obligations. For contracts with one performance obligation, revenue is measured at the transaction price, which is typically the contract value except for customers entitled to volume rebates, and recognised at the point in time when control of the product transfers to the customer. This point in time is typically when the products are made available for collection by the customer, collected by the shipping agent, or delivered to the customer, depending upon the shipping terms applied to the specific contract. Contracts with multiple performance obligations typically exist where, in addition to supplying products, we also supply services such as user training, servicing and maintenance, and installation. Where the installation service is simple, does not include a significant integration service and could be performed by another party then the installation is accounted for as a separate performance obligation. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the relative stand-alone selling prices. The revenue allocated to each performance obligation is then recognised when, or as, that performance obligation is satisfied. For installation, this is typically at the point in time in which installation is complete. For training, this is typically the point in time at which training is delivered. For servicing and maintenance, the revenue is recognised evenly over the course of the servicing agreement except for ad-hoc servicing and maintenance which is recognised at the point in time in which the work is undertaken. b) Sale of software The Group provides software licences and software maintenance to customers, sold both on their own and together with associated products. For software licences, where the licence and/or maintenance is provided as part of a contract that provides customers with software licences and other goods and services then the transaction price is allocated on the same basis as described in a) above. The Group\u2019s distinct software licences provide a right of use, and therefore revenue from software licences is recognised at the point in time in which the licence is supplied to the customer. Revenue from software maintenance is recognised evenly over the term of the maintenance agreement. c) Extended warranties The Group provides standard warranties to customers that address potential latent defects that existed at point of sale and as required by law (assurance-type warranties). In some contracts, the Group also provides warranties that extend beyond the standard warranty period and may be sold to the customer (service-type warranties). Assurance-type warranties are accounted for by the Group under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Service-type warranties are accounted for as separate performance obligations and therefore a portion of the transaction price is allocated to this element, and then recognised evenly over the period in which the service is provided. d) Contract balances Contract assets represent the Group\u2019s right to consideration in exchange for goods, capital equipment and/or services that have been transferred to a customer, and mainly includes accrued revenue in respect of goods and services provided to a customer but not yet fully billed. Contract assets are distinct from receivables, which represent the Group\u2019s right to consideration that is unconditional. Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which the Group has either received consideration or consideration is due from the customer. e) Disaggregation of revenue The Group disaggregates revenue from contracts with customers between: goods, capital equipment and installation, and aftermarket services; reporting segment; and geographical location. Management believe these categories best depict how the nature, amount, timing and uncertainty of the Group\u2019s revenue is affected by economic factors.
Within the Manufacturing technologies business there are multiple product offerings with similar economic characteristics, similar
production processes and similar customer bases. Our Manufacturing technologies business consists of industrial metrology,
position measurement and additive manufacturing (AM) product groups. Analytical instruments and medical devices represents
all other operating segments within the Group, which consists of spectroscopy and neurological product lines. More details of the
Group\u2019s products and services are given in the Strategic Report.
Manufacturing Analytical instruments
technologies and medical devices Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
671,469
41,575
713,044
Depreciation, amortisation and impairment
33,001
2,745
35,746
Research and development expenditure
65,727
3,18
3
68,910
Operating profit
107,5 9 3
292
107,885
Share of profits of joint ventures
3,538
\u2013
3,538
Net financial income
\u2013
\u2013
6,577
Profit before tax
\u2013
\u2013
118,000
Manufacturing Analytical instruments
technologies and medical devices Total
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
648,063
43,238
691,301
Depreciation, amortisation and impairment
31,374
1,454
32,828
Research and development expenditure
68,205
2,855
71,060
Operating profit
103,181
5,486
108,667
Share of profits of joint ventures
3,880
\u2013
3,880
Net financial income
\u2013
\u2013
10,047
Profit before tax
\u2013
\u2013
122,594
There is no allocation of assets and liabilities to the segments identified above. Depreciation, amortisation and impairments are
allocated to segments on the basis of the level of activity.
The following table shows the analysis of non-current assets, excluding deferred tax, derivatives and employee benefits,
by geographical region:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
UK
286,145
268,0
27\ue003
Overseas
166,118
16
6,816
Total non-current assets
452,263
434
,843
No overseas country had non-current assets amounting to 10% or more of the Group\u2019s total non-current assets.
The following table shows the disaggregation of Group revenue by category:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Goods, capital equipment and installation
642,378
624,491
Aftermarket services
70,666
66,810
Total Group revenue
713,044
691,301
Aftermarket services include repairs, maintenance and servicing, programming, training, extended warranties, and software licences
and maintenance. There is no significant difference between our two reporting segments as to their split of revenue by type.
The analysis of revenue by geographical market was:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
APAC total
337,721
318,83
6\ue003
UK (country of domicile)
34,017
37,9 56
EMEA, excluding UK
173,751
1
70,077\ue003
EMEA total
207,768
208,033\ue003
Americas total
167,555
164,432
Total Group revenue
713,044
691,301
Revenue in the previous table has been allocated to regions based on the geographical location of the customer. Countries with
individually significant revenue figures in the context of the Group were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
China
186,495
17 7,155
USA
142,860
138,8
36\ue003
Germany
55,682
5
4,572
Japan
49,273
4
9,329\ue003
There was no revenue from transactions with a single external customer which amounted to more than 10% of the Group\u2019s total revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-716": { "value": "Accounting policy The Group generates revenue from the sale of goods, capital equipment and services. These can be sold both on their own and together. a) Sale of goods, capital equipment and services The Group\u2019s contracts with customers consist both of contracts with one performance obligation and contracts with multiple performance obligations. For contracts with one performance obligation, revenue is measured at the transaction price, which is typically the contract value except for customers entitled to volume rebates, and recognised at the point in time when control of the product transfers to the customer. This point in time is typically when the products are made available for collection by the customer, collected by the shipping agent, or delivered to the customer, depending upon the shipping terms applied to the specific contract. Contracts with multiple performance obligations typically exist where, in addition to supplying products, we also supply services such as user training, servicing and maintenance, and installation. Where the installation service is simple, does not include a significant integration service and could be performed by another party then the installation is accounted for as a separate performance obligation. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the relative stand-alone selling prices. The revenue allocated to each performance obligation is then recognised when, or as, that performance obligation is satisfied. For installation, this is typically at the point in time in which installation is complete. For training, this is typically the point in time at which training is delivered. For servicing and maintenance, the revenue is recognised evenly over the course of the servicing agreement except for ad-hoc servicing and maintenance which is recognised at the point in time in which the work is undertaken. b) Sale of software The Group provides software licences and software maintenance to customers, sold both on their own and together with associated products. For software licences, where the licence and/or maintenance is provided as part of a contract that provides customers with software licences and other goods and services then the transaction price is allocated on the same basis as described in a) above. The Group\u2019s distinct software licences provide a right of use, and therefore revenue from software licences is recognised at the point in time in which the licence is supplied to the customer. Revenue from software maintenance is recognised evenly over the term of the maintenance agreement. c) Extended warranties The Group provides standard warranties to customers that address potential latent defects that existed at point of sale and as required by law (assurance-type warranties). In some contracts, the Group also provides warranties that extend beyond the standard warranty period and may be sold to the customer (service-type warranties). Assurance-type warranties are accounted for by the Group under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Service-type warranties are accounted for as separate performance obligations and therefore a portion of the transaction price is allocated to this element, and then recognised evenly over the period in which the service is provided. d) Contract balances Contract assets represent the Group\u2019s right to consideration in exchange for goods, capital equipment and/or services that have been transferred to a customer, and mainly includes accrued revenue in respect of goods and services provided to a customer but not yet fully billed. Contract assets are distinct from receivables, which represent the Group\u2019s right to consideration that is unconditional. Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which the Group has either received consideration or consideration is due from the customer. e) Disaggregation of revenue The Group disaggregates revenue from contracts with customers between: goods, capital equipment and installation, and aftermarket services; reporting segment; and geographical location. Management believe these categories best depict how the nature, amount, timing and uncertainty of the Group\u2019s revenue is affected by economic factors. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-703": { "value": "Accounting policy The Group generates revenue from the sale of goods, capital equipment and services. These can be sold both on their own and together. a) Sale of goods, capital equipment and services The Group\u2019s contracts with customers consist both of contracts with one performance obligation and contracts with multiple performance obligations. For contracts with one performance obligation, revenue is measured at the transaction price, which is typically the contract value except for customers entitled to volume rebates, and recognised at the point in time when control of the product transfers to the customer. This point in time is typically when the products are made available for collection by the customer, collected by the shipping agent, or delivered to the customer, depending upon the shipping terms applied to the specific contract. Contracts with multiple performance obligations typically exist where, in addition to supplying products, we also supply services such as user training, servicing and maintenance, and installation. Where the installation service is simple, does not include a significant integration service and could be performed by another party then the installation is accounted for as a separate performance obligation. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the relative stand-alone selling prices. The revenue allocated to each performance obligation is then recognised when, or as, that performance obligation is satisfied. For installation, this is typically at the point in time in which installation is complete. For training, this is typically the point in time at which training is delivered. For servicing and maintenance, the revenue is recognised evenly over the course of the servicing agreement except for ad-hoc servicing and maintenance which is recognised at the point in time in which the work is undertaken. b) Sale of software The Group provides software licences and software maintenance to customers, sold both on their own and together with associated products. For software licences, where the licence and/or maintenance is provided as part of a contract that provides customers with software licences and other goods and services then the transaction price is allocated on the same basis as described in a) above. The Group\u2019s distinct software licences provide a right of use, and therefore revenue from software licences is recognised at the point in time in which the licence is supplied to the customer. Revenue from software maintenance is recognised evenly over the term of the maintenance agreement. c) Extended warranties The Group provides standard warranties to customers that address potential latent defects that existed at point of sale and as required by law (assurance-type warranties). In some contracts, the Group also provides warranties that extend beyond the standard warranty period and may be sold to the customer (service-type warranties). Assurance-type warranties are accounted for by the Group under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Service-type warranties are accounted for as separate performance obligations and therefore a portion of the transaction price is allocated to this element, and then recognised evenly over the period in which the service is provided. d) Contract balances Contract assets represent the Group\u2019s right to consideration in exchange for goods, capital equipment and/or services that have been transferred to a customer, and mainly includes accrued revenue in respect of goods and services provided to a customer but not yet fully billed. Contract assets are distinct from receivables, which represent the Group\u2019s right to consideration that is unconditional. Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which the Group has either received consideration or consideration is due from the customer. e) Disaggregation of revenue The Group disaggregates revenue from contracts with customers between: goods, capital equipment and installation, and aftermarket services; reporting segment; and geographical location. Management believe these categories best depict how the nature, amount, timing and uncertainty of the Group\u2019s revenue is affected by economic factors. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-683": { "value": "The following table shows the analysis of non-current assets, excluding deferred tax, derivatives and employee benefits, by geographical region:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
UK
286,145
268,0
27\ue003
Overseas
166,118
16
6,816
Total non-current assets
452,263
434
,843
No overseas country had non-current assets amounting to 10% or more of the Group\u2019s total non-current assets. The following table shows the disaggregation of Group revenue by category:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Goods, capital equipment and installation
642,378
624,491
Aftermarket services
70,666
66,810
Total Group revenue
713,044
691,301
Aftermarket services include repairs, maintenance and servicing, programming, training, extended warranties, and software licences and maintenance. There is no significant difference between our two reporting segments as to their split of revenue by type. The analysis of revenue by geographical market was:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
APAC total
337,721
318,83
6\ue003
UK (country of domicile)
34,017
37,9 56
EMEA, excluding UK
173,751
1
70,077\ue003
EMEA total
207,768
208,033\ue003
Americas total
167,555
164,432
Total Group revenue
713,044
691,301
Revenue in the previous table has been allocated to regions based on the geographical location of the customer. Countries with individually significant revenue figures in the context of the Group were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
China
186,495
17 7,155
USA
142,860
138,8
36\ue003
Germany
55,682
5
4,572
Japan
49,273
4
9,329\ue003
There was no revenue from transactions with a single external customer which amounted to more than 10% of the Group\u2019s total revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-7": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-631": { "value": "
3. Employee costs
The remuneration costs of our people account for a significant proportion of our total expenditure, which are analysed
in this note.
The aggregate employee costs for the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
247,070
2
33,536\ue003
Compulsory social security contributions
30,514
27,13
0
Contributions to defined contribution pension schemes
29,269
27,851
Share-based payment charge
790
883
Total payroll costs
307,643
28
9,400
Wages and salaries and compulsory social security contributions include \u00a311.1m (2024: \u00a310.0m) relating to performance bonuses.
The average number of people employed by the Group during the year was:
2025 2024
Number Number
UK
3,491
3,400
Overseas
1,848
1,813
Average number of employees
5,339
5,213
Key management personnel have been assessed to be the Directors of the Company and the Senior Leadership Team (SLT), which
was an average of 22 people (2024: 22 people).
The total remuneration of the Directors and the SLT was:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits
6,322
6
,13 9
Post-employment benefits
489
529
Share-based payment charge
790
883
Total remuneration of key management personnel
7,601
7,5 51
Short-term employee benefits include \u00a30.8m (2024: \u00a30.2m) relating to performance bonuses payable in cash.
The share-based payment charge relates to share awards granted in previous years, not yet vested. Shares equivalent to \u00a30.9m
(2024: \u00a30.2m) are to be awarded in respect of FY2025 (see Note 24).
Further details of Directors\u2019 remuneration are given in the Directors\u2019 Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-633": { "value": "4. Cost of sales Our cost of sales includes the costs to manufacture our products and our engineering spend on existing and new products, net of capitalisation and research and development tax credits. Accounting policy We receive both government grants and RDEC (tax credits) for research and development projects. For research projects, where the costs have not been capitalised, we recognise a deduction against expenditure within Cost of sales in the Consolidated income statement (having initially recognised the grant in the Consolidated balance sheet if it was received in advance of the related expense). Where a grant or RDEC is received for capitalised development costs, we initially recognise it in the Consolidated balance sheet and then release it to match the amortisation within Cost of sales. Both types are only recognised when we have reasonable assurance that any grant conditions will be met. Included in cost of sales are the following amounts:
Adjusted Adjusting Statutory Adjusted Adjusting\ue003 Statutory
total items total total items total
2025 2025 2025 2024 2024 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Production costs
272,814
\u2013
272,814
269,562
\u2013
269,562
Research and development expenditure
68,910
\u2013
68,910
71,060
\u2013
71,060
Other engineering expenditure
46,770
4,379
51,149
35,723
\u2013
35,723
Gross engineering expenditure
115,680
4,379
120,059
106,783
\u2013
106,783
Development expenditure capitalised (net\ue003of\ue003amortisation)\ue003
(5,574)
\u2013
(5,574)
(4,287)
\u2013
(4,287)
Development expenditure impaired
1,818
\u2013
1,818
3,299
\u2013
3,299
Research and development tax credit
(5,088)
\u2013
(5,088)
(7,6 9 9)
\u2013
(7,6 99)
Total engineering costs
106,836
4,379
111,215
98,096
\u2013
98,096
Total cost of sales
379,650
4,379
384,029
367,6 58
\u2013
3 67,65
8
Production costs includes the raw material and component costs, payroll costs and sub-contract costs, and allocated overheads associated with manufacturing our products. Research and development expenditure includes the payroll costs, material costs and allocated overheads attributed to projects identified as relating to new products or processes. Other engineering expenditure includes the payroll costs, material costs and allocated overheads attributed to projects identified as relating to existing products or processes. 6. Profit before tax Detailed below are other notable amounts recognised in the Consolidated income statement. Included in the profit before tax are the following costs/(income):
2025 2024
notes \u00a3\u2019000 \u00a3\u2019000
Depreciation and impairment of property, plant and equipment, right-of-use assets,\ue003
and investment properties
9,10,11
29,057
24,19
5
Profit on sale of property, plant and equipment
9
(1,083)
(1,199)
Amortisation and impairment of intangible assets
12
6,689
8,633
Grant income
\u2013
(3,280)
(2,816)
These costs/(income) can be found within cost of sales, distribution costs and administrative expenses in the Consolidated income statement. Further detail on each element can be found in the relevant notes. Costs within Administrative expenses relating to auditor fees included: 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Audit of these financial statements 899 873 Audit of subsidiary undertakings pursuant to legislation 589 606 Other assurance 33 27 All other non-audit fees \u2013 \u2013 Total auditor fees 1,521 1,506", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-659": { "value": "4. Cost of sales Our cost of sales includes the costs to manufacture our products and our engineering spend on existing and new products, net of capitalisation and research and development tax credits. Accounting policy We receive both government grants and RDEC (tax credits) for research and development projects. For research projects, where the costs have not been capitalised, we recognise a deduction against expenditure within Cost of sales in the Consolidated income statement (having initially recognised the grant in the Consolidated balance sheet if it was received in advance of the related expense). Where a grant or RDEC is received for capitalised development costs, we initially recognise it in the Consolidated balance sheet and then release it to match the amortisation within Cost of sales. Both types are only recognised when we have reasonable assurance that any grant conditions will be met. Included in cost of sales are the following amounts:
Adjusted Adjusting Statutory Adjusted Adjusting\ue003 Statutory
total items total total items total
2025 2025 2025 2024 2024 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Production costs
272,814
\u2013
272,814
269,562
\u2013
269,562
Research and development expenditure
68,910
\u2013
68,910
71,060
\u2013
71,060
Other engineering expenditure
46,770
4,379
51,149
35,723
\u2013
35,723
Gross engineering expenditure
115,680
4,379
120,059
106,783
\u2013
106,783
Development expenditure capitalised (net\ue003of\ue003amortisation)\ue003
(5,574)
\u2013
(5,574)
(4,287)
\u2013
(4,287)
Development expenditure impaired
1,818
\u2013
1,818
3,299
\u2013
3,299
Research and development tax credit
(5,088)
\u2013
(5,088)
(7,6 9 9)
\u2013
(7,6 99)
Total engineering costs
106,836
4,379
111,215
98,096
\u2013
98,096
Total cost of sales
379,650
4,379
384,029
367,6 58
\u2013
3 67,65
8
Production costs includes the raw material and component costs, payroll costs and sub-contract costs, and allocated overheads associated with manufacturing our products. Research and development expenditure includes the payroll costs, material costs and allocated overheads attributed to projects identified as relating to new products or processes. Other engineering expenditure includes the payroll costs, material costs and allocated overheads attributed to projects identified as relating to existing products or processes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-684": { "value": "4. Cost of sales Our cost of sales includes the costs to manufacture our products and our engineering spend on existing and new products, net of capitalisation and research and development tax credits. Accounting policy We receive both government grants and RDEC (tax credits) for research and development projects. For research projects, where the costs have not been capitalised, we recognise a deduction against expenditure within Cost of sales in the Consolidated income statement (having initially recognised the grant in the Consolidated balance sheet if it was received in advance of the related expense). Where a grant or RDEC is received for capitalised development costs, we initially recognise it in the Consolidated balance sheet and then release it to match the amortisation within Cost of sales. Both types are only recognised when we have reasonable assurance that any grant conditions will be met. Included in cost of sales are the following amounts:
Adjusted Adjusting Statutory Adjusted Adjusting\ue003 Statutory
total items total total items total
2025 2025 2025 2024 2024 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Production costs
272,814
\u2013
272,814
269,562
\u2013
269,562
Research and development expenditure
68,910
\u2013
68,910
71,060
\u2013
71,060
Other engineering expenditure
46,770
4,379
51,149
35,723
\u2013
35,723
Gross engineering expenditure
115,680
4,379
120,059
106,783
\u2013
106,783
Development expenditure capitalised (net\ue003of\ue003amortisation)\ue003
(5,574)
\u2013
(5,574)
(4,287)
\u2013
(4,287)
Development expenditure impaired
1,818
\u2013
1,818
3,299
\u2013
3,299
Research and development tax credit
(5,088)
\u2013
(5,088)
(7,6 9 9)
\u2013
(7,6 99)
Total engineering costs
106,836
4,379
111,215
98,096
\u2013
98,096
Total cost of sales
379,650
4,379
384,029
367,6 58
\u2013
3 67,65
8
Production costs includes the raw material and component costs, payroll costs and sub-contract costs, and allocated overheads associated with manufacturing our products. Research and development expenditure includes the payroll costs, material costs and allocated overheads attributed to projects identified as relating to new products or processes. Other engineering expenditure includes the payroll costs, material costs and allocated overheads attributed to projects identified as relating to existing products or processes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-704": { "value": "Accounting policy We receive both government grants and RDEC (tax credits) for research and development projects. For research projects, where the costs have not been capitalised, we recognise a deduction against expenditure within Cost of sales in the Consolidated income statement (having initially recognised the grant in the Consolidated balance sheet if it was received in advance of the related expense). Where a grant or RDEC is received for capitalised development costs, we initially recognise it in the Consolidated balance sheet and then release it to match the amortisation within Cost of sales. Both types are only recognised when we have reasonable assurance that any grant conditions will be met. ", "dimensions": { "concept": "renishawplc:DescriptionOfAccountingPolicyForCostOfSales", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-632": { "value": "
5. Financial income and expenses
Financial income mainly arises from bank interest on our deposits. We are exposed to realised currency gains and losses
on translation of foreign currency denominated intragroup balances and offsetting financial instruments.
Included in financial income and expenses are the following amounts:
2025 2024
Financial income \u00a3\u2019000 \u00a3\u2019000
Bank interest receivable
11,741
9,110
Fair value gains from one-month forward currency contracts
3,360
318
Interest on pension schemes\u2019 assets
503
2,908\ue003
Other interest income
913
\u2013
Total financial income
16,517
12,336
2025 2024
Financial expenses \u00a3\u2019000 \u00a3\u2019000
Currency losses
3,899
1,645
Lease interest
685
537
Interest payable on amounts owed to joint ventures
371
55
Interest payable on borrowings
49
36
Other interest payable
4,936
16
Total financial expenses
9,940
2,289\ue003
Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates.
The losses recognised in FY2024 and FY2025 largely related to an appreciation of Sterling relative to the US dollar affecting US
dollar-denominated intragroup balances in the Company. Rolling one-month forward currency contracts are used to offset currency
movements on certain intragroup balances, with fair value gains and losses being recognised in financial income or expenses.
See Note 25 for further details. The net currency movement of foreign currency-denominated balances and one-month forward
currency contracts was a loss of \u00a3539,000 (2024: loss of \u00a31,327,000).
Other interest payable includes liabilities recognised of \u00a34,852,000 for historical and non-recurring tax matters, see Note 7 for
further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-702": { "value": "5. Financial income and expenses Financial income mainly arises from bank interest on our deposits. We are exposed to realised currency gains and losses on translation of foreign currency denominated intragroup balances and offsetting financial instruments. Included in financial income and expenses are the following amounts:
2025 2024
Financial income \u00a3\u2019000 \u00a3\u2019000
Bank interest receivable
11,741
9,110
Fair value gains from one-month forward currency contracts
3,360
318
Interest on pension schemes\u2019 assets
503
2,908\ue003
Other interest income
913
\u2013
Total financial income
16,517
12,336
2025 2024
Financial expenses \u00a3\u2019000 \u00a3\u2019000
Currency losses
3,899
1,645
Lease interest
685
537
Interest payable on amounts owed to joint ventures
371
55
Interest payable on borrowings
49
36
Other interest payable
4,936
16
Total financial expenses
9,940
2,289\ue003
Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates. The losses recognised in FY2024 and FY2025 largely related to an appreciation of Sterling relative to the US dollar affecting US dollar-denominated intragroup balances in the Company. Rolling one-month forward currency contracts are used to offset currency movements on certain intragroup balances, with fair value gains and losses being recognised in financial income or expenses. See Note 25 for further details. The net currency movement of foreign currency-denominated balances and one-month forward currency contracts was a loss of \u00a3539,000 (2024: loss of \u00a31,327,000). Other interest payable includes liabilities recognised of \u00a34,852,000 for historical and non-recurring tax matters, see Note 7 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-700": { "value": "5. Financial income and expenses Financial income mainly arises from bank interest on our deposits. We are exposed to realised currency gains and losses on translation of foreign currency denominated intragroup balances and offsetting financial instruments. Included in financial income and expenses are the following amounts:
2025 2024
Financial income \u00a3\u2019000 \u00a3\u2019000
Bank interest receivable
11,741
9,110
Fair value gains from one-month forward currency contracts
3,360
318
Interest on pension schemes\u2019 assets
503
2,908\ue003
Other interest income
913
\u2013
Total financial income
16,517
12,336
2025 2024
Financial expenses \u00a3\u2019000 \u00a3\u2019000
Currency losses
3,899
1,645
Lease interest
685
537
Interest payable on amounts owed to joint ventures
371
55
Interest payable on borrowings
49
36
Other interest payable
4,936
16
Total financial expenses
9,940
2,289\ue003
Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates. The losses recognised in FY2024 and FY2025 largely related to an appreciation of Sterling relative to the US dollar affecting US dollar-denominated intragroup balances in the Company. Rolling one-month forward currency contracts are used to offset currency movements on certain intragroup balances, with fair value gains and losses being recognised in financial income or expenses. See Note 25 for further details. The net currency movement of foreign currency-denominated balances and one-month forward currency contracts was a loss of \u00a3539,000 (2024: loss of \u00a31,327,000). Other interest payable includes liabilities recognised of \u00a34,852,000 for historical and non-recurring tax matters, see Note 7 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-697": { "value": "5. Financial income and expenses Financial income mainly arises from bank interest on our deposits. We are exposed to realised currency gains and losses on translation of foreign currency denominated intragroup balances and offsetting financial instruments. Included in financial income and expenses are the following amounts:
2025 2024
Financial income \u00a3\u2019000 \u00a3\u2019000
Bank interest receivable
11,741
9,110
Fair value gains from one-month forward currency contracts
3,360
318
Interest on pension schemes\u2019 assets
503
2,908\ue003
Other interest income
913
\u2013
Total financial income
16,517
12,336
2025 2024
Financial expenses \u00a3\u2019000 \u00a3\u2019000
Currency losses
3,899
1,645
Lease interest
685
537
Interest payable on amounts owed to joint ventures
371
55
Interest payable on borrowings
49
36
Other interest payable
4,936
16
Total financial expenses
9,940
2,289\ue003
Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates. The losses recognised in FY2024 and FY2025 largely related to an appreciation of Sterling relative to the US dollar affecting US dollar-denominated intragroup balances in the Company. Rolling one-month forward currency contracts are used to offset currency movements on certain intragroup balances, with fair value gains and losses being recognised in financial income or expenses. See Note 25 for further details. The net currency movement of foreign currency-denominated balances and one-month forward currency contracts was a loss of \u00a3539,000 (2024: loss of \u00a31,327,000). Other interest payable includes liabilities recognised of \u00a34,852,000 for historical and non-recurring tax matters, see Note 7 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-685": { "value": "5. Financial income and expenses Financial income mainly arises from bank interest on our deposits. We are exposed to realised currency gains and losses on translation of foreign currency denominated intragroup balances and offsetting financial instruments. Included in financial income and expenses are the following amounts:
2025 2024
Financial income \u00a3\u2019000 \u00a3\u2019000
Bank interest receivable
11,741
9,110
Fair value gains from one-month forward currency contracts
3,360
318
Interest on pension schemes\u2019 assets
503
2,908\ue003
Other interest income
913
\u2013
Total financial income
16,517
12,336
2025 2024
Financial expenses \u00a3\u2019000 \u00a3\u2019000
Currency losses
3,899
1,645
Lease interest
685
537
Interest payable on amounts owed to joint ventures
371
55
Interest payable on borrowings
49
36
Other interest payable
4,936
16
Total financial expenses
9,940
2,289\ue003
Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates. The losses recognised in FY2024 and FY2025 largely related to an appreciation of Sterling relative to the US dollar affecting US dollar-denominated intragroup balances in the Company. Rolling one-month forward currency contracts are used to offset currency movements on certain intragroup balances, with fair value gains and losses being recognised in financial income or expenses. See Note 25 for further details. The net currency movement of foreign currency-denominated balances and one-month forward currency contracts was a loss of \u00a3539,000 (2024: loss of \u00a31,327,000). Other interest payable includes liabilities recognised of \u00a34,852,000 for historical and non-recurring tax matters, see Note 7 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-660": { "value": "5. Financial income and expenses Financial income mainly arises from bank interest on our deposits. We are exposed to realised currency gains and losses on translation of foreign currency denominated intragroup balances and offsetting financial instruments. Included in financial income and expenses are the following amounts:
2025 2024
Financial income \u00a3\u2019000 \u00a3\u2019000
Bank interest receivable
11,741
9,110
Fair value gains from one-month forward currency contracts
3,360
318
Interest on pension schemes\u2019 assets
503
2,908\ue003
Other interest income
913
\u2013
Total financial income
16,517
12,336
2025 2024
Financial expenses \u00a3\u2019000 \u00a3\u2019000
Currency losses
3,899
1,645
Lease interest
685
537
Interest payable on amounts owed to joint ventures
371
55
Interest payable on borrowings
49
36
Other interest payable
4,936
16
Total financial expenses
9,940
2,289\ue003
Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates. The losses recognised in FY2024 and FY2025 largely related to an appreciation of Sterling relative to the US dollar affecting US dollar-denominated intragroup balances in the Company. Rolling one-month forward currency contracts are used to offset currency movements on certain intragroup balances, with fair value gains and losses being recognised in financial income or expenses. See Note 25 for further details. The net currency movement of foreign currency-denominated balances and one-month forward currency contracts was a loss of \u00a3539,000 (2024: loss of \u00a31,327,000). Other interest payable includes liabilities recognised of \u00a34,852,000 for historical and non-recurring tax matters, see Note 7 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-686": { "value": "
6. Profit before tax
Detailed below are other notable amounts recognised in the Consolidated income statement.
Included in the profit before tax are the following costs/(income):
2025 2024
notes \u00a3\u2019000 \u00a3\u2019000
Depreciation and impairment of property, plant and equipment, right-of-use assets,\ue003
and investment properties
9,10,11
29,057
24,19
5
Profit on sale of property, plant and equipment
9
(1,083)
(1,199)
Amortisation and impairment of intangible assets
12
6,689
8,633
Grant income
\u2013
(3,280)
(2,816)
These costs/(income) can be found within cost of sales, distribution costs and administrative expenses in the Consolidated income
statement. Further detail on each element can be found in the relevant notes.
Costs within Administrative expenses relating to auditor fees included:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Audit of these financial statements
899
873
Audit of subsidiary undertakings pursuant to legislation
589
606
Other assurance
33
27
All other non-audit fees
\u2013
\u2013
Total auditor fees
1,521
1,506
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-698": { "value": "6. Profit before tax Detailed below are other notable amounts recognised in the Consolidated income statement. Included in the profit before tax are the following costs/(income):
2025 2024
notes \u00a3\u2019000 \u00a3\u2019000
Depreciation and impairment of property, plant and equipment, right-of-use assets,\ue003
and investment properties
9,10,11
29,057
24,19
5
Profit on sale of property, plant and equipment
9
(1,083)
(1,199)
Amortisation and impairment of intangible assets
12
6,689
8,633
Grant income
\u2013
(3,280)
(2,816)
These costs/(income) can be found within cost of sales, distribution costs and administrative expenses in the Consolidated income statement. Further detail on each element can be found in the relevant notes. Costs within Administrative expenses relating to auditor fees included:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Audit of these financial statements
899
873
Audit of subsidiary undertakings pursuant to legislation
589
606
Other assurance
33
27
All other non-audit fees
\u2013
\u2013
Total auditor fees
1,521
1,506
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-661": { "value": "6. Profit before tax Detailed below are other notable amounts recognised in the Consolidated income statement. Included in the profit before tax are the following costs/(income):
2025 2024
notes \u00a3\u2019000 \u00a3\u2019000
Depreciation and impairment of property, plant and equipment, right-of-use assets,\ue003
and investment properties
9,10,11
29,057
24,19
5
Profit on sale of property, plant and equipment
9
(1,083)
(1,199)
Amortisation and impairment of intangible assets
12
6,689
8,633
Grant income
\u2013
(3,280)
(2,816)
These costs/(income) can be found within cost of sales, distribution costs and administrative expenses in the Consolidated income statement. Further detail on each element can be found in the relevant notes. Costs within Administrative expenses relating to auditor fees included: 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Audit of these financial statements 899 873 Audit of subsidiary undertakings pursuant to legislation 589 606 Other assurance 33 27 All other non-audit fees \u2013 \u2013 Total auditor fees 1,521 1,506", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-634": { "value": "7. Taxation The Group tax charge is affected by our geographic mix of profits and other factors explained in this note. Our expected future tax charges and related tax assets are also set out in the deferred tax section, together with our view on whether we will be able to make use of these in the future. Accounting policy Tax on the profit for the year comprises current, deferred and global minimum taxes. Tax is recognised in the Consolidated income statement except to the extent that it relates to items recognised directly in Other comprehensive income, in which case it is recognised in the Consolidated statement of comprehensive income and expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2014 the initial recognition of goodwill; \u2014 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and \u2014 differences relating to investments in subsidiaries, to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised to the extent it is probable that future taxable profits (including the future release of deferred tax liabilities) will be available, against which the deductible temporary differences can be used, based on management\u2019s assumptions relating to the amounts and timing of future taxable profits. Estimates of future profitability on an entity basis are required to ascertain whether it is probable that sufficient taxable profits will arise to support the recognition of deferred tax assets relating to the corresponding entity. Key judgement \u2013 Whether uncertain tax positions need to be recognised The Group is subject to a range of tax legislation that can vary by jurisdiction, and tax compliance for global businesses is increasingly complex. The objective of our tax strategy is to comply with all applicable tax laws and regulations in the territories that the Group operates in, however sometimes the tax treatment of transactions and events can be uncertain. Where this is the case, judgement is needed in how these uncertain tax treatments should be reflected in preparing the financial statements, particularly as such topics are often complex and can take several years to resolve. This year, the nature and potential value of the issues under review were significant and were a key judgement for management.
The following table shows an analysis of the tax charge:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current tax:
UK corporation tax on profits for the year
7,5 50
3,748
UK corporation tax \u2013 prior year adjustments
2,778
(693)
Overseas tax on profits for the year
16,018
14,497
Overseas tax \u2013 prior year adjustments
6,166
105
Global minimum tax
757
\u2013
Total current tax
33,269
17,657
Deferred tax:
Origination and reversal of temporary differences
2,077
8,613
Prior year adjustments
(1,203)
(473)
Derecognition of previously recognised tax losses and excess interest
323
427
Recognition of previously unrecognised tax losses and excess interest
(223)
(519)
974
8,048\ue003
Tax charge on profit
34,243
25,
705\ue003
The tax for the year is higher (2024: lower) than the UK standard rate of corporation tax of 25.0% (2024: 25.0%). The differences are
explained as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Profit before tax
118,000
122,594
Tax at 25.0% (2024:\ue00325.0%)
29,500
3
0,649
Effects of:
Different tax rates applicable in overseas subsidiaries
(4,648)
(4,866)
Permanent differences
1,439
1,028
Global minimum tax
757
\u2013
Companies with unrelieved tax losses
7
93
Share of profits of joint ventures
(885)
(970)
Tax incentives
(123)
\u2013
Prior year adjustments
7,741
(1,061)
Recognition of previously unrecognised tax losses and excess interest
(223)
(519)
Derecognition of previously recognised tax losses and excess interest
323
427
Irrecoverable withholding tax
720
447
Deferred tax on unremitted earnings
(425)
425
Other differences
60
52
Tax charge on profit
34,243
25,
705\ue003
Effective tax rate
29.0%
21.0%
We operate in many countries around the world and the overall effective tax rate (ETR) is a result of the combination of the varying
tax rates applicable throughout these countries. The FY2025 ETR has increased mainly due to the Global minimum tax charge of
\u00a3757,000 and a prior year adjustment of \u00a39,154,000 relating to historical and non-recurring tax matters. The tax matters relate to
specific legacy arrangements which we would not expect to recur. Applicable accounting standards require a full provision for tax and
the associated interest of \u00a34,852,000, however, we continue to seek resolution to these matters which would reduce these amounts.
The Group\u2019s future ETR largely depends on the geographic mix of profits and whether there are any changes to tax legislation in the
Group\u2019s most significant countries of operations.
The Finance (No 2) Bill 2023, that includes Pillar Two legislation, was substantively enacted on 20 June 2023 for IFRS purposes.
The Pillar Two rules came into effect for accounting periods beginning on or after 1 January 2024, therefore the rules apply to the
Group from FY2025 onwards.
The Group has accrued Global minimum tax of \u00a3757,000 for FY2025 (FY2024: nil) in respect of Ireland, which is due to the statutory
corporate income tax rate of 12.5% on trading income being lower than the global minimum tax rate of 15%. The impact on the
effective tax rate of the Group as a result was 0.6% (FY2024: 0.0%). This is in line with the Group\u2019s expectations in FY2024 that the
impact would not exceed a 0.7% increase to the Group\u2019s ETR in FY2025. The Group will continue to assess the future impact of
Pillar Two based on the latest guidance and law changes of each jurisdiction that it operates in to ensure compliance.
Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset and there is an intention to net settle
the balances. After taking these offsets into account, the net position of \u00a316.4m liability (2024: \u00a313.2m liability) is presented as
a \u00a322.4m deferred tax asset (2024: \u00a320.4m asset) and a \u00a338.8m deferred tax liability (2024: \u00a333.6m liability) in the Consolidated
balance sheet.
Where deferred tax assets are recognised, the Directors are of the opinion, based on recent and forecast trading, that the level of
profits in current and future years make it more likely than not that these assets will be recovered.
Deferred tax balances at the end of the year were:
2025
2024
Assets Liabilities Net Assets Liabilities Net
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
574
(33,086)
(32,512)
549
(29,946)
(29,397)
Intangible assets
\u2013
(4,655)
(4,655)
\u2013
(4,067)
(4,067)
Intragroup trading (inventories)
16,262
\u2013
16,262
15,147
\u2013
15,147
Intragroup trading (fixed assets)
1,129
\u2013
1,129
1,101
\u2013
1,101
Defined benefit pension schemes
6,128
(2,380)
3,748
6,191
(2,445)
3,746
Reimbursement right
\u2013
(3,744)
(3,744)
\u2013
(3,514)
(3,514)
Derivatives
\u2013
(5,088)
(5,088)
\u2013
(3,637)
(3,637)
Tax losses
1,545
\u2013
1,545
1,823
\u2013
1,823
Other
7,663
(700)
6,963
6,895
(1,330)
5,565
Balance at the end of the year
33,301
(49,653)
(16,352)
31,706
(44,939)
(13,233)
Other deferred tax assets include temporary differences relating to inventory provisions totalling \u00a32.6m (2024: \u00a32.9m), other provisions
(including bad debt provisions) of \u00a30.6m (2024: \u00a31.0m), and employee benefits relating to Renishaw plc of \u00a31.0m (2024: \u00a31.1m) and
Renishaw KK of \u00a30.7m (2024: \u00a30.8m), with the remaining balance relating to several other smaller temporary differences.
The movements in the deferred tax balance during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
(13,233)
(16,175)
Movements in relation to property, plant and equipment
(3,115)
(5,008)
Movements in relation to intangible assets
(588)
(145)
Movements in relation to intragroup trading (inventories)
1,115
(1,618)
Movements in relation to intragroup trading (fixed assets)
28
(669)
Movements in relation to defined benefit pension schemes
146
(521)
Movements in relation to tax losses
(278)
(458)
Movements in relation to other
1,718
371
Movements in the Consolidated income statement
(974)
(8,048)
Movements in relation to the cash flow hedging reserve
(1,451)
(1,453)
Movements in relation to the defined benefit pension scheme assets/liabilities/reimbursement right
(374)
12,450
Movements in the Consolidated statement of comprehensive income and expense
(1,825)
10,997
Currency adjustment
(320)
(7)
Balance at the end of the year
(16,352)
(13,233)
Deferred tax assets of \u00a31.5m (2024: \u00a31.8m) in respect of losses are recognised where it is considered likely that the business will
generate sufficient future taxable profits. Deferred tax assets have not been recognised in respect of tax losses carried forward of \u00a35.0m
(2024: \u00a36.1m), due to uncertainty over their offset against future taxable profits and therefore their recoverability. These losses are held by
Group companies in Brazil, Australia, Canada, UAE and the US, where for 90% of losses there are no time limitations on their utilisation.
In determining profit forecasts for each Group company, the key variable is the revenue forecast, which has been estimated using
consistently applied external and internal data sources. Sensitivity analysis indicates that a reduction of 5% to relevant revenue
forecasts would result in an impairment to deferred tax assets recognised in respect of losses and intragroup trading (inventories)
of around \u00a30.2m. An increase of 5% to relevant revenue forecasts would result in additions to deferred tax assets in respect of tax
losses not recognised of around \u00a30.3m.
It is likely that the majority of unremitted earnings of overseas subsidiaries would qualify for the UK dividend exemption.
However, \u00a373.7m (2024: \u00a368.3m) of those earnings may still result in a tax liability principally as a result of withholding taxes
levied by the overseas jurisdictions in which those subsidiaries operate. These tax liabilities are not expected to exceed \u00a35.2m
(2024: \u00a34.3m), of which \u00a3nil (2024: \u00a30.4m) has been provided on the basis that the Group does not expect to remit these amounts
in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-717": { "value": "Accounting policy Tax on the profit for the year comprises current, deferred and global minimum taxes. Tax is recognised in the Consolidated income statement except to the extent that it relates to items recognised directly in Other comprehensive income, in which case it is recognised in the Consolidated statement of comprehensive income and expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2014 the initial recognition of goodwill; \u2014 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and \u2014 differences relating to investments in subsidiaries, to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised to the extent it is probable that future taxable profits (including the future release of deferred tax liabilities) will be available, against which the deductible temporary differences can be used, based on management\u2019s assumptions relating to the amounts and timing of future taxable profits. Estimates of future profitability on an entity basis are required to ascertain whether it is probable that sufficient taxable profits will arise to support the recognition of deferred tax assets relating to the corresponding entity. Key judgement \u2013 Whether uncertain tax positions need to be recognised The Group is subject to a range of tax legislation that can vary by jurisdiction, and tax compliance for global businesses is increasingly complex. The objective of our tax strategy is to comply with all applicable tax laws and regulations in the territories that the Group operates in, however sometimes the tax treatment of transactions and events can be uncertain. Where this is the case, judgement is needed in how these uncertain tax treatments should be reflected in preparing the financial statements, particularly as such topics are often complex and can take several years to resolve. This year, the nature and potential value of the issues under review were significant and were a key judgement for management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-705": { "value": "Accounting policy Tax on the profit for the year comprises current, deferred and global minimum taxes. Tax is recognised in the Consolidated income statement except to the extent that it relates to items recognised directly in Other comprehensive income, in which case it is recognised in the Consolidated statement of comprehensive income and expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2014 the initial recognition of goodwill; \u2014 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and \u2014 differences relating to investments in subsidiaries, to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised to the extent it is probable that future taxable profits (including the future release of deferred tax liabilities) will be available, against which the deductible temporary differences can be used, based on management\u2019s assumptions relating to the amounts and timing of future taxable profits. Estimates of future profitability on an entity basis are required to ascertain whether it is probable that sufficient taxable profits will arise to support the recognition of deferred tax assets relating to the corresponding entity. Key judgement \u2013 Whether uncertain tax positions need to be recognised The Group is subject to a range of tax legislation that can vary by jurisdiction, and tax compliance for global businesses is increasingly complex. The objective of our tax strategy is to comply with all applicable tax laws and regulations in the territories that the Group operates in, however sometimes the tax treatment of transactions and events can be uncertain. Where this is the case, judgement is needed in how these uncertain tax treatments should be reflected in preparing the financial statements, particularly as such topics are often complex and can take several years to resolve. This year, the nature and potential value of the issues under review were significant and were a key judgement for management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-701": { "value": "Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset and there is an intention to net settle the balances. After taking these offsets into account, the net position of \u00a316.4m liability (2024: \u00a313.2m liability) is presented as a \u00a322.4m deferred tax asset (2024: \u00a320.4m asset) and a \u00a338.8m deferred tax liability (2024: \u00a333.6m liability) in the Consolidated balance sheet. Where deferred tax assets are recognised, the Directors are of the opinion, based on recent and forecast trading, that the level of profits in current and future years make it more likely than not that these assets will be recovered. Deferred tax balances at the end of the year were:
2025
2024
Assets Liabilities Net Assets Liabilities Net
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
574
(33,086)
(32,512)
549
(29,946)
(29,397)
Intangible assets
\u2013
(4,655)
(4,655)
\u2013
(4,067)
(4,067)
Intragroup trading (inventories)
16,262
\u2013
16,262
15,147
\u2013
15,147
Intragroup trading (fixed assets)
1,129
\u2013
1,129
1,101
\u2013
1,101
Defined benefit pension schemes
6,128
(2,380)
3,748
6,191
(2,445)
3,746
Reimbursement right
\u2013
(3,744)
(3,744)
\u2013
(3,514)
(3,514)
Derivatives
\u2013
(5,088)
(5,088)
\u2013
(3,637)
(3,637)
Tax losses
1,545
\u2013
1,545
1,823
\u2013
1,823
Other
7,663
(700)
6,963
6,895
(1,330)
5,565
Balance at the end of the year
33,301
(49,653)
(16,352)
31,706
(44,939)
(13,233)
Other deferred tax assets include temporary differences relating to inventory provisions totalling \u00a32.6m (2024: \u00a32.9m), other provisions (including bad debt provisions) of \u00a30.6m (2024: \u00a31.0m), and employee benefits relating to Renishaw plc of \u00a31.0m (2024: \u00a31.1m) and Renishaw KK of \u00a30.7m (2024: \u00a30.8m), with the remaining balance relating to several other smaller temporary differences. The movements in the deferred tax balance during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
(13,233)
(16,175)
Movements in relation to property, plant and equipment
(3,115)
(5,008)
Movements in relation to intangible assets
(588)
(145)
Movements in relation to intragroup trading (inventories)
1,115
(1,618)
Movements in relation to intragroup trading (fixed assets)
28
(669)
Movements in relation to defined benefit pension schemes
146
(521)
Movements in relation to tax losses
(278)
(458)
Movements in relation to other
1,718
371
Movements in the Consolidated income statement
(974)
(8,048)
Movements in relation to the cash flow hedging reserve
(1,451)
(1,453)
Movements in relation to the defined benefit pension scheme assets/liabilities/reimbursement right
(374)
12,450
Movements in the Consolidated statement of comprehensive income and expense
(1,825)
10,997
Currency adjustment
(320)
(7)
Balance at the end of the year
(16,352)
(13,233)
Deferred tax assets of \u00a31.5m (2024: \u00a31.8m) in respect of losses are recognised where it is considered likely that the business will generate sufficient future taxable profits. Deferred tax assets have not been recognised in respect of tax losses carried forward of \u00a35.0m (2024: \u00a36.1m), due to uncertainty over their offset against future taxable profits and therefore their recoverability. These losses are held by Group companies in Brazil, Australia, Canada, UAE and the US, where for 90% of losses there are no time limitations on their utilisation. In determining profit forecasts for each Group company, the key variable is the revenue forecast, which has been estimated using consistently applied external and internal data sources. Sensitivity analysis indicates that a reduction of 5% to relevant revenue forecasts would result in an impairment to deferred tax assets recognised in respect of losses and intragroup trading (inventories) of around \u00a30.2m. An increase of 5% to relevant revenue forecasts would result in additions to deferred tax assets in respect of tax losses not recognised of around \u00a30.3m. It is likely that the majority of unremitted earnings of overseas subsidiaries would qualify for the UK dividend exemption. However, \u00a373.7m (2024: \u00a368.3m) of those earnings may still result in a tax liability principally as a result of withholding taxes levied by the overseas jurisdictions in which those subsidiaries operate. These tax liabilities are not expected to exceed \u00a35.2m (2024: \u00a34.3m), of which \u00a3nil (2024: \u00a30.4m) has been provided on the basis that the Group does not expect to remit these amounts in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-687": { "value": "Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset and there is an intention to net settle the balances. After taking these offsets into account, the net position of \u00a316.4m liability (2024: \u00a313.2m liability) is presented as a \u00a322.4m deferred tax asset (2024: \u00a320.4m asset) and a \u00a338.8m deferred tax liability (2024: \u00a333.6m liability) in the Consolidated balance sheet. Where deferred tax assets are recognised, the Directors are of the opinion, based on recent and forecast trading, that the level of profits in current and future years make it more likely than not that these assets will be recovered. Deferred tax balances at the end of the year were:
2025
2024
Assets Liabilities Net Assets Liabilities Net
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
574
(33,086)
(32,512)
549
(29,946)
(29,397)
Intangible assets
\u2013
(4,655)
(4,655)
\u2013
(4,067)
(4,067)
Intragroup trading (inventories)
16,262
\u2013
16,262
15,147
\u2013
15,147
Intragroup trading (fixed assets)
1,129
\u2013
1,129
1,101
\u2013
1,101
Defined benefit pension schemes
6,128
(2,380)
3,748
6,191
(2,445)
3,746
Reimbursement right
\u2013
(3,744)
(3,744)
\u2013
(3,514)
(3,514)
Derivatives
\u2013
(5,088)
(5,088)
\u2013
(3,637)
(3,637)
Tax losses
1,545
\u2013
1,545
1,823
\u2013
1,823
Other
7,663
(700)
6,963
6,895
(1,330)
5,565
Balance at the end of the year
33,301
(49,653)
(16,352)
31,706
(44,939)
(13,233)
Other deferred tax assets include temporary differences relating to inventory provisions totalling \u00a32.6m (2024: \u00a32.9m), other provisions (including bad debt provisions) of \u00a30.6m (2024: \u00a31.0m), and employee benefits relating to Renishaw plc of \u00a31.0m (2024: \u00a31.1m) and Renishaw KK of \u00a30.7m (2024: \u00a30.8m), with the remaining balance relating to several other smaller temporary differences. The movements in the deferred tax balance during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
(13,233)
(16,175)
Movements in relation to property, plant and equipment
(3,115)
(5,008)
Movements in relation to intangible assets
(588)
(145)
Movements in relation to intragroup trading (inventories)
1,115
(1,618)
Movements in relation to intragroup trading (fixed assets)
28
(669)
Movements in relation to defined benefit pension schemes
146
(521)
Movements in relation to tax losses
(278)
(458)
Movements in relation to other
1,718
371
Movements in the Consolidated income statement
(974)
(8,048)
Movements in relation to the cash flow hedging reserve
(1,451)
(1,453)
Movements in relation to the defined benefit pension scheme assets/liabilities/reimbursement right
(374)
12,450
Movements in the Consolidated statement of comprehensive income and expense
(1,825)
10,997
Currency adjustment
(320)
(7)
Balance at the end of the year
(16,352)
(13,233)
Deferred tax assets of \u00a31.5m (2024: \u00a31.8m) in respect of losses are recognised where it is considered likely that the business will generate sufficient future taxable profits. Deferred tax assets have not been recognised in respect of tax losses carried forward of \u00a35.0m (2024: \u00a36.1m), due to uncertainty over their offset against future taxable profits and therefore their recoverability. These losses are held by Group companies in Brazil, Australia, Canada, UAE and the US, where for 90% of losses there are no time limitations on their utilisation. In determining profit forecasts for each Group company, the key variable is the revenue forecast, which has been estimated using consistently applied external and internal data sources. Sensitivity analysis indicates that a reduction of 5% to relevant revenue forecasts would result in an impairment to deferred tax assets recognised in respect of losses and intragroup trading (inventories) of around \u00a30.2m. An increase of 5% to relevant revenue forecasts would result in additions to deferred tax assets in respect of tax losses not recognised of around \u00a30.3m. It is likely that the majority of unremitted earnings of overseas subsidiaries would qualify for the UK dividend exemption. However, \u00a373.7m (2024: \u00a368.3m) of those earnings may still result in a tax liability principally as a result of withholding taxes levied by the overseas jurisdictions in which those subsidiaries operate. These tax liabilities are not expected to exceed \u00a35.2m (2024: \u00a34.3m), of which \u00a3nil (2024: \u00a30.4m) has been provided on the basis that the Group does not expect to remit these amounts in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-662": { "value": "Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset and there is an intention to net settle the balances. After taking these offsets into account, the net position of \u00a316.4m liability (2024: \u00a313.2m liability) is presented as a \u00a322.4m deferred tax asset (2024: \u00a320.4m asset) and a \u00a338.8m deferred tax liability (2024: \u00a333.6m liability) in the Consolidated balance sheet. Where deferred tax assets are recognised, the Directors are of the opinion, based on recent and forecast trading, that the level of profits in current and future years make it more likely than not that these assets will be recovered. Deferred tax balances at the end of the year were:
2025
2024
Assets Liabilities Net Assets Liabilities Net
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
574
(33,086)
(32,512)
549
(29,946)
(29,397)
Intangible assets
\u2013
(4,655)
(4,655)
\u2013
(4,067)
(4,067)
Intragroup trading (inventories)
16,262
\u2013
16,262
15,147
\u2013
15,147
Intragroup trading (fixed assets)
1,129
\u2013
1,129
1,101
\u2013
1,101
Defined benefit pension schemes
6,128
(2,380)
3,748
6,191
(2,445)
3,746
Reimbursement right
\u2013
(3,744)
(3,744)
\u2013
(3,514)
(3,514)
Derivatives
\u2013
(5,088)
(5,088)
\u2013
(3,637)
(3,637)
Tax losses
1,545
\u2013
1,545
1,823
\u2013
1,823
Other
7,663
(700)
6,963
6,895
(1,330)
5,565
Balance at the end of the year
33,301
(49,653)
(16,352)
31,706
(44,939)
(13,233)
Other deferred tax assets include temporary differences relating to inventory provisions totalling \u00a32.6m (2024: \u00a32.9m), other provisions (including bad debt provisions) of \u00a30.6m (2024: \u00a31.0m), and employee benefits relating to Renishaw plc of \u00a31.0m (2024: \u00a31.1m) and Renishaw KK of \u00a30.7m (2024: \u00a30.8m), with the remaining balance relating to several other smaller temporary differences. The movements in the deferred tax balance during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
(13,233)
(16,175)
Movements in relation to property, plant and equipment
(3,115)
(5,008)
Movements in relation to intangible assets
(588)
(145)
Movements in relation to intragroup trading (inventories)
1,115
(1,618)
Movements in relation to intragroup trading (fixed assets)
28
(669)
Movements in relation to defined benefit pension schemes
146
(521)
Movements in relation to tax losses
(278)
(458)
Movements in relation to other
1,718
371
Movements in the Consolidated income statement
(974)
(8,048)
Movements in relation to the cash flow hedging reserve
(1,451)
(1,453)
Movements in relation to the defined benefit pension scheme assets/liabilities/reimbursement right
(374)
12,450
Movements in the Consolidated statement of comprehensive income and expense
(1,825)
10,997
Currency adjustment
(320)
(7)
Balance at the end of the year
(16,352)
(13,233)
Deferred tax assets of \u00a31.5m (2024: \u00a31.8m) in respect of losses are recognised where it is considered likely that the business will generate sufficient future taxable profits. Deferred tax assets have not been recognised in respect of tax losses carried forward of \u00a35.0m (2024: \u00a36.1m), due to uncertainty over their offset against future taxable profits and therefore their recoverability. These losses are held by Group companies in Brazil, Australia, Canada, UAE and the US, where for 90% of losses there are no time limitations on their utilisation. In determining profit forecasts for each Group company, the key variable is the revenue forecast, which has been estimated using consistently applied external and internal data sources. Sensitivity analysis indicates that a reduction of 5% to relevant revenue forecasts would result in an impairment to deferred tax assets recognised in respect of losses and intragroup trading (inventories) of around \u00a30.2m. An increase of 5% to relevant revenue forecasts would result in additions to deferred tax assets in respect of tax losses not recognised of around \u00a30.3m. It is likely that the majority of unremitted earnings of overseas subsidiaries would qualify for the UK dividend exemption. However, \u00a373.7m (2024: \u00a368.3m) of those earnings may still result in a tax liability principally as a result of withholding taxes levied by the overseas jurisdictions in which those subsidiaries operate. These tax liabilities are not expected to exceed \u00a35.2m (2024: \u00a34.3m), of which \u00a3nil (2024: \u00a30.4m) has been provided on the basis that the Group does not expect to remit these amounts in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-635": { "value": "
8. Earnings per share
Basic earnings per share is the amount of profit generated in a financial year attributable to equity shareholders,
divided by the weighted average number of shares in issue during the year.
Basic and diluted earnings per share are calculated on earnings of \u00a383,757,000 (2024: \u00a396,889,000) and on 72,734,797 shares
(2024: 72,719,565 shares), being the number of shares in issue. The number of shares excludes 53,746 (2024: 68,978) shares
held by the Employee Benefit Trust (EBT). On this basis, earnings per share (basic and diluted) is calculated as 115.2 pence
(2024: 133.2 pence).
There is no difference between the weighted average earnings per share and the basic and diluted earnings per share.
For the calculation of adjusted earnings per share, per Note 29, earnings of \u00a383,757,000 were adjusted by post-tax amounts for:
\u2014 Costs related to the closure of the drug delivery business, \u00a32,059,000 loss;
\u2014 Costs related to the closure of the Edinburgh research facility, \u00a32,320,000 loss;
\u2014 Other interest payable related to liabilities recognised for historical and non-recurring tax matters, \u00a34,852,000 loss; and
\u2014 Taxation prior year adjustment related to historical and non-recurring tax matters, \u00a39,154,000 loss.
There is no difference between statutory and adjusted earnings per share in FY2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-636": { "value": "9. Property, plant and equipment The Group makes significant investments in distribution and manufacturing infrastructure. During the year we have invested in our manufacturing equipment at our Miskin facility in Wales, UK, following the expansion in the previous year. Accounting policy Freehold land is not depreciated. Other assets are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is provided to write off the cost of assets less their estimated residual value on a straight-line basis over their estimated useful economic lives as follows: freehold buildings, 50 years; building infrastructure, 10 to 50 years; plant and equipment, 3 to 25 years; and vehicles, 3 to 4 years.
Freehold Assets in the
land and Plant and Motor course of
buildings equipment vehicles construction Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 July 2024
255,536
278,189
6,099
56,593
596,417
Additions
6,374
23,258
1,220
15,421
46,273
Transfers
19,032
18,443
\u2013
(37,475)
\u2013
Transfers to Investment properties
(2,795)
(597)
\u2013
\u2013
(3,392)
Disposals
(725)
(7,819)
(1,206)
\u2013
(9,750)
Currency adjustment
(2,794)
(2,420)
(151)
\u2013
(5,365)
At 30 June 2025
274,628
309,054
5,962
34,539
624,183
Depreciation
At 1 July 2024
49,460
216,838
5,079
\u2013
271,377
Charge for the year
5,275
17,4 97
470
\u2013
23,242
Impairment
989
\u2013
\u2013
\u2013
989
Transfers to Investment properties
(1,179)
(439)
\u2013
\u2013
(1,618)
Disposals
(270)
(4,619)
(1,057)
\u2013
(5,946)
Currency adjustment
(485)
(1,562)
(101)
\u2013
(2,148)
At 30 June 2025
53,790
2
27,715
4,391
\u2013
285,896
Net book value
At 30 June 2025
220,838
81,339
1,571
34,539
338,287
At 30 June 2024
206,076
61,351
1,020
56,593
325,040
Profit on disposals of Property, plant and equipment amounted to \u00a31.1m (2024: \u00a31.2m profit). Additions to assets in the course of construction comprise \u00a311.2m (2024: \u00a336.5m) for land and buildings and \u00a34.2m (2024: \u00a315.4m) for plant and equipment. At 30 June 2025, properties with a net book value of \u00a348.7m (2024: \u00a345.9m) were subject to a fixed charge to secure the UK defined benefit pension scheme liabilities.
Freehold Assets in the
land and Plant and Motor course of
buildings equipment vehicles construction Total
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 July 2023
213,385
273,156
7,112
53,469
5 4
7,122
Reclassification
3,669
(3,669)
\u2013
\u2013
\u2013
Additions
2,412
10,615
308
51,912
65,247
Transfers
42,637
6,151
\u2013
(48,788)
\u2013
Disposals
(2,916)
(6,810)
(1,245)
\u2013
(10,971)
Currency adjustment
(3,651)
(1,254)
(76)
\u2013
(4,981)
At 30 June 2024
255,536
278,189
6,099
56,593
596,417
Depreciation
At 1 July 2023
45,647
209,546
5,844
\u2013
261,037
Reclassification
540
(540)
\u2013
\u2013
\u2013
Charge for the year
4,378
14,526
382
\u2013
19,286
Disposals
(658)
(5,951)
(1,086)
\u2013
(7,695)
Currency adjustment
(447)
(743)
(61)
\u2013
(1,251)
At 30 June 2024
49,460
216,838
5,079
\u2013
271,377
Net book value
At 30 June 2024
206,076
61,351
1,020
56,593
325,040
At 30 June 2023
167,738
63,610
1,268
53,469
286,085
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-718": { "value": "Accounting policy Freehold land is not depreciated. Other assets are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is provided to write off the cost of assets less their estimated residual value on a straight-line basis over their estimated useful economic lives as follows: freehold buildings, 50 years; building infrastructure, 10 to 50 years; plant and equipment, 3 to 25 years; and vehicles, 3 to 4 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-706": { "value": "Accounting policy Freehold land is not depreciated. Other assets are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is provided to write off the cost of assets less their estimated residual value on a straight-line basis over their estimated useful economic lives as follows: freehold buildings, 50 years; building infrastructure, 10 to 50 years; plant and equipment, 3 to 25 years; and vehicles, 3 to 4 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-663": { "value": "10. Right-of-use assets The Group leases distribution properties and cars from third parties and recognises an associated right-of-use asset where we are afforded control and economic benefit from the use of the asset. Accounting policy At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease liability for any payments due. Right-of-use assets are initially measured at cost, being the present value of the lease liability plus any initial costs incurred in entering the lease and less any incentives received. See Note 21 for further detail on lease liabilities. Right-of-use assets are subsequently depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life or the end of the lease term.
Leasehold Plant and Motor
property equipment vehicles Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Net book value
At 1 July 2024
9,899
66
4,781
14,746
Additions
1,746
49
841
2,636
Reductions
\u2013
\u2013
(12)
(12)
Depreciation
(2,541)
(43)
(2,049)
(4,633)
Currency adjustment
(451)
2
(70)
(519)
At 30 June 2025
8,653
74
3,491
12,218
Leasehold Plant and Motor
property equipment vehicles Total
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Net book value
At 1 July 2023
5,069
89
3,244
8,402
Additions
7,32
0
51
3,843
11,214
Reductions
\u2013
\u2013
(3)
(3)
Depreciation
(2,434)
(73)
(2,146)
(4,653)
Currency adjustment
(56)
(1)
(157)
(214)
At 30 June 2024
9,899
66
4,781
14,746
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-637": { "value": "10. Right-of-use assets The Group leases distribution properties and cars from third parties and recognises an associated right-of-use asset where we are afforded control and economic benefit from the use of the asset. Accounting policy At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease liability for any payments due. Right-of-use assets are initially measured at cost, being the present value of the lease liability plus any initial costs incurred in entering the lease and less any incentives received. See Note 21 for further detail on lease liabilities. Right-of-use assets are subsequently depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life or the end of the lease term.
Leasehold Plant and Motor
property equipment vehicles Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Net book value
At 1 July 2024
9,899
66
4,781
14,746
Additions
1,746
49
841
2,636
Reductions
\u2013
\u2013
(12)
(12)
Depreciation
(2,541)
(43)
(2,049)
(4,633)
Currency adjustment
(451)
2
(70)
(519)
At 30 June 2025
8,653
74
3,491
12,218
Leasehold Plant and Motor
property equipment vehicles Total
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Net book value
At 1 July 2023
5,069
89
3,244
8,402
Additions
7,32
0
51
3,843
11,214
Reductions
\u2013
\u2013
(3)
(3)
Depreciation
(2,434)
(73)
(2,146)
(4,653)
Currency adjustment
(56)
(1)
(157)
(214)
At 30 June 2024
9,899
66
4,781
14,746
14. Leases (as lessor) The Group acts as a lessor for Renishaw-manufactured equipment on finance and operating lease arrangements. This is mainly for high-value capital equipment such as our additive manufacturing machines. Accounting policy Where the Group transfers the risks and rewards of ownership of lease assets to a third party, the Group recognises a receivable in the amount of the net investment in the lease. The lease receivable is subsequently reduced by the principal received, while an interest component is recognised as financial income in the Consolidated income statement. Standard contract terms are up to five years and there is a nominal residual value receivable at the end of the contract. Where the Group retains the risks and rewards of ownership of lease assets, it continues to recognise the leased asset in Property, plant and equipment. Income from operating leases is recognised on a straight-line basis over the lease term and recognised as revenue rather than other revenue as such income is not material. Operating leases are on one to five year terms. The total future lease payments are split between the principal and interest amounts below:
2025
2024
Gross Net Gross Net
investment Interest investment investment Interest investment
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Receivable in less than one year
6,027
832
5,195
4,761
900
3,861
Receivable between one and two years
5,416
572
4,844
5,903\ue003
765
5,138\ue003
Receivable between two and three years
4,120
317
3,803
4,038
347
3,691
Receivable between three and four years
2,669
154
2,515
2,072
138
1,934
Receivable between four and five years
803
15
788
1,264
83
1,181
Total future minimum lease payments receivable
19,035
1,890
17,145
18,
038\ue003
2,233
15,80
5\ue003
Finance lease receivables are presented as \u00a311.9m (2024: \u00a311.9m) non-current assets and \u00a35.2m (2024: \u00a33.9m) current assets in the Consolidated balance sheet. The total of future minimum lease payments receivable under non-cancellable operating leases were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Receivable in less than one year
1,138
1,042
Receivable in more than one year
1,323
707
Total future minimum lease payments receivable
2,461
1,749
During the year, \u00a31.4m (2024: \u00a31.2m) of operating lease income was recognised in revenue. 21. Leases (as lessee) The Group leases distribution properties and cars from third parties and recognises an associated lease liability for the total present value of payments the lease contracts commit us to. Accounting policy At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease liability for any payments due. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate of the applicable entity. The lease liability is subsequently measured at amortised cost using the effective interest method and is remeasured if there is a change in future lease payments arising from a change in an index or rate (such as an inflation-linked increase) or if there is a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When this happens there is a corresponding adjustment to the right-of-use asset. Where the Group enters into leases with a lease term of 12-months or less, these are treated as \u2018short-term\u2019 leases and are recognised on a straight-line basis as an expense in the Consolidated income statement. The same treatment applies to low-value assets, which are typically IT equipment and office equipment. Undiscounted future lease liabilities are analysed as below:
Leasehold Plant and Motor
property equipment vehicles Total
2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Due in less than one year
2,490
34
1,985
4,509
Due between one and two years
2,110
18
1,303
3,431
Due between two and three years
1,667
12
501
2,180
Due between three and four years
1,135
11
80
1,226
Due between four and five years
182
4
2
188
Due in more than five years
4,358
\u2013
\u2013
4,358
Total future minimum lease payments payable
11,942
79
3,871
15,892
Effect of discounting
(2,916)
(4)
(211)
(3,131)
Lease liabilities
9,026
75
3,660
12,761
Leasehold Plant and\ue003 Motor
property equipment vehicles Total
2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Due in less than one year
2,396
36
2,161
4,593\ue003
Due between one and two years
2,137\ue003
22
1,816
3,975\ue003
Due between two and three years
1,862
7
1,035
2,904
Due between three and four years
1,549
1
205
1,755
Due between four and five years
1,001
\u2013
8
1,009
Due in more than five years
4,454
\u2013
\u2013
4,454\ue003
Total future minimum lease payments payable
13,399
66
5,225\ue003
18,690
Effect of discounting
(3,311)
(2)
(355)
(3,668)
Lease liabilities
10,088\ue003
64
4,870
15,022\ue003
Lease liabilities are also presented as a \u00a34.0m (2024: \u00a34.0m) current liability and a \u00a38.8m (2024: \u00a311.1m) non-current liability in the Consolidated balance sheet. Amounts recognised in the Consolidated income statement relating to leases were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Depreciation of right-of-use assets
4,633
4,653
Interest expense on lease liabilities
685
537
Expenses relating to short-term and low-value leases
395
138
Total expense recognised in the Consolidated income statement
5,713
5,328
Total cash outflows for leases
5,364
5,034
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-707": { "value": "Accounting policy At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease liability for any payments due. Right-of-use assets are initially measured at cost, being the present value of the lease liability plus any initial costs incurred in entering the lease and less any incentives received. See Note 21 for further detail on lease liabilities. Right-of-use assets are subsequently depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life or the end of the lease term. Accounting policy Where the Group transfers the risks and rewards of ownership of lease assets to a third party, the Group recognises a receivable in the amount of the net investment in the lease. The lease receivable is subsequently reduced by the principal received, while an interest component is recognised as financial income in the Consolidated income statement. Standard contract terms are up to five years and there is a nominal residual value receivable at the end of the contract. Where the Group retains the risks and rewards of ownership of lease assets, it continues to recognise the leased asset in Property, plant and equipment. Income from operating leases is recognised on a straight-line basis over the lease term and recognised as revenue rather than other revenue as such income is not material. Operating leases are on one to five year terms. Accounting policy At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease liability for any payments due. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate of the applicable entity. The lease liability is subsequently measured at amortised cost using the effective interest method and is remeasured if there is a change in future lease payments arising from a change in an index or rate (such as an inflation-linked increase) or if there is a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When this happens there is a corresponding adjustment to the right-of-use asset. Where the Group enters into leases with a lease term of 12-months or less, these are treated as \u2018short-term\u2019 leases and are recognised on a straight-line basis as an expense in the Consolidated income statement. The same treatment applies to low-value assets, which are typically IT equipment and office equipment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-638": { "value": "11. Investment properties The Group\u2019s investment properties consist of properties in the UK, Ireland, India and Switzerland, which are occupied by rent-paying third parties. During the year, we have transferred two properties from Property, plant and equipment to Investment properties following a change in use in the UK and Switzerland. Accounting policy Where property owned by the Group is held to earn rentals or for long-term capital growth it is recognised as investment property. Where a property is part-occupied by the Group, portions of the property are recognised as investment property if they meet the above description and if these portions could be sold separately and reliably measured. If the portions could not be sold separately, the property is recognised as an investment property only if a significant proportion is held for rental or appreciation purposes. The Group has elected to value investment properties on a cost basis, initially comprising of the purchase price and any directly attributable expenditure. Depreciation is provided to write off the cost of assets on a straight-line basis over their estimated useful economic lives, being 50 years. Amounts relating to freehold land is not depreciated.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cost
Balance at the beginning of the year
12,103
11,896
Additions
\u2013
271
Transfers from Property, plant & equipment
3,392
\u2013
Currency adjustment
(284)
(64)
Balance at the end of the year
15,211
12,103
Depreciation
Balance at the beginning of the year
1,818
1,573
Charge for the year
193
256
Transfers from Property, plant & equipment
1,618
\u2013
Currency adjustment
16
(11)
Balance at the end of the year
3,645
1,818
Net book value
11,566
10,285
The Group has no restrictions on the realisability of its investment properties and no contractual obligations to purchase, construct or develop investment properties. Amounts recognised in the Consolidated income statement relating to investment properties:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Rental income
945
829
Direct operating expenses (including\ue003repairs\ue003and\ue003maintenance)
218
247
Profit
727
582
The fair value of the Group\u2019s investment properties totalled \u00a318.4m at 30 June 2025 (2024: \u00a314.7m). Fair values of each investment property have been determined within the last three years by independent valuers who hold recognised and relevant professional qualifications and have recent experience in the location and category of each investment property being valued. These valuations have been assessed to be materially appropriate at 30 June 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-708": { "value": "Accounting policy Where property owned by the Group is held to earn rentals or for long-term capital growth it is recognised as investment property. Where a property is part-occupied by the Group, portions of the property are recognised as investment property if they meet the above description and if these portions could be sold separately and reliably measured. If the portions could not be sold separately, the property is recognised as an investment property only if a significant proportion is held for rental or appreciation purposes. The Group has elected to value investment properties on a cost basis, initially comprising of the purchase price and any directly attributable expenditure. Depreciation is provided to write off the cost of assets on a straight-line basis over their estimated useful economic lives, being 50 years. Amounts relating to freehold land is not depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-688": { "value": "12. Intangible assets Our Consolidated balance sheet contains significant intangible assets, mainly for goodwill (which arises when we acquire a business and pay a higher amount than the fair value of its net assets) and capitalised development costs. We make significant investments into the development of new products, a key part of our business model, and some of these costs are initially capitalised and then written off over the lifetime of future sales of that product. Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trademarks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value-in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash- generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgement is required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product become obsolete, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cash flows of each CGU and select the appropriate discount rate for each CGU.
Internally Intellectual
generated property and
development Software other intangible
Goodwill costs licences assets Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 July 2024
20,258
187,941
12,197
4,864
225,260
Additions
\u2013
9,999
286
\u2013
10,285
Disposals
\u2013
(8,368)
\u2013
\u2013
(8,368)
Currency adjustment
(376)
\u2013
22
15
(339)
At 30 June 2025
19,882
189,572
12,505
4,879
226,838
Amortisation
At 1 July 2024
9,028
154,531
11,751
2,607
177,917
Charge for the year
\u2013
4,426
191
254
4,871
Impairment
\u2013
1,818
\u2013
\u2013
1,818
Disposals
\u2013
(8,368)
\u2013
\u2013
(8,368)
Currency adjustment
\u2013
\u2013
14
36
50
At 30 June 2025
9,028
152,407
11,956
2,897
176,288
Net book value
At 30 June 2025
10,854
37,165
549
1,982
50,550
At 30 June 2024
11,230
33,410
446
2,257
47,3 43
Internally Intellectual
generated property and other
development Software intangible
Goodwill costs licences assets Total
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 July 2023
20,261
178,660
11,978
4,875
215,774
Additions
\u2013
9,281
246
\u2013
9,527
Currency adjustment
(3)
\u2013
(27)
(11)
(41)
At 30 June 2024
20,258
187,9 41
12,197
4,864
225,260
Amortisation
At 1 July 2023
9,028
146,221
11,605
2,452
169,306
Charge for the year
\u2013
5,011
165
158
5,334
Impairment
\u2013
3,299
\u2013
\u2013
3,299
Currency adjustment
\u2013
\u2013
(19)
(3)
(22)
At 30 June 2024
9,028
154,531
11,751
2,607
177,917
Net book value
At 30 June 2024
11,230
33,410
446
2,257
47,3 43
At 30 June 2023
11,233
32,439
373
2,423
46,468
Goodwill Goodwill has arisen on the acquisition of several businesses and has an indeterminable useful life. It is therefore not amortised but is instead tested for impairment annually and at any point during the year when an indicator of impairment exists. Goodwill is allocated to cash generating units (CGUs), as set out below. This is the lowest level in the Group at which goodwill is monitored for impairment. The analysis of goodwill according to business acquired is:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
itp GmbH
2,959
2,934\ue003
Renishaw Mayfield S.A.
2,180
2,089
Renishaw Fixturing Solutions, LLC
5,055
5,497\ue003
Other smaller acquisitions
660
710
Total goodwill
10,854
11,230
The recoverable amounts of acquired goodwill are based on value-in-use calculations. These calculations use cash flow projections based on the financial business plans approved by management for the next five financial years. The cash flows beyond this forecast are extrapolated to perpetuity using a nil growth rate on a prudent basis, to reflect the uncertainties over forecasting beyond five years. The following pre-tax discount rates have been used in discounting the projected cash flows:
2025 2024
Business acquired
CGU
Discount rate Discount rate
itp GmbH
itp GmbH entity (\u2018ITP\u2019)
15.1%
13.6%
Renishaw Fixturing Solutions, LLC
Renishaw plc (\u2018PLC\u2019)
16.5%
14.6%
Renishaw Mayfield S.A.
Renishaw Mayfield S.A. entity (\u2018Mayfield\u2019)
20.5%
24.6%
The Group post-tax weighted average cost of capital, calculated at 30 June 2025, is 11.6% (2024: 10.7%). Pre-tax discount rates for Manufacturing technologies CGUs (ITP and PLC) are calculated from this basis, given that they are aligned with the wider Group\u2019s industries, markets and processes. The Analytical instruments and medical devices\u2019 CGU (Mayfield) has a higher risk weighting, reflecting the less mature nature of this segment. CGU specific five-year business plans have been used in determining cash flow projections. Within these plans, revenue forecasts are calculated with reference to external market data, past outperformance, and new product launches, consistent with revenue forecasts across the Group. Production costs, engineering costs, distribution costs and administrative expenses are calculated based on management\u2019s best estimates of what is required to support revenue growth and new product development. Estimates of capital expenditure and working capital requirements are also included in the cash flow projections. The key estimate within these business plans is the forecast revenue growth, given that the cost bases of the businesses can be flexed in line with revenue performance. Given the average revenue growth assumptions included in the five-year business plans, management\u2019s sensitivity analysis involves modelling a reduction in the forecast cash flows utilised in those business plans and therefore into perpetuity. A growth rate of 0.0% (2024: 0.0%) is used to derive the value in perpetuity in all CGUs. For there to be an impairment in the PLC, ITP or Mayfield CGUs, the pre-tax discount rate would need to increase to at least 20%, 21% and 25% respectively, or there would need to be a reduction to forecast cash flows of 18%, 30% and 8% respectively. Internally generated development costs The key assumption in determining the value-in-use for internally generated development costs is the forecast unit sales over the useful economic life, which is determined by management using their knowledge and experience with similar products and the sales history of products already available in the market. Resulting cash flow projections over five to 10 years, the period over which product demand forecasts can be reasonably predicted and internally generated development costs are written off, are discounted using pre-tax discount rates, which are calculated from the Group post-tax weighted average cost of capital of 11.6% (2024: 10.7%). There were impairments of internally generated development costs in the year of \u00a31.8m (2024: \u00a33.3m). This includes a \u00a30.9m impairment of our chronic drug delivery intangible asset, following the decision to close the drug delivery business during the year. The remaining \u00a30.9m is for three other projects where revenue growth is now expected to be lower than previously forecast. For the largest projects, comprising 97% of the net book value at 30 June 2025, a 10% reduction to forecast unit sales, or an increase in the discount rate by 5%, would not result in an impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-664": { "value": "12. Intangible assets Our Consolidated balance sheet contains significant intangible assets, mainly for goodwill (which arises when we acquire a business and pay a higher amount than the fair value of its net assets) and capitalised development costs. We make significant investments into the development of new products, a key part of our business model, and some of these costs are initially capitalised and then written off over the lifetime of future sales of that product. Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trademarks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value-in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash- generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgement is required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product become obsolete, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cash flows of each CGU and select the appropriate discount rate for each CGU.
Internally Intellectual
generated property and
development Software other intangible
Goodwill costs licences assets Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 July 2024
20,258
187,941
12,197
4,864
225,260
Additions
\u2013
9,999
286
\u2013
10,285
Disposals
\u2013
(8,368)
\u2013
\u2013
(8,368)
Currency adjustment
(376)
\u2013
22
15
(339)
At 30 June 2025
19,882
189,572
12,505
4,879
226,838
Amortisation
At 1 July 2024
9,028
154,531
11,751
2,607
177,917
Charge for the year
\u2013
4,426
191
254
4,871
Impairment
\u2013
1,818
\u2013
\u2013
1,818
Disposals
\u2013
(8,368)
\u2013
\u2013
(8,368)
Currency adjustment
\u2013
\u2013
14
36
50
At 30 June 2025
9,028
152,407
11,956
2,897
176,288
Net book value
At 30 June 2025
10,854
37,165
549
1,982
50,550
At 30 June 2024
11,230
33,410
446
2,257
47,3 43
Internally Intellectual
generated property and other
development Software intangible
Goodwill costs licences assets Total
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 July 2023
20,261
178,660
11,978
4,875
215,774
Additions
\u2013
9,281
246
\u2013
9,527
Currency adjustment
(3)
\u2013
(27)
(11)
(41)
At 30 June 2024
20,258
187,9 41
12,197
4,864
225,260
Amortisation
At 1 July 2023
9,028
146,221
11,605
2,452
169,306
Charge for the year
\u2013
5,011
165
158
5,334
Impairment
\u2013
3,299
\u2013
\u2013
3,299
Currency adjustment
\u2013
\u2013
(19)
(3)
(22)
At 30 June 2024
9,028
154,531
11,751
2,607
177,917
Net book value
At 30 June 2024
11,230
33,410
446
2,257
47,3 43
At 30 June 2023
11,233
32,439
373
2,423
46,468
Goodwill Goodwill has arisen on the acquisition of several businesses and has an indeterminable useful life. It is therefore not amortised but is instead tested for impairment annually and at any point during the year when an indicator of impairment exists. Goodwill is allocated to cash generating units (CGUs), as set out below. This is the lowest level in the Group at which goodwill is monitored for impairment. The analysis of goodwill according to business acquired is:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
itp GmbH
2,959
2,934\ue003
Renishaw Mayfield S.A.
2,180
2,089
Renishaw Fixturing Solutions, LLC
5,055
5,497\ue003
Other smaller acquisitions
660
710
Total goodwill
10,854
11,230
The recoverable amounts of acquired goodwill are based on value-in-use calculations. These calculations use cash flow projections based on the financial business plans approved by management for the next five financial years. The cash flows beyond this forecast are extrapolated to perpetuity using a nil growth rate on a prudent basis, to reflect the uncertainties over forecasting beyond five years. The following pre-tax discount rates have been used in discounting the projected cash flows:
2025 2024
Business acquired
CGU
Discount rate Discount rate
itp GmbH
itp GmbH entity (\u2018ITP\u2019)
15.1%
13.6%
Renishaw Fixturing Solutions, LLC
Renishaw plc (\u2018PLC\u2019)
16.5%
14.6%
Renishaw Mayfield S.A.
Renishaw Mayfield S.A. entity (\u2018Mayfield\u2019)
20.5%
24.6%
The Group post-tax weighted average cost of capital, calculated at 30 June 2025, is 11.6% (2024: 10.7%). Pre-tax discount rates for Manufacturing technologies CGUs (ITP and PLC) are calculated from this basis, given that they are aligned with the wider Group\u2019s industries, markets and processes. The Analytical instruments and medical devices\u2019 CGU (Mayfield) has a higher risk weighting, reflecting the less mature nature of this segment. CGU specific five-year business plans have been used in determining cash flow projections. Within these plans, revenue forecasts are calculated with reference to external market data, past outperformance, and new product launches, consistent with revenue forecasts across the Group. Production costs, engineering costs, distribution costs and administrative expenses are calculated based on management\u2019s best estimates of what is required to support revenue growth and new product development. Estimates of capital expenditure and working capital requirements are also included in the cash flow projections. The key estimate within these business plans is the forecast revenue growth, given that the cost bases of the businesses can be flexed in line with revenue performance. Given the average revenue growth assumptions included in the five-year business plans, management\u2019s sensitivity analysis involves modelling a reduction in the forecast cash flows utilised in those business plans and therefore into perpetuity. A growth rate of 0.0% (2024: 0.0%) is used to derive the value in perpetuity in all CGUs. For there to be an impairment in the PLC, ITP or Mayfield CGUs, the pre-tax discount rate would need to increase to at least 20%, 21% and 25% respectively, or there would need to be a reduction to forecast cash flows of 18%, 30% and 8% respectively. Internally generated development costs The key assumption in determining the value-in-use for internally generated development costs is the forecast unit sales over the useful economic life, which is determined by management using their knowledge and experience with similar products and the sales history of products already available in the market. Resulting cash flow projections over five to 10 years, the period over which product demand forecasts can be reasonably predicted and internally generated development costs are written off, are discounted using pre-tax discount rates, which are calculated from the Group post-tax weighted average cost of capital of 11.6% (2024: 10.7%). There were impairments of internally generated development costs in the year of \u00a31.8m (2024: \u00a33.3m). This includes a \u00a30.9m impairment of our chronic drug delivery intangible asset, following the decision to close the drug delivery business during the year. The remaining \u00a30.9m is for three other projects where revenue growth is now expected to be lower than previously forecast. For the largest projects, comprising 97% of the net book value at 30 June 2025, a 10% reduction to forecast unit sales, or an increase in the discount rate by 5%, would not result in an impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-639": { "value": "12. Intangible assets Our Consolidated balance sheet contains significant intangible assets, mainly for goodwill (which arises when we acquire a business and pay a higher amount than the fair value of its net assets) and capitalised development costs. We make significant investments into the development of new products, a key part of our business model, and some of these costs are initially capitalised and then written off over the lifetime of future sales of that product. Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trademarks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value-in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash- generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgement is required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product become obsolete, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cash flows of each CGU and select the appropriate discount rate for each CGU.
Internally Intellectual
generated property and
development Software other intangible
Goodwill costs licences assets Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 July 2024
20,258
187,941
12,197
4,864
225,260
Additions
\u2013
9,999
286
\u2013
10,285
Disposals
\u2013
(8,368)
\u2013
\u2013
(8,368)
Currency adjustment
(376)
\u2013
22
15
(339)
At 30 June 2025
19,882
189,572
12,505
4,879
226,838
Amortisation
At 1 July 2024
9,028
154,531
11,751
2,607
177,917
Charge for the year
\u2013
4,426
191
254
4,871
Impairment
\u2013
1,818
\u2013
\u2013
1,818
Disposals
\u2013
(8,368)
\u2013
\u2013
(8,368)
Currency adjustment
\u2013
\u2013
14
36
50
At 30 June 2025
9,028
152,407
11,956
2,897
176,288
Net book value
At 30 June 2025
10,854
37,165
549
1,982
50,550
At 30 June 2024
11,230
33,410
446
2,257
47,3 43
Internally Intellectual
generated property and other
development Software intangible
Goodwill costs licences assets Total
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 July 2023
20,261
178,660
11,978
4,875
215,774
Additions
\u2013
9,281
246
\u2013
9,527
Currency adjustment
(3)
\u2013
(27)
(11)
(41)
At 30 June 2024
20,258
187,9 41
12,197
4,864
225,260
Amortisation
At 1 July 2023
9,028
146,221
11,605
2,452
169,306
Charge for the year
\u2013
5,011
165
158
5,334
Impairment
\u2013
3,299
\u2013
\u2013
3,299
Currency adjustment
\u2013
\u2013
(19)
(3)
(22)
At 30 June 2024
9,028
154,531
11,751
2,607
177,917
Net book value
At 30 June 2024
11,230
33,410
446
2,257
47,3 43
At 30 June 2023
11,233
32,439
373
2,423
46,468
Goodwill
Goodwill has arisen on the acquisition of several businesses and has an indeterminable useful life. It is therefore not amortised but is
instead tested for impairment annually and at any point during the year when an indicator of impairment exists. Goodwill is allocated
to cash generating units (CGUs), as set out below. This is the lowest level in the Group at which goodwill is monitored for impairment.
The analysis of goodwill according to business acquired is:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
itp GmbH
2,959
2,934\ue003
Renishaw Mayfield S.A.
2,180
2,089
Renishaw Fixturing Solutions, LLC
5,055
5,497\ue003
Other smaller acquisitions
660
710
Total goodwill
10,854
11,230
The recoverable amounts of acquired goodwill are based on value-in-use calculations. These calculations use cash flow projections
based on the financial business plans approved by management for the next five financial years. The cash flows beyond this
forecast are extrapolated to perpetuity using a nil growth rate on a prudent basis, to reflect the uncertainties over forecasting beyond
five years.
The following pre-tax discount rates have been used in discounting the projected cash flows:
2025 2024
Business acquired
CGU
Discount rate Discount rate
itp GmbH
itp GmbH entity (\u2018ITP\u2019)
15.1%
13.6%
Renishaw Fixturing Solutions, LLC
Renishaw plc (\u2018PLC\u2019)
16.5%
14.6%
Renishaw Mayfield S.A.
Renishaw Mayfield S.A. entity (\u2018Mayfield\u2019)
20.5%
24.6%
The Group post-tax weighted average cost of capital, calculated at 30 June 2025, is 11.6% (2024: 10.7%). Pre-tax discount rates for
Manufacturing technologies CGUs (ITP and PLC) are calculated from this basis, given that they are aligned with the wider Group\u2019s
industries, markets and processes. The Analytical instruments and medical devices\u2019 CGU (Mayfield) has a higher risk weighting,
reflecting the less mature nature of this segment.
CGU specific five-year business plans have been used in determining cash flow projections. Within these plans, revenue forecasts are
calculated with reference to external market data, past outperformance, and new product launches, consistent with revenue forecasts
across the Group. Production costs, engineering costs, distribution costs and administrative expenses are calculated based on
management\u2019s best estimates of what is required to support revenue growth and new product development. Estimates of capital
expenditure and working capital requirements are also included in the cash flow projections. The key estimate within these business
plans is the forecast revenue growth, given that the cost bases of the businesses can be flexed in line with revenue performance.
Given the average revenue growth assumptions included in the five-year business plans, management\u2019s sensitivity analysis involves
modelling a reduction in the forecast cash flows utilised in those business plans and therefore into perpetuity.
A growth rate of 0.0% (2024: 0.0%) is used to derive the value in perpetuity in all CGUs.
For there to be an impairment in the PLC, ITP or Mayfield CGUs, the pre-tax discount rate would need to increase to at least 20%,
21% and 25% respectively, or there would need to be a reduction to forecast cash flows of 18%, 30% and 8% respectively.
Internally generated development costs
The key assumption in determining the value-in-use for internally generated development costs is the forecast unit sales over the
useful economic life, which is determined by management using their knowledge and experience with similar products and the
sales history of products already available in the market. Resulting cash flow projections over five to 10 years, the period over which
product demand forecasts can be reasonably predicted and internally generated development costs are written off, are discounted
using pre-tax discount rates, which are calculated from the Group post-tax weighted average cost of capital of 11.6% (2024: 10.7%).
There were impairments of internally generated development costs in the year of \u00a31.8m (2024: \u00a33.3m). This includes a \u00a30.9m
impairment of our chronic drug delivery intangible asset, following the decision to close the drug delivery business during the year.
The remaining \u00a30.9m is for three other projects where revenue growth is now expected to be lower than previously forecast.
For the largest projects, comprising 97% of the net book value at 30 June 2025, a 10% reduction to forecast unit sales,
or an increase in the discount rate by 5%, would not result in an impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-721": { "value": "Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trademarks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value-in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash- generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgement is required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product become obsolete, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cash flows of each CGU and select the appropriate discount rate for each CGU. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-719": { "value": "Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trademarks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value-in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash- generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgement is required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product become obsolete, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cash flows of each CGU and select the appropriate discount rate for each CGU. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-709": { "value": "Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trademarks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value-in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash- generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgement is required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product become obsolete, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cash flows of each CGU and select the appropriate discount rate for each CGU. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-640": { "value": "
13. Investments in joint ventures
Where we make an investment in a company which gives us significant influence but not full control, we account for
our share of their post-tax profits in our financial statements. We have joint venture arrangements with two companies,
RLS and MSP.
The Group\u2019s investments in joint ventures (all investments being in the ordinary share capital of the joint ventures), whose accounting
years end on 30 June, were:
Country of incorporation and 2025 2024
principal place of business Ownership % Ownership %
RLS Merilna tehnika d.o.o. (\u2018RLS\u2019)\ue003\u2013\ue003joint\ue003venture
Slovenia
50.0
50.0
Metrology Software Products Limited (\u2018MSP\u2019)\ue003\u2013\ue003joint venture
England & Wales
70.0
70.0
Although the Group owns 70% of the ordinary share capital of MSP, this is accounted for as a joint venture as the control
requirements of IFRS 10 are not satisfied. This is because the shareholders agreement includes that for so long as the Group\u2019s
holding is less than 75% of the total shares of MSP, Renishaw plc agrees to exercise its voting rights such that it only votes as if it has
the same aggregate shareholding as the remaining Management Shareholders.
Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
25,485
22,414
Dividends received
(1,500)
(498)
Share of profits of joint ventures
3,538
3,880
Currency adjustment
169
(311)
Balance at the end of the year
27,692
25,485
Renishaw International Limited (\u2018RIL\u2019) has a 14-day notice deposit agreement with RLS. Interest is payable by RIL to RLS at a market
rate on a monthly basis. As at 30 June 2025, under this agreement RIL had received EUR 17.0m (\u00a314.5m equivalent) (2024: \u00a38.5m),
which is recognised as \u2018Amounts payable to joint venture\u2019 in the Consolidated balance sheet.
Summarised financial information for joint ventures:
RLS
MSP
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
52,093
49,295
6,258
5,470
Liabilities
(5,526)
(6,167)
(532)
(442)
Net assets
46,567
43,128
5,726
5,028
Group\u2019s share of net assets
23,284
21,564
4,008
3,520
Revenue
38,045
38,548
3,389
2,947
Profit for the year
6,100
6,546
697
867
Group\u2019s share of profit for the year
3,050
3,273
488
607
For the nature of the activities, see note C.50.
The financial statements of RLS have been prepared on the basis of Slovenian Accounting Standards.
The financial statements of MSP have been prepared on the basis of FRS 102.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-689": { "value": "13. Investments in joint ventures Where we make an investment in a company which gives us significant influence but not full control, we account for our share of their post-tax profits in our financial statements. We have joint venture arrangements with two companies, RLS and MSP. The Group\u2019s investments in joint ventures (all investments being in the ordinary share capital of the joint ventures), whose accounting years end on 30 June, were:
Country of incorporation and 2025 2024
principal place of business Ownership % Ownership %
RLS Merilna tehnika d.o.o. (\u2018RLS\u2019)\ue003\u2013\ue003joint\ue003venture
Slovenia
50.0
50.0
Metrology Software Products Limited (\u2018MSP\u2019)\ue003\u2013\ue003joint venture
England & Wales
70.0
70.0
Although the Group owns 70% of the ordinary share capital of MSP, this is accounted for as a joint venture as the control requirements of IFRS 10 are not satisfied. This is because the shareholders agreement includes that for so long as the Group\u2019s holding is less than 75% of the total shares of MSP, Renishaw plc agrees to exercise its voting rights such that it only votes as if it has the same aggregate shareholding as the remaining Management Shareholders. Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
25,485
22,414
Dividends received
(1,500)
(498)
Share of profits of joint ventures
3,538
3,880
Currency adjustment
169
(311)
Balance at the end of the year
27,692
25,485
Renishaw International Limited (\u2018RIL\u2019) has a 14-day notice deposit agreement with RLS. Interest is payable by RIL to RLS at a market rate on a monthly basis. As at 30 June 2025, under this agreement RIL had received EUR 17.0m (\u00a314.5m equivalent) (2024: \u00a38.5m), which is recognised as \u2018Amounts payable to joint venture\u2019 in the Consolidated balance sheet. Summarised financial information for joint ventures:
RLS
MSP
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
52,093
49,295
6,258
5,470
Liabilities
(5,526)
(6,167)
(532)
(442)
Net assets
46,567
43,128
5,726
5,028
Group\u2019s share of net assets
23,284
21,564
4,008
3,520
Revenue
38,045
38,548
3,389
2,947
Profit for the year
6,100
6,546
697
867
Group\u2019s share of profit for the year
3,050
3,273
488
607
For the nature of the activities, see note C.50. The financial statements of RLS have been prepared on the basis of Slovenian Accounting Standards. The financial statements of MSP have been prepared on the basis of FRS 102.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-665": { "value": "13. Investments in joint ventures Where we make an investment in a company which gives us significant influence but not full control, we account for our share of their post-tax profits in our financial statements. We have joint venture arrangements with two companies, RLS and MSP. The Group\u2019s investments in joint ventures (all investments being in the ordinary share capital of the joint ventures), whose accounting years end on 30 June, were:
Country of incorporation and 2025 2024
principal place of business Ownership % Ownership %
RLS Merilna tehnika d.o.o. (\u2018RLS\u2019)\ue003\u2013\ue003joint\ue003venture
Slovenia
50.0
50.0
Metrology Software Products Limited (\u2018MSP\u2019)\ue003\u2013\ue003joint venture
England & Wales
70.0
70.0
Although the Group owns 70% of the ordinary share capital of MSP, this is accounted for as a joint venture as the control requirements of IFRS 10 are not satisfied. This is because the shareholders agreement includes that for so long as the Group\u2019s holding is less than 75% of the total shares of MSP, Renishaw plc agrees to exercise its voting rights such that it only votes as if it has the same aggregate shareholding as the remaining Management Shareholders. Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
25,485
22,414
Dividends received
(1,500)
(498)
Share of profits of joint ventures
3,538
3,880
Currency adjustment
169
(311)
Balance at the end of the year
27,692
25,485
Renishaw International Limited (\u2018RIL\u2019) has a 14-day notice deposit agreement with RLS. Interest is payable by RIL to RLS at a market rate on a monthly basis. As at 30 June 2025, under this agreement RIL had received EUR 17.0m (\u00a314.5m equivalent) (2024: \u00a38.5m), which is recognised as \u2018Amounts payable to joint venture\u2019 in the Consolidated balance sheet. Summarised financial information for joint ventures:
RLS
MSP
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
52,093
49,295
6,258
5,470
Liabilities
(5,526)
(6,167)
(532)
(442)
Net assets
46,567
43,128
5,726
5,028
Group\u2019s share of net assets
23,284
21,564
4,008
3,520
Revenue
38,045
38,548
3,389
2,947
Profit for the year
6,100
6,546
697
867
Group\u2019s share of profit for the year
3,050
3,273
488
607
For the nature of the activities, see note C.50. The financial statements of RLS have been prepared on the basis of Slovenian Accounting Standards. The financial statements of MSP have been prepared on the basis of FRS 102.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-641": { "value": "15. Cash and cash equivalents and bank deposits We have always valued having cash in the bank to protect the Group from downturns and enable us to react swiftly to investment or market capture opportunities. We currently hold significant cash and cash equivalents and bank deposits, mostly in the UK and spread across several banks with high credit ratings. Accounting policy Cash and cash equivalents comprise cash balances, and deposits with an original maturity of less than three months or with an original maturity date of more than three months where the deposit can be accessed on demand without significant penalty for early withdrawal and where the original deposit amount is recoverable in full. Cash and cash equivalents An analysis of cash and cash equivalents at the end of the year was:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Bank balances and cash in hand
87,138
75,090
Short-term deposits
282
47,203
Balance at the end of the year
87,420
122,293
Bank deposits Bank deposits at the end of the year amounted to \u00a3186.2m (2024: \u00a395.5m), of which \u00a360.0m matures in July 2025, \u00a321.0m matures in September 2025, \u00a369.2m matures in December 2025, \u00a30.8m in January 2026, \u00a31.0m in February 2026, \u00a330.0m in May 2026 and \u00a34.2m in June 2026. During the year bank deposits of \u00a395.5m matured, of which \u00a350.0m matured in December 2024 and \u00a343.0m in May 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-710": { "value": "Accounting policy Cash and cash equivalents comprise cash balances, and deposits with an original maturity of less than three months or with an original maturity date of more than three months where the deposit can be accessed on demand without significant penalty for early withdrawal and where the original deposit amount is recoverable in full. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-642": { "value": "16. Inventories We have continued to focus on our inventory holding requirements, with a small reduction in total inventories, and remain committed to high customer delivery performance. Accounting policy Inventory and work in progress is valued at the lower of actual cost on a first-in, first-out (FIFO) basis and net realisable value. In respect of work in progress and finished goods, cost includes all production overheads and the attributable proportion of indirect overhead expenses that are required to bring inventories to their present location and condition. Overheads are absorbed into inventories on the basis of normal capacity or on actual hours if higher. Key estimate \u2013 Determination of net realisable inventory value Determining the net realisable value of inventory requires management to estimate future demand, especially in respect of provisioning for slow moving and potentially obsolete inventory. When calculating an inventory provision management generates an estimate of future demand for individual inventory items (capped at 3 years) based upon the higher of 12 months of historical usage or 12 months of demand from customer orders and manufacturing build plans. A 50% provision is calculated where actual holdings represent between 3 to 5 years\u2019 worth of future demand, and 100% is calculated where actual holdings represent over 5 years\u2019 worth of future demand. Adjustments are made where needed, for example where it is highly likely that there will be an increase in sales beyond the 12-month demand period or where there are obsolescence programmes. An analysis of inventories at the end of the year was:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Raw materials
56,911
53,54
2\ue003
Work in progress
31,623
32,
840\ue003
Finished goods
70,931
75,54
6\ue003
Balance at the end of the year
159,465
16
1,928\ue003
At the end of the year, the gross cost of inventories which had provisions held against them totalled \u00a329.4m (2024: \u00a329.6m). During the year, the amount of write-down of inventories recognised as an expense in the Consolidated income statement was \u00a31.0m (2024: \u00a36.2m). Inventories in Renishaw plc account for 61% (2024: 63%) of the total Inventories of the Group. A 10% reduction in the estimate of future demand for all Renishaw plc inventory items would result in an increase in the inventory provision of \u00a30.4m (2024: \u00a30.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-711": { "value": "Accounting policy Inventory and work in progress is valued at the lower of actual cost on a first-in, first-out (FIFO) basis and net realisable value. In respect of work in progress and finished goods, cost includes all production overheads and the attributable proportion of indirect overhead expenses that are required to bring inventories to their present location and condition. Overheads are absorbed into inventories on the basis of normal capacity or on actual hours if higher. Key estimate \u2013 Determination of net realisable inventory value Determining the net realisable value of inventory requires management to estimate future demand, especially in respect of provisioning for slow moving and potentially obsolete inventory. When calculating an inventory provision management generates an estimate of future demand for individual inventory items (capped at 3 years) based upon the higher of 12 months of historical usage or 12 months of demand from customer orders and manufacturing build plans. A 50% provision is calculated where actual holdings represent between 3 to 5 years\u2019 worth of future demand, and 100% is calculated where actual holdings represent over 5 years\u2019 worth of future demand. Adjustments are made where needed, for example where it is highly likely that there will be an increase in sales beyond the 12-month demand period or where there are obsolescence programmes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-666": { "value": "17. Provisions A provision is a liability recorded in the Consolidated balance sheet, where there is uncertainty over the timing or amount that will be paid. Accounting policy The Group provides a warranty from the date of purchase, except for those products that are installed by the Group where the warranty starts from the date of completion of the installation. This is typically for a 12-month period, although up to three years is given for a small number of products. A warranty provision is included in the Group financial statements, which is calculated on the basis of historical returns and internal quality reports. Warranty provision movements during the year were:
Warranty
Other
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
2,997
2,758
\u2013
\u2013
Created during the year
3,281
2,633
6,152
\u2013
Unused amounts reversed
(924)
\u2013
\u2013
\u2013
Utilised in the year
(2,528)
(2,394)
\u2013
\u2013
(171)
239
6,152
\u2013
Balance at the end of the year
2,826
2,997
6,152
\u2013
The warranty provision has been calculated on the basis of historical return-in-warranty information and other internal reports. It is expected that most of this expenditure will be incurred in the next financial year and all expenditure will be incurred within three years of the balance sheet date. Other provisions comprises interest payable liabilities of \u00a34,852,000 for historical and non-recurring tax matters, see Note 7 for further details, and an onerous contract provision of \u00a31,300,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-643": { "value": "17. Provisions A provision is a liability recorded in the Consolidated balance sheet, where there is uncertainty over the timing or amount that will be paid. Accounting policy The Group provides a warranty from the date of purchase, except for those products that are installed by the Group where the warranty starts from the date of completion of the installation. This is typically for a 12-month period, although up to three years is given for a small number of products. A warranty provision is included in the Group financial statements, which is calculated on the basis of historical returns and internal quality reports. Warranty provision movements during the year were:
Warranty
Other
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
2,997
2,758
\u2013
\u2013
Created during the year
3,281
2,633
6,152
\u2013
Unused amounts reversed
(924)
\u2013
\u2013
\u2013
Utilised in the year
(2,528)
(2,394)
\u2013
\u2013
(171)
239
6,152
\u2013
Balance at the end of the year
2,826
2,997
6,152
\u2013
The warranty provision has been calculated on the basis of historical return-in-warranty information and other internal reports. It is expected that most of this expenditure will be incurred in the next financial year and all expenditure will be incurred within three years of the balance sheet date. Other provisions comprises interest payable liabilities of \u00a34,852,000 for historical and non-recurring tax matters, see Note 7 for further details, and an onerous contract provision of \u00a31,300,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-712": { "value": "Accounting policy The Group provides a warranty from the date of purchase, except for those products that are installed by the Group where the warranty starts from the date of completion of the installation. This is typically for a 12-month period, although up to three years is given for a small number of products. A warranty provision is included in the Group financial statements, which is calculated on the basis of historical returns and internal quality reports. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-644": { "value": "
18. Contract liabilities
Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer
for which the Group has either received consideration or consideration is due from the customer. Our balances mostly
comprise advances received from customers and payments for services yet to be completed.
Balances at the end of the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Goods, capital equipment and installation
813
210
Aftermarket services
8,251
6,955\ue003
Deferred revenue
9,064
7,16
5
Advances received from customers
5,605
3,715
Balance at the end of the year
14,669
10,880\ue003
The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied at the end of the year is
\u00a314.7m (2024: \u00a310.9m). Of this, \u00a31.5m (2024: \u00a31.4m) is not expected to be recognised in the next financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-645": { "value": "
19. Other payables
Separate to our trade payables and contract liabilities, which directly relate to our trading activities, our Other payables
mostly comprises amounts payable to employees, or relating to employees.
Balances at the end of the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Payroll taxes and social security
7,484
6,477
Performance bonuses
11,047
9,990\ue003
Holiday pay and retirement accruals
11,091
9,397\ue003
Indirect tax payable
5,278
5,163\ue003
Deferred research and development tax credit (\u2018RDEC\u2019)
1,131
\u2013
Other creditors and accruals
21,101
19,317
Total other payables
57,132
5
0,344\ue003
Holiday pay accruals are based on a calculation of the number of days\u2019 holiday earned during the year, but not yet taken. Deferred
research and development tax credit (\u2018RDEC\u2019) relates to amounts received for capitalised development costs which cannot be
recognised, see Note 4 for further details.
Other creditors and accruals includes a number of other individually smaller accruals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-690": { "value": "19. Other payables Separate to our trade payables and contract liabilities, which directly relate to our trading activities, our Other payables mostly comprises amounts payable to employees, or relating to employees. Balances at the end of the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Payroll taxes and social security
7,484
6,477
Performance bonuses
11,047
9,990\ue003
Holiday pay and retirement accruals
11,091
9,397\ue003
Indirect tax payable
5,278
5,163\ue003
Deferred research and development tax credit (\u2018RDEC\u2019)
1,131
\u2013
Other creditors and accruals
21,101
19,317
Total other payables
57,132
5
0,344\ue003
Holiday pay accruals are based on a calculation of the number of days\u2019 holiday earned during the year, but not yet taken. Deferred research and development tax credit (\u2018RDEC\u2019) relates to amounts received for capitalised development costs which cannot be recognised, see Note 4 for further details. Other creditors and accruals includes a number of other individually smaller accruals.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-667": { "value": "19. Other payables Separate to our trade payables and contract liabilities, which directly relate to our trading activities, our Other payables mostly comprises amounts payable to employees, or relating to employees. Balances at the end of the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Payroll taxes and social security
7,484
6,477
Performance bonuses
11,047
9,990\ue003
Holiday pay and retirement accruals
11,091
9,397\ue003
Indirect tax payable
5,278
5,163\ue003
Deferred research and development tax credit (\u2018RDEC\u2019)
1,131
\u2013
Other creditors and accruals
21,101
19,317
Total other payables
57,132
5
0,344\ue003
Holiday pay accruals are based on a calculation of the number of days\u2019 holiday earned during the year, but not yet taken. Deferred research and development tax credit (\u2018RDEC\u2019) relates to amounts received for capitalised development costs which cannot be recognised, see Note 4 for further details. Other creditors and accruals includes a number of other individually smaller accruals.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-646": { "value": "
20. Borrowings
The Group\u2019s only source of external borrowing is a fixed-interest loan facility in our Japanese subsidiary, entered into
to directly finance the purchase of a new distribution facility in Japan in FY2019.
Third-party borrowings at 30 June 2025 consist of a loan entered into on 31 May 2019 by Renishaw KK, with original principal of
JPY 1,447,000,000 (\u00a310,486,000). Principal of JPY 12,000,000 is repayable each month, with a fixed interest rate of 0.81% also paid
on monthly accretion for the first five years. This loan was extended for an additional five years in May 2024, with a fixed interest rate
of 1.41% payable for the remaining term, at which time the principal will have been repaid in full. There are no covenants attached
to this loan.
Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
3,522
4,694
Interest
49
36
Repayments
(794)
(799)
Currency adjustment
107
(409)
Balance at the end of the year
2,884
3,522
Borrowings are held at amortised cost. There is no significant difference between the book value and fair value of borrowings, which
is estimated by discounting contractual future cash flows, which represents level 2 of the fair value hierarchy defined in Note 25.
25. Financial instruments The Group has exposure to credit risk, liquidity risk and market risk arising from its use of financial instruments. This note presents information about the Group\u2019s exposure to these risks, along with the Group\u2019s objectives, policies and processes for measuring and managing the risks. Accounting policy The Group measures financial instruments such as forward exchange contracts at fair value at each balance sheet date in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value, as defined by IFRS 13 \u2018Fair Value Measurement\u2019, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This note provides detail on the IFRS 13 fair value hierarchy. Trade and other current receivables are initially recognised at fair value and are subsequently held at amortised cost less any provision for bad and doubtful debts and expected credit losses according to IFRS 9. Trade and other current payables are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities in the form of loans are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities are assessed for embedded derivatives and whether any such derivatives are closely related. If not closely related, such derivatives are accounted for at fair value in the Consolidated income statement. Foreign currency derivatives are used to manage risks arising from changes in foreign currency rates relating to overseas sales and foreign currency-denominated assets and liabilities. The Group does not enter into derivatives for speculative purposes. Foreign currency derivatives are stated at their fair value, being the estimated amount that the Group would pay or receive to terminate them at the balance sheet date, based on prevailing foreign currency rates. Changes in the fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in Other comprehensive income and in the Cash flow hedging reserve, and subsequently transferred to the carrying amount of the hedged item or the Consolidated income statement. Realised gains or losses on cash flow hedges are therefore recognised in the Consolidated income statement within revenue in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or when the hedging instrument or hedged item no longer qualify for hedge accounting. If the forecast transaction is still expected to occur, but is no longer highly probable, the cumulative gain or loss in the cash flow hedge reserve remains in that reserve until the transaction occurs. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Consolidated income statement. Changes in fair value of foreign currency derivatives, which are ineffective or do not meet the criteria for hedge accounting in IFRS 9, are recognised in the Consolidated income statement within Gains/losses from the fair value of financial instruments. In addition to derivatives held for cash flow hedging purposes, the Group uses short-term derivatives not designated as hedging instruments to offset gains and losses from exchange rate movements on foreign currency-denominated assets and liabilities. Gains and losses from currency movements on underlying assets and liabilities, realised gains and losses on these derivatives, and fair value gains and losses on outstanding derivatives of this nature are all recognised in Financial income and expenses in the Consolidated income statement. Key estimate \u2013 Estimates of highly probable forecasts of the hedged item Derivatives are effective for hedge accounting to the extent that the hedged item is \u2018highly probable\u2019 to occur, with \u2018highly probable\u2019 indicating a much greater likelihood of occurrence than the term \u2018more likely than not\u2019. Determining a highly probable sales forecast for Renishaw plc and Renishaw UK Sales Limited, being the hedged item, over a multiple year time period, requires judgement of the suitability of external and internal data sources and estimations of future sales. Fair value There is no significant difference between the fair value of financial assets and financial liabilities and their carrying value in the Consolidated balance sheet. All financial assets and liabilities are held at amortised cost, apart from the forward foreign currency exchange contracts, which are held at fair value, with changes going through the Consolidated income statement unless the contracts are subject to hedge accounting. The fair values of the forward foreign currency exchange contracts have been calculated by a third-party expert, discounting estimated future cash flows on the basis of market expectations of future exchange rates, representing level 2 in the IFRS 13 fair value hierarchy. The IFRS 13 level categorisation relates to the extent the fair value can be determined by reference to comparable market values. The classifications are: level 1 where instruments are quoted on an active market; level 2 where the assumptions used to arrive at fair value have comparable market data; and level 3 where the assumptions used to arrive at fair value do not have comparable market data.
Credit risk
The Group\u2019s liquid funds are substantially held with banks with high credit ratings and the credit risk relating to these funds is
therefore limited. The Group carries a credit risk relating to non-payment of trade receivables by its customers. The Group\u2019s policy
is that credit evaluations are carried out on all new customers before credit is given above certain thresholds. Risk is spread across
a large number of customers with no significant concentration with one customer or in any one geographical area. The Group
establishes an allowance for impairment in respect of trade receivables where recoverability is considered doubtful.
An analysis by currency of the Group\u2019s financial assets at the year end is as follows:
Trade and finance Cash and cash equivalents
lease receivables
Other receivables
and bank deposits
2025 2024 2025 2024 2025 2024
Currency \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Pound Sterling
17,076
17,258
30,438
24,807
223,491
168,781\ue003
US Dollar
50,034
57,209
970
1,613
11,322
8,261
Euro
30,669
3
0,699
3,525
2,320\ue003
5,153
10
,532
Chinese Yuan
13,592
11,179
512
574
17,0 69
11,284
Japanese Yen
13,181
13,135
136
144
2,730
3,358\ue003
Other
21,057
20,398
5,151
4,618
13,881
15
,619
145,609
14
9,878\ue003
40,732
3
4,076
273,646
217,835
The above Trade and finance lease receivables, Other receivables and Cash and cash equivalents and bank deposits are
predominantly held in the functional currency of the relevant entity, with the exception of \u00a313.2m (2024: \u00a321.3m) of US Dollar-
denominated trade receivables being held in Renishaw (Hong Kong) Limited and \u00a31.6m (2024: \u00a31.6m) of Euro-denominated trade
receivables being held in Renishaw UK Sales Limited, along with some foreign currency cash balances which are of a short-term nature.
The ageing of trade receivables past due at the end of the year was:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Past due zero to one month
13,601
13,25
0\ue003
Past due one to two months
5,935
7,76
3
Past due more than two months
8,538
13,041
Balance at the end of the year
28,074
4,054\ue003
3
Movements in the provision for impairment of trade receivables during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
4,479
3,438
Changes in amounts provided
3,215
2,264
Amounts used
(1,800)
(1,223)
Balance at the end of the year
5,894
4,479
The Group applies the simplified approach when measuring the expected credit loss for trade receivables, with a provision matrix
used to determine a lifetime expected credit loss.
For this provision matrix, trade receivables are grouped into credit risk categories, with category 1 being the lowest risk and
category 5 the highest. Risk scores are allocated to the customer\u2019s country of operation, their type (such as distributor, end user and
OEM), their industry and the proportion of their debt that was past due at the year-end. These scores are then weighted to produce
an overall risk score for the customer, with the lowest scores being allocated to category 1 and the highest scores to category 5.
The matrix then applies an expected credit loss rate to each category, with this rate being determined by adjusting the Group\u2019s
historical credit loss rates to reflect forward-looking information.
Where certain customers have been identified as having a significantly elevated credit risk these have been provided for on
a specific basis. Both elements of expected credit loss are shown in the matrix below and have been shown separately so as not
to distort the expected credit loss rate.
Risk category 1 Risk category 2 Risk category 3 Risk category 4 Risk category 5
2025
Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross trade receivables
14,397
31,663
82,780
5,518
\u2013
134,358
Expected credit loss rate
0.55%
0.61%
0.66%
0.71%
\u2013
0.52%
Expected credit loss allowance
80
192
531
39
\u2013
842
Specific loss allowance
\u2013
\u2013
4,730
322
\u2013
5,052
Total loss allowance
80
192
5,261
361
\u2013
5,894
Net trade receivables
14,317
31,471
7 7,519
5,157
\u2013
128,464
Risk category 1 Risk category 2 Risk category 3 Risk category 4 Risk category 5
2024
Total
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross trade receivables
14,215
38,781
84,049
1,508
\u2013
138,553
Expected credit loss rate
0.46%
0.50%
0.54%
0.58%
\u2013
0.52%
Expected credit loss allowance
65
193
447
9
\u2013
714
Specific loss allowance
\u2013
4
3,440
322
\u2013
3,766
Total loss allowance
65
197
3,887
331
\u2013
4,480
Net trade receivables
14,150
38,584
8 0,162
1,177
\u2013
134,073
Finance lease receivables are subject to the same approach as noted above for trade receivables.
Derivative assets are assessed based on the credit risk of the banks counterparty to the forward contracts.
Other receivables include mostly prepayments and indirect tax receivables. Prepayment balances are reviewed at each reporting
date to confirm that prepaid goods or services are still expected to be received, while tax balances are reviewed for recoverability.
Other receivables at the year end comprised:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Indirect tax receivable
10,959
7,206
Software maintenance
10,181
7,816
Grants
885
875
Research and development tax credit (\u2018RDEC\u2019)\ue003recoverable
1,224
4,969\ue003
Contract assets
1,509
309
Other prepayments
15,974
12,901
Total other receivables
40,732
3
4,076
The maximum exposure to credit risk is \u00a3482.2m (2024: \u00a3416.7m), comprising the Group\u2019s trade, finance and other receivables,
cash and cash equivalents and bank deposits, and derivative assets.
The maturities of non-current other receivables, being only derivatives, at the year end were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Receivable between one and two years
7,878
1,387
Receivable between two and five years
\u2013
\u2013
7,878
1,387
Liquidity risk
Our approach to managing liquidity is to ensure, as far as possible, that we will always have sufficient liquidity to meet our liabilities
when due, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. We use monthly cash flow forecasts
on a rolling 12-month basis to monitor cash requirements.
With Cash and cash equivalents and bank deposits at 30 June 2025 totalling \u00a3273.6m and \u00a3147.9m cash flows generated from
operating activities in the period, the Group remains in a strong liquidity position.
In respect of Cash and cash equivalents and bank deposits, the carrying value is materially the same as fair value because of the
short maturity of the bank deposits. Bank deposits are affected by interest rates that are either fixed or floating, which can change
over time, affecting the Group\u2019s interest income. A decrease of 1% in interest rates would result in a reduction in interest income
of approximately \u00a32.5m.
The contractual maturities of financial liabilities at the year end were:
Contractual cash flows
Carrying Effect of Gross
amount discounting maturities Up to 1 year 1-2 years 3-5 years
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade payables
25,943
\u2013
25,943
25,943
\u2013
\u2013
Other payables
57,132
\u2013
57,132
57,132
\u2013
\u2013
Borrowings
2,884
85
2,969
764
754
1,451
Forward exchange contracts
1,246
\u2013
1,246
150
1,096
\u2013
87, 205
85
87,2 90
83,989
1,850
1,451
Contractual cash flows
Carrying Effect of Gross
amount discounting maturities Up to 1 year 1-2 years 3-5 years
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade payables
21,
330
\u2013
21,330\ue003
21,330
\u2013
\u2013
Other payables
50,
344\ue003
\u2013
50
,344\ue003
50,
344\ue003
\u2013
\u2013
Borrowings
3,522\ue003
138
3,660
756
745
2,159
Forward exchange contracts
625
\u2013
625
448
177
\u2013
75,821\ue003
138
75,959
72,878\ue003
922
2,159
Market risk
The Group operates in several foreign currencies with the majority of sales being made in these non-Sterling currencies, but with
most manufacturing being undertaken in the UK, Ireland and India.
A large proportion of sales are made in US Dollar, Euro and Japanese Yen, therefore the Group enters into US Dollar, Euro and
Japanese Yen derivative financial instruments to manage its exposure to foreign currency risk, including:
i. forward foreign currency exchange contracts to hedge a significant proportion of the Group\u2019s forecasted US Dollar, Euro and
Japanese Yen revenues over the next 24 months; and
ii. one-month forward foreign currency exchange contracts to offset the gains/losses from exchange rate movements arising from
foreign currency-denominated intragroup balances of the Company held in US Dollar, Euro, Japanese Yen and Canadian Dollar.
The amounts of foreign currencies relating to these forward contracts and options are, in Sterling terms:
2025
2024
Nominal value Fair value Nominal value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
US Dollar
299,987
18,954
332,679
7,388
Euro
146,500
613
173,089
4,661
Japanese Yen
21,947
1,354
15,581
2,260
Canadian Dollar
5,133
56
\u2013
\u2013
473,567
20,977
521,349
14,309
The following are the exchange rates which have been applicable during the financial year:
2025
2024
Average Year end Average Average Year end\ue003 Average
forward exchange exchange forward exchange exchange
Currency contract rate rate rate contract rate rate rate
US Dollar
1.28
1.37
1.30
1.25
1.27
1.26
Euro
1.14
1.17
1.19
1.13
1.18
1.17
Japanese Yen
178
198
193
140
203
189
Canadian Dollar
1.85
1.87
1.82
\u2013
\u2013
\u2013
Hedging
In relation to the forward currency contracts in a designated cash flow hedge, the hedged item is a layer component of forecast
sales transactions. Forecast transactions are deemed highly probable to occur and Group policy is to hedge around 75% of net
foreign currency exposure for USD, EUR and JPY. The hedged item creates an exposure to receive USD, EUR or JPY, while the
forward contract is to sell USD, EUR or JPY and buy GBP. Therefore, there is a strong economic relationship between the
hedging instrument and the hedged item. The hedge ratio is 100%, such that, by way of example, \u00a310m nominal value of forward
currency contracts are used to hedge \u00a310m of forecast sales. Fair value gains or losses on the forward currency contracts are
offset by foreign currency gain or losses on the translation of USD, EUR and JPY based sales revenue, relative to the forward rate
at the date the forward contracts were arranged. Foreign currency exposures in HKD and USD are aggregated and only USD
forward currency contracts are used to hedge these currency exposures. Sources of hedge ineffectiveness according to IFRS 9
Financial Instruments include:
\u2014 changes in timing of the hedged item;
\u2014 reduction in the amount of the hedged sales considered to be highly probable;
\u2014 a change in the credit risk of Renishaw or the bank counterparty to the forward contract; and
\u2014 differences in assumptions used in calculating fair value.
No contracts have become ineffective during the period. A decrease of 10% in the highly probable forecasts would result in no
ineffective contracts.
For both the Group and the Company, the following table details the fair value of these forward foreign currency derivatives
according to the categorisations of instruments noted on page 155:
2025
2024
Nominal value Fair value Nominal value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Forward currency contracts in a designated cash flow hedge (i)
Non-current derivative assets
137,417
7,878
14 0,109
1,387
Current derivative assets
218,870
13,606
245,577
13,338
Current derivative liabilities
19,339
(37)
790
\u2013
Non-current derivative liabilities
33,559
(1,096)
54,852
(177)
409,185
20,351
441,328
14,548
Amounts recognised in the Consolidated statement of
comprehensive income and expense
\u2013
5,804
\u2013
5,812
Forward currency contracts not in a designated cash flow hedge (ii)
Current derivative assets
56,873
739
17,614
209
Current derivative liabilities
7,5 09
(113)
62,407
(448)
64,382
626
80,021
(239)
Amounts recognised in Financial income/(expense) in the
Consolidated income statement
\u2013
3,360
\u2013
318
Total forward contracts and options
Non-current derivative assets
137,417
7, 878
14 0,109
1,387
Current derivative assets
275,743
14,345
26 3,191
13,547
Current derivative liabilities
26,848
(150)
63,197
(448)
Non-current derivative liabilities
33,559
(1,096)
54,852
(177)
473,567
20,977
521,349
14,309
The total recognised in Revenue in the Consolidated income statement relating to cash flow hedges previously recognised through
Other comprehensive income amounted to \u00a319.2m gain (2024: \u00a30.1m gain).
For the Group\u2019s foreign currency forward contracts at the balance sheet date, if Sterling appreciated by 5% against the US Dollar,
Euro, Japanese Yen and Canadian Dollar, this would increase pre-tax equity by \u00a319.2m and increase profit before tax by \u00a33.1m,
while a depreciation of 5% would decrease pre-tax equity by \u00a321.3m and decrease profit before tax by \u00a33.4m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-668": { "value": "20. Borrowings The Group\u2019s only source of external borrowing is a fixed-interest loan facility in our Japanese subsidiary, entered into to directly finance the purchase of a new distribution facility in Japan in FY2019. Third-party borrowings at 30 June 2025 consist of a loan entered into on 31 May 2019 by Renishaw KK, with original principal of JPY 1,447,000,000 (\u00a310,486,000). Principal of JPY 12,000,000 is repayable each month, with a fixed interest rate of 0.81% also paid on monthly accretion for the first five years. This loan was extended for an additional five years in May 2024, with a fixed interest rate of 1.41% payable for the remaining term, at which time the principal will have been repaid in full. There are no covenants attached to this loan. Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
3,522
4,694
Interest
49
36
Repayments
(794)
(799)
Currency adjustment
107
(409)
Balance at the end of the year
2,884
3,522
Borrowings are held at amortised cost. There is no significant difference between the book value and fair value of borrowings, which is estimated by discounting contractual future cash flows, which represents level 2 of the fair value hierarchy defined in Note 25. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-647": { "value": "
22. Changes in liabilities arising from financing activities
1 July 2024
Cash flows
Other
Currency
30 June 2025
Lease liabilities
15,022
(4,284)
2,564
(541)
12,761
Borrowings
3,522
(794)
49
107
2,884
18,544
(5,078)
2,612
(434)
15,644
1 July 2023
Cash flows
Other
Currency
30 June 2024
Lease liabilities
8,633
(4,359)
10,9
67\ue003
(219)
15,022\ue003
Borrowings
4,694
(799)
36
(409)
3,522\ue003
13,327
(5,158)
11,003
(628)
18,544
See Notes 20 and 21 for further details on borrowing and leasing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-691": { "value": "22. Changes in liabilities arising from financing activities
1 July 2024
Cash flows
Other
Currency
30 June 2025
Lease liabilities
15,022
(4,284)
2,564
(541)
12,761
Borrowings
3,522
(794)
49
107
2,884
18,544
(5,078)
2,612
(434)
15,644
1 July 2023
Cash flows
Other
Currency
30 June 2024
Lease liabilities
8,633
(4,359)
10,9
67\ue003
(219)
15,022\ue003
Borrowings
4,694
(799)
36
(409)
3,522\ue003
13,327
(5,158)
11,003
(628)
18,544
See Notes 20 and 21 for further details on borrowing and leasing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-669": { "value": "22. Changes in liabilities arising from financing activities
1 July 2024
Cash flows
Other
Currency
30 June 2025
Lease liabilities
15,022
(4,284)
2,564
(541)
12,761
Borrowings
3,522
(794)
49
107
2,884
18,544
(5,078)
2,612
(434)
15,644
1 July 2023
Cash flows
Other
Currency
30 June 2024
Lease liabilities
8,633
(4,359)
10,9
67\ue003
(219)
15,022\ue003
Borrowings
4,694
(799)
36
(409)
3,522\ue003
13,327
(5,158)
11,003
(628)
18,544
See Notes 20 and 21 for further details on borrowing and leasing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-670": { "value": "23. Employee benefits The Group operates contributory pension schemes for UK, Ireland and German employees which are of the defined benefit type. The UK and Ireland schemes were closed to new members on 5 April 2007 and 31 December 2007 respectively, at which time they ceased any future accrual for existing members. The German scheme closed to new members on 30 June 2012, however the scheme is open to future accrual for existing members. The Group\u2019s largest defined benefit scheme is in the UK. Accounting policy Defined benefit pension schemes are managed by trustees who are independent of the Group finances. Investment assets of the schemes are measured at fair value using the bid price of the unitised investments, quoted by the investment manager, at the reporting date. For buy-in insurance contracts, where the income received from a policy matches exactly the benefit payments due to the members it is covering, the value attributable to the contract to be recognised as an asset is the equivalent IAS 19 value of the corresponding liabilities. Reimbursement assets are measured at fair value, quoted by the insurance company, at the reporting date. Reimbursement assets are not classified as a plan asset as they are not a qualifying insurance policy. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high- quality corporate bond of equivalent term and currency to the liability. Remeasurements arising from defined benefit schemes comprise actuarial gains and losses, the return on scheme assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Company recognises them immediately in Other comprehensive income and all other expenses related to defined benefit schemes are included in the Consolidated income statement. The pension schemes\u2019 surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the Consolidated balance sheet under Employee benefits. Where a guarantee is in place in relation to a pension scheme deficit, liabilities are reported in accordance with IFRIC 14 \u2018The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019. To the extent that contributions payable will not be available as a refund after they are paid into the plan, a liability is recognised at the point the obligation arises, which is the point at which the minimum funding guarantee is agreed. Overseas-based employees are covered by a combination of state, defined benefit and private pension schemes in their countries of residence. Actuarial valuations of overseas pension schemes were not obtained, apart from Ireland and Germany. For defined contribution schemes, the amount charged to the Consolidated income statement represents the contributions payable to the schemes in respect of the accounting period. Key estimate \u2013 Valuation of defined benefit pension schemes\u2019 liabilities Determining the value of the future defined benefit obligation requires estimation in respect of the assumptions used to determine the present values. These include future mortality, discount rate and inflation. Management makes these estimates in consultation with independent actuaries. Key judgement \u2013 Whether past service costs need to be recognised Management also need to determine the appropriate accounting treatment for past service costs, and do so in consultation with independent legal advisors and actuaries. The total pension cost of the Group for the year was \u00a329.3m (2024: \u00a327.9m), of which \u00a30.1m (2024: \u00a30.1m) related to Directors and \u00a36.2m (2024: \u00a36.5m) related to overseas schemes. The latest full actuarial valuation of the UK defined benefit pension scheme (\u2018UK scheme\u2019) was carried out as at 30 September 2021 and updated to 30 June 2025 by a qualified independent actuary. The full actuarial valuation as at 30 September 2024 is in progress. The Group operates a defined benefit pension scheme for certain employees within Germany. An error has been identified with the Group\u2019s classification of the German pension scheme as a defined contribution scheme, as opposed to a defined benefit scheme, following a request for funding from the pension scheme support fund. In line with IAS 8, the Group has restated balances as at 30 June 2024 and 1 July 2023. The actuarial valuation of the liabilities has been prepared by a qualified actuary. The mortality assumption used for FY2025 is the S3PxA base tables and CMI 2023 model, with long-term improvements of 1% per annum. Adjustments have been made to both the core base tables and CMI 2023 model to allow for the scheme\u2019s membership profile and best estimate assumptions of future mortality improvements. The CMI 2024 model was released on 30 June 2025, we will adopt this model as part of our mid-year accounting at 31 December 2025. Major assumptions used by actuaries for the UK, Ireland and German schemes were:
30 June 2025
30 June 2024
UK scheme
Ireland scheme
Germany scheme
UK scheme
Ireland scheme
Germany scheme
Discount rate
5.55%
4.00%
3.90%
5.10%
3.75%
3.70%
Rate of increase in pension payments
2.85%
2.25%
2.00%
2.95%
2.50%
2.00%
Rate of increase in salary
n/a
n/a
2.50%
n/a
n/a
2.50%
Inflation rate (RPI)
3.05%
2.25%
n/a
3.25%
2.50%
n/a
2.05%
1
2.25%
1
Inflation rate (CPI)
3.05%
2
2.25%
2.00%
3.25%
2
2.50%
2.00%
Retirement age
65
65
67
64
65
67
1 Pre-2030 2 Post-2030 The major assumptions used by actuaries for the German scheme to calculate the liability at 1 July 2023 were consistent with the assumptions used at 30 June 2024. The life expectancies from the retirement age of 65 for the UK scheme implied by the mortality assumption at age 65 and 45 are:
2025 2024
years years
Male currently aged 65
21.1
21.1
Female currently aged 65
23.5
23.5
Male currently aged 45
21.8
21.8
Female currently aged 45
24.4
24.4
The weighted average duration of the UK scheme obligation is around 15 years (2024: 16 years). The assets and liabilities in the defined benefit pension schemes were:
30 June % of 30 June % of
2025 total 2024 total
\u00a3\u2019000 assets \u00a3\u2019000 assets
Market value of assets:
Insurance contract
118,158
83
129,207
84
Credit and fixed income funds
7,924
6
9,268
6
Index linked gilts
5,815
4
1,269
1
Multi-asset funds
4,640
3
5,869
4
Equities
4,295
3
6,861
4
Cash and other
781
1
660
\u2013
141,613
100
153,134
100
Actuarial value of liabilities
(151,301)
(163,638)
\u2013
Deficit in the schemes
(9,688)
(10,504)
\u2013
Deferred tax thereon
3,748
3,746
\u2013
Note C.45 gives the analysis of the UK scheme. For the Ireland scheme, the market value of assets at the end of the year was \u00a314.8m (2024: \u00a314.0m) and the actuarial value of liabilities was \u00a311.0m (2024: \u00a311.9m). The UK scheme was in a net surplus position at 30 June 2025 totalling \u00a37.6m (2024: surplus \u00a38.7m), and is therefore presented in non-current assets in the Consolidated balance sheet. The Ireland scheme was in a net asset position at 30 June 2025 totalling \u00a33.8m (2024: \u00a32.1m), and is therefore also presented in non-current assets. For the German scheme, the actuarial value of liabilities was \u00a321.1m (2024: \u00a321.3m), which is presented gross in non-current liabilities. The German scheme does not have any plan assets, rather a reimbursement right asset of \u00a312.9m (2024: \u00a312.1m) which is separately disclosed in the Consolidated balance sheet in assets. During FY2024, the Trustee of the UK scheme undertook a buy-in and insured around 99% of the UK scheme\u2019s liabilities by purchasing an insurance policy. This contract was effective from 19 October 2023 and is held in the name of the Trustee. The value of the contract is recognised as a UK scheme asset for the purposes of IAS 19. In line with IAS 19.115, for a buy-in insurance contract such as this, where the income received from the policy matches exactly the benefit payments due to the members it is covering, the value attributable to the contract to be recognised as an asset is the equivalent IAS 19 value of the corresponding liabilities. Equities are held in externally-managed funds and primarily relate to UK and US equities. Credit and fixed income funds, and index linked gilts relate to UK, US and Eurozone government-linked securities, again held in externally-managed funds. The fair values of these equity and fixed income instruments are determined using the bid price of the unitised investments, quoted by the investment manager, at the reporting date and therefore represent level 2 of the fair value hierarchy defined in Note 25. Multi-asset funds are also held in externally-managed funds, with active asset allocation to diversify growth across asset classes such as equities, bonds and money-market instruments. The fair value of these funds is determined on a comparable basis to the equity and fixed income funds, and therefore are also level 2 assets. Cash and other at 30 June 2025 mostly comprises amounts held in a Sterling bank account, in which the principal is preserved and same day liquidity is available. No scheme assets are directly invested in the Group\u2019s own equity. The movements in the schemes\u2019 assets, liabilities and reimbursement right were:
Reimbursement
right Assets Liabilities Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
12,116
153,134
(163,638)
1,612
Contributions paid
\u2013
162
\u2013
162
Interest on pension schemes
\u2013
7,465
(6,962)
503
Remeasurement gain/(loss) under IAS 19
1,498
(12,267)
13,546
2,777
Scheme administration expenses
(705)
(1,128)
\u2013
(1,833)
Benefits paid
\u2013
(5,753)
5,753
\u2013
Balance at the end of the year
12,909
141,613
(151,301)
3,221
Reimbursement
right Assets Liabilities Total
Year ended 30 June 2024 \u00a3000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
11,348
196,329
(159,451)
48,226
Contributions paid
\u2013
161
\u2013
161
Interest on pension schemes
\u2013
9,581
(6,673)
2,908
Remeasurement gain/(loss) under IAS 19
768
(45,054)
(4,490)
(48,776)
Scheme administration expenses
\u2013
(907)
\u2013
(907)
Benefits paid
\u2013
(6,976)
6,976
\u2013
Balance at the end of the year
12,116
153,134
(163,638)
1,612
The analysis of the amount recognised in the Consolidated statement of comprehensive income and expense was:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Actuarial gain/(loss) arising from:
Changes in demographic assumptions
\u2013
35
Changes in financial assumptions
14,857
775
Experience adjustment
187
(4,532)
Return on plan assets excluding interest income
(12,267)
(45,054)
Total amount recognised in the Consolidated statement of comprehensive income and expense
2,777
(48,776)
The cumulative amount of actuarial gains and losses recognised in the Consolidated statement of comprehensive income and expense was a loss of \u00a363.9m (2024: loss of \u00a366.7m). The net surplus of the Group\u2019s defined benefit pension schemes, including the reimbursement right, on an IAS 19 basis, has increased from \u00a31.6m at 30 June 2024 to \u00a33.2m at 30 June 2025, primarily as a result of actuarial movements. For the UK scheme, the latest actuarial report prepared in September 2021 shows a deficit of \u00a352.8m, which is based on funding to self-sufficiency and uses prudent assumptions. IAS 19 requires best estimate assumptions to be used, resulting in the IAS 19 net surplus being higher than the actuarial deficit. The existing deficit funding plan for the UK scheme is in place until 30 June 2031, at which time any outstanding deficit will be paid. The agreement will end sooner if the actuarial deficit (calculated on a self-sufficiency basis) is eliminated in the meantime. The net book value of properties subject to fixed charges under this agreement at 30 June 2025 was \u00a348.7m (2024: \u00a345.9m). The charges may be enforced by the Trustees if one of the following occurs: (a) the Company does not pay funds into the scheme in line with the agreed plan; (b) an insolvency event occurs in relation to the Company; or (c) the Company does not pay any deficit at 30 June 2031. Under the Ireland defined benefit pension scheme deficit funding plan, a property owned by Renishaw Ireland (DAC) is subject to a registered fixed charge to secure the Ireland defined benefit pension scheme\u2019s deficit. For the UK scheme, a guide to the sensitivity of the value of the respective liabilities is as follows:
Variation
Approximate effect on liabilities
UK \u2013 discount rate
Increase/decrease by 0.5%
-\u00a310.2m/+\u00a311.4m
UK \u2013 future inflation
Increase/decrease by 0.5%
+\u00a37.7m/-\u00a37.8 m
UK \u2013 mortality
Increased/decreased life by one year
+\u00a35.7m/-\u00a34.5m
Benefits in the UK Fund are subject to a DC underpin at the point of retirement or transfer out. Historically, this has been allowed for in the accounts in a consistent manner to current administrative practice and the triennial funding valuations. During the buy-in process, it was identified that the drafting of the DC underpin in the UK Fund Rules may require that the DC underpin is applied in a manner which is different to the administrative practice which has been applied. The Trustee and Company are currently seeking legal clarification and advice on this issue, with the intention of correcting the Rules to match administrative practice. No allowance for this matter has been made in the 30 June 2025 financial statements, as management continue to assess it to be unlikely that there will be an increase in liabilities, and due to the uncertainty of legal treatment and therefore any potential impact on liabilities. In June 2023, the High Court ruled that certain historical amendments made to the rules of the Virgin Media pension scheme were invalid without the scheme\u2019s actuary having provided the associated Section 37 certificates. This judgment was upheld by the Court of Appeal in July 2024, which has implications on other schemes that were contracted-out on a salary-related basis, and made amendments between April 1997 and April 2016. The UK scheme was contracted out until 5 April 2007 and amendments were made during the relevant period and as such the ruling could have implications for the UK scheme. In June 2025, the UK Government announced it will introduce legislation to allow affected pension schemes to retrospectively obtain written actuarial confirmation that historical benefit changes met the necessary standards. The Company and the Trustees have commenced a review of all amending documents between 6 April 1997 and 5 April 2016 for the scheme to determine whether proper procedures were undertaken at the time of the amendments by the Trustees, actuaries and administrators. The Trustee and Company continue to seek legal advice on this matter and will act appropriately to obtain retrospective actuarial confirmation where appropriate. At the date of approving these financial statements, the possible implications, if any, for the UK scheme not having all Section 37 certificates have not been investigated in detail. Accordingly, no amendments for this matter have been included in the IAS 19 actuarial valuation as the impact, if any, cannot be reliably assessed. Reimbursement right The Group has recognised a reimbursement right in respect of its pension obligation for the German scheme. At 30 June 2025, the value of reimbursement right is \u00a312,909,000 (2024: \u00a312,116,000). This asset relates to an insurance policy that reimburses the Group for pension payments made to scheme members. The reimbursement right is not classified as a plan asset as it is not a qualifying insurance policy. The insurance policy is held with a regulated insurer and covers a portion of the pension benefits payable under the plan. The reimbursement right is considered virtually certain and has been measured at fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-648": { "value": "23. Employee benefits The Group operates contributory pension schemes for UK, Ireland and German employees which are of the defined benefit type. The UK and Ireland schemes were closed to new members on 5 April 2007 and 31 December 2007 respectively, at which time they ceased any future accrual for existing members. The German scheme closed to new members on 30 June 2012, however the scheme is open to future accrual for existing members. The Group\u2019s largest defined benefit scheme is in the UK. Accounting policy Defined benefit pension schemes are managed by trustees who are independent of the Group finances. Investment assets of the schemes are measured at fair value using the bid price of the unitised investments, quoted by the investment manager, at the reporting date. For buy-in insurance contracts, where the income received from a policy matches exactly the benefit payments due to the members it is covering, the value attributable to the contract to be recognised as an asset is the equivalent IAS 19 value of the corresponding liabilities. Reimbursement assets are measured at fair value, quoted by the insurance company, at the reporting date. Reimbursement assets are not classified as a plan asset as they are not a qualifying insurance policy. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high- quality corporate bond of equivalent term and currency to the liability. Remeasurements arising from defined benefit schemes comprise actuarial gains and losses, the return on scheme assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Company recognises them immediately in Other comprehensive income and all other expenses related to defined benefit schemes are included in the Consolidated income statement. The pension schemes\u2019 surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the Consolidated balance sheet under Employee benefits. Where a guarantee is in place in relation to a pension scheme deficit, liabilities are reported in accordance with IFRIC 14 \u2018The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019. To the extent that contributions payable will not be available as a refund after they are paid into the plan, a liability is recognised at the point the obligation arises, which is the point at which the minimum funding guarantee is agreed. Overseas-based employees are covered by a combination of state, defined benefit and private pension schemes in their countries of residence. Actuarial valuations of overseas pension schemes were not obtained, apart from Ireland and Germany. For defined contribution schemes, the amount charged to the Consolidated income statement represents the contributions payable to the schemes in respect of the accounting period. Key estimate \u2013 Valuation of defined benefit pension schemes\u2019 liabilities Determining the value of the future defined benefit obligation requires estimation in respect of the assumptions used to determine the present values. These include future mortality, discount rate and inflation. Management makes these estimates in consultation with independent actuaries. Key judgement \u2013 Whether past service costs need to be recognised Management also need to determine the appropriate accounting treatment for past service costs, and do so in consultation with independent legal advisors and actuaries. The total pension cost of the Group for the year was \u00a329.3m (2024: \u00a327.9m), of which \u00a30.1m (2024: \u00a30.1m) related to Directors and \u00a36.2m (2024: \u00a36.5m) related to overseas schemes. The latest full actuarial valuation of the UK defined benefit pension scheme (\u2018UK scheme\u2019) was carried out as at 30 September 2021 and updated to 30 June 2025 by a qualified independent actuary. The full actuarial valuation as at 30 September 2024 is in progress. The Group operates a defined benefit pension scheme for certain employees within Germany. An error has been identified with the Group\u2019s classification of the German pension scheme as a defined contribution scheme, as opposed to a defined benefit scheme, following a request for funding from the pension scheme support fund. In line with IAS 8, the Group has restated balances as at 30 June 2024 and 1 July 2023. The actuarial valuation of the liabilities has been prepared by a qualified actuary. The mortality assumption used for FY2025 is the S3PxA base tables and CMI 2023 model, with long-term improvements of 1% per annum. Adjustments have been made to both the core base tables and CMI 2023 model to allow for the scheme\u2019s membership profile and best estimate assumptions of future mortality improvements. The CMI 2024 model was released on 30 June 2025, we will adopt this model as part of our mid-year accounting at 31 December 2025.
Major assumptions used by actuaries for the UK, Ireland and German schemes were:
30 June 2025
30 June 2024
UK scheme
Ireland scheme
Germany scheme
UK scheme
Ireland scheme
Germany scheme
Discount rate
5.55%
4.00%
3.90%
5.10%
3.75%
3.70%
Rate of increase in pension payments
2.85%
2.25%
2.00%
2.95%
2.50%
2.00%
Rate of increase in salary
n/a
n/a
2.50%
n/a
n/a
2.50%
Inflation rate (RPI)
3.05%
2.25%
n/a
3.25%
2.50%
n/a
2.05%
1
2.25%
1
Inflation rate (CPI)
3.05%
2
2.25%
2.00%
3.25%
2
2.50%
2.00%
Retirement age
65
65
67
64
65
67
1 Pre-2030 2 Post-2030
The major assumptions used by actuaries for the German scheme to calculate the liability at 1 July 2023 were consistent with the
assumptions used at 30 June 2024.
The life expectancies from the retirement age of 65 for the UK scheme implied by the mortality assumption at age 65 and 45 are:
2025 2024
years years
Male currently aged 65
21.1
21.1
Female currently aged 65
23.5
23.5
Male currently aged 45
21.8
21.8
Female currently aged 45
24.4
24.4
The weighted average duration of the UK scheme obligation is around 15 years (2024: 16 years).
The assets and liabilities in the defined benefit pension schemes were:
30 June % of 30 June % of
2025 total 2024 total
\u00a3\u2019000 assets \u00a3\u2019000 assets
Market value of assets:
Insurance contract
118,158
83
129,207
84
Credit and fixed income funds
7,924
6
9,268
6
Index linked gilts
5,815
4
1,269
1
Multi-asset funds
4,640
3
5,869
4
Equities
4,295
3
6,861
4
Cash and other
781
1
660
\u2013
141,613
100
153,134
100
Actuarial value of liabilities
(151,301)
(163,638)
\u2013
Deficit in the schemes
(9,688)
(10,504)
\u2013
Deferred tax thereon
3,748
3,746
\u2013
Note C.45 gives the analysis of the UK scheme. For the Ireland scheme, the market value of assets at the end of the year was \u00a314.8m
(2024: \u00a314.0m) and the actuarial value of liabilities was \u00a311.0m (2024: \u00a311.9m). The UK scheme was in a net surplus position at
30 June 2025 totalling \u00a37.6m (2024: surplus \u00a38.7m), and is therefore presented in non-current assets in the Consolidated balance
sheet. The Ireland scheme was in a net asset position at 30 June 2025 totalling \u00a33.8m (2024: \u00a32.1m), and is therefore also presented
in non-current assets. For the German scheme, the actuarial value of liabilities was \u00a321.1m (2024: \u00a321.3m), which is presented
gross in non-current liabilities. The German scheme does not have any plan assets, rather a reimbursement right asset of \u00a312.9m
(2024: \u00a312.1m) which is separately disclosed in the Consolidated balance sheet in assets.
During FY2024, the Trustee of the UK scheme undertook a buy-in and insured around 99% of the UK scheme\u2019s liabilities by
purchasing an insurance policy. This contract was effective from 19 October 2023 and is held in the name of the Trustee. The value
of the contract is recognised as a UK scheme asset for the purposes of IAS 19. In line with IAS 19.115, for a buy-in insurance contract
such as this, where the income received from the policy matches exactly the benefit payments due to the members it is covering, the
value attributable to the contract to be recognised as an asset is the equivalent IAS 19 value of the corresponding liabilities.
Equities are held in externally-managed funds and primarily relate to UK and US equities. Credit and fixed income funds, and index
linked gilts relate to UK, US and Eurozone government-linked securities, again held in externally-managed funds. The fair values of
these equity and fixed income instruments are determined using the bid price of the unitised investments, quoted by the investment
manager, at the reporting date and therefore represent level 2 of the fair value hierarchy defined in Note 25. Multi-asset funds are
also held in externally-managed funds, with active asset allocation to diversify growth across asset classes such as equities, bonds
and money-market instruments. The fair value of these funds is determined on a comparable basis to the equity and fixed income
funds, and therefore are also level 2 assets. Cash and other at 30 June 2025 mostly comprises amounts held in a Sterling bank
account, in which the principal is preserved and same day liquidity is available.
No scheme assets are directly invested in the Group\u2019s own equity.
The movements in the schemes\u2019 assets, liabilities and reimbursement right were:
Reimbursement
right Assets Liabilities Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
12,116
153,134
(163,638)
1,612
Contributions paid
\u2013
162
\u2013
162
Interest on pension schemes
\u2013
7,465
(6,962)
503
Remeasurement gain/(loss) under IAS 19
1,498
(12,267)
13,546
2,777
Scheme administration expenses
(705)
(1,128)
\u2013
(1,833)
Benefits paid
\u2013
(5,753)
5,753
\u2013
Balance at the end of the year
12,909
141,613
(151,301)
3,221
Reimbursement
right Assets Liabilities Total
Year ended 30 June 2024 \u00a3000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
11,348
196,329
(159,451)
48,226
Contributions paid
\u2013
161
\u2013
161
Interest on pension schemes
\u2013
9,581
(6,673)
2,908
Remeasurement gain/(loss) under IAS 19
768
(45,054)
(4,490)
(48,776)
Scheme administration expenses
\u2013
(907)
\u2013
(907)
Benefits paid
\u2013
(6,976)
6,976
\u2013
Balance at the end of the year
12,116
153,134
(163,638)
1,612
The analysis of the amount recognised in the Consolidated statement of comprehensive income and expense was:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Actuarial gain/(loss) arising from:
Changes in demographic assumptions
\u2013
35
Changes in financial assumptions
14,857
775
Experience adjustment
187
(4,532)
Return on plan assets excluding interest income
(12,267)
(45,054)
Total amount recognised in the Consolidated statement of comprehensive income and expense
2,777
(48,776)
The cumulative amount of actuarial gains and losses recognised in the Consolidated statement of comprehensive income and
expense was a loss of \u00a363.9m (2024: loss of \u00a366.7m).
The net surplus of the Group\u2019s defined benefit pension schemes, including the reimbursement right, on an IAS 19 basis,
has increased from \u00a31.6m at 30 June 2024 to \u00a33.2m at 30 June 2025, primarily as a result of actuarial movements.
For the UK scheme, the latest actuarial report prepared in September 2021 shows a deficit of \u00a352.8m, which is based on funding
to self-sufficiency and uses prudent assumptions. IAS 19 requires best estimate assumptions to be used, resulting in the IAS 19 net
surplus being higher than the actuarial deficit.
The existing deficit funding plan for the UK scheme is in place until 30 June 2031, at which time any outstanding deficit will be paid.
The agreement will end sooner if the actuarial deficit (calculated on a self-sufficiency basis) is eliminated in the meantime. The net
book value of properties subject to fixed charges under this agreement at 30 June 2025 was \u00a348.7m (2024: \u00a345.9m).
The charges may be enforced by the Trustees if one of the following occurs: (a) the Company does not pay funds into the scheme
in line with the agreed plan; (b) an insolvency event occurs in relation to the Company; or (c) the Company does not pay any deficit
at 30 June 2031.
Under the Ireland defined benefit pension scheme deficit funding plan, a property owned by Renishaw Ireland (DAC) is subject
to a registered fixed charge to secure the Ireland defined benefit pension scheme\u2019s deficit.
For the UK scheme, a guide to the sensitivity of the value of the respective liabilities is as follows:
Variation
Approximate effect on liabilities
UK \u2013 discount rate
Increase/decrease by 0.5%
-\u00a310.2m/+\u00a311.4m
UK \u2013 future inflation
Increase/decrease by 0.5%
+\u00a37.7m/-\u00a37.8 m
UK \u2013 mortality
Increased/decreased life by one year
+\u00a35.7m/-\u00a34.5m
Benefits in the UK Fund are subject to a DC underpin at the point of retirement or transfer out. Historically, this has been allowed
for in the accounts in a consistent manner to current administrative practice and the triennial funding valuations. During the buy-in
process, it was identified that the drafting of the DC underpin in the UK Fund Rules may require that the DC underpin is applied in
a manner which is different to the administrative practice which has been applied. The Trustee and Company are currently seeking
legal clarification and advice on this issue, with the intention of correcting the Rules to match administrative practice. No allowance
for this matter has been made in the 30 June 2025 financial statements, as management continue to assess it to be unlikely that
there will be an increase in liabilities, and due to the uncertainty of legal treatment and therefore any potential impact on liabilities.
In June 2023, the High Court ruled that certain historical amendments made to the rules of the Virgin Media pension scheme were
invalid without the scheme\u2019s actuary having provided the associated Section 37 certificates. This judgment was upheld by the
Court of Appeal in July 2024, which has implications on other schemes that were contracted-out on a salary-related basis, and
made amendments between April 1997 and April 2016. The UK scheme was contracted out until 5 April 2007 and amendments
were made during the relevant period and as such the ruling could have implications for the UK scheme. In June 2025, the UK
Government announced it will introduce legislation to allow affected pension schemes to retrospectively obtain written actuarial
confirmation that historical benefit changes met the necessary standards. The Company and the Trustees have commenced a
review of all amending documents between 6 April 1997 and 5 April 2016 for the scheme to determine whether proper procedures
were undertaken at the time of the amendments by the Trustees, actuaries and administrators. The Trustee and Company continue
to seek legal advice on this matter and will act appropriately to obtain retrospective actuarial confirmation where appropriate.
At the date of approving these financial statements, the possible implications, if any, for the UK scheme not having all Section 37
certificates have not been investigated in detail. Accordingly, no amendments for this matter have been included in the IAS 19
actuarial valuation as the impact, if any, cannot be reliably assessed.
Reimbursement right
The Group has recognised a reimbursement right in respect of its pension obligation for the German scheme. At 30 June 2025, the
value of reimbursement right is \u00a312,909,000 (2024: \u00a312,116,000). This asset relates to an insurance policy that reimburses the Group
for pension payments made to scheme members. The reimbursement right is not classified as a plan asset as it is not a qualifying
insurance policy. The insurance policy is held with a regulated insurer and covers a portion of the pension benefits payable under
the plan. The reimbursement right is considered virtually certain and has been measured at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-713": { "value": "Accounting policy Defined benefit pension schemes are managed by trustees who are independent of the Group finances. Investment assets of the schemes are measured at fair value using the bid price of the unitised investments, quoted by the investment manager, at the reporting date. For buy-in insurance contracts, where the income received from a policy matches exactly the benefit payments due to the members it is covering, the value attributable to the contract to be recognised as an asset is the equivalent IAS 19 value of the corresponding liabilities. Reimbursement assets are measured at fair value, quoted by the insurance company, at the reporting date. Reimbursement assets are not classified as a plan asset as they are not a qualifying insurance policy. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high- quality corporate bond of equivalent term and currency to the liability. Remeasurements arising from defined benefit schemes comprise actuarial gains and losses, the return on scheme assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Company recognises them immediately in Other comprehensive income and all other expenses related to defined benefit schemes are included in the Consolidated income statement. The pension schemes\u2019 surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the Consolidated balance sheet under Employee benefits. Where a guarantee is in place in relation to a pension scheme deficit, liabilities are reported in accordance with IFRIC 14 \u2018The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019. To the extent that contributions payable will not be available as a refund after they are paid into the plan, a liability is recognised at the point the obligation arises, which is the point at which the minimum funding guarantee is agreed. Overseas-based employees are covered by a combination of state, defined benefit and private pension schemes in their countries of residence. Actuarial valuations of overseas pension schemes were not obtained, apart from Ireland and Germany. For defined contribution schemes, the amount charged to the Consolidated income statement represents the contributions payable to the schemes in respect of the accounting period. Key estimate \u2013 Valuation of defined benefit pension schemes\u2019 liabilities Determining the value of the future defined benefit obligation requires estimation in respect of the assumptions used to determine the present values. These include future mortality, discount rate and inflation. Management makes these estimates in consultation with independent actuaries. Key judgement \u2013 Whether past service costs need to be recognised Management also need to determine the appropriate accounting treatment for past service costs, and do so in consultation with independent legal advisors and actuaries. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-649": { "value": "24. Share-based payments The Group provides share-based payment arrangements to certain employees in accordance with the Renishaw plc deferred annual equity incentive plan. The Governance section provides information of how these awards are determined. Accounting policy Renishaw shares are granted in accordance with the Renishaw plc deferred annual equity incentive plan (the DAEIP). The share awards are subject only to continuing service of the employee and are equity settled. The fair value of the awards at the date of grant, which is estimated to be equal to the market value, is charged to the Consolidated income statement on a straight-line basis over a three-year vesting period, with appropriate adjustments made to reflect expected or actual forfeitures. The corresponding credit is to Other reserve. The number of shares to be awarded is calculated by dividing the relevant amount of annual bonus under the DAEIP by the average price of a share during a period determined by the Remuneration Committee of not more than five dealing days ending with the dealing day before the award date. These shares must be purchased on the open market and cannot be satisfied by issuance of new shares or transfer of existing treasury shares. The Renishaw Employee Benefit Trust (EBT) is responsible for purchasing shares on the open market on behalf of the Company to satisfy the DAEIP awards. These are held by the EBT until transferring to the employee, which will normally be on the third anniversary of the award date, subject to continued employment. Malus and clawback provisions can be operated by the Committee within five years of the award date. During the vesting period, no dividends are payable on the shares. However, upon vesting, employees will be entitled to additional shares or cash, equivalent to the value of dividends paid on the awarded shares during this period. This amount is accrued over the vesting period. Own shares held are recognised as an element in equity until they are transferred at the end of the vesting period, and such shares are excluded from earnings per share calculations. The total cost recognised in the FY2025 Consolidated income statement in respect of the DAEIP was \u00a30.8m (2024: \u00a30.9m). See Note 26 for reconciliations of amounts recognised in Equity. In accordance with the DAEIP, shares equivalent to \u00a30.9m (2024: \u00a30.2m) are to be awarded in respect of FY2025. See the Directors\u2019 Remuneration Report for further details of the DAEIP.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-714": { "value": "Accounting policy Renishaw shares are granted in accordance with the Renishaw plc deferred annual equity incentive plan (the DAEIP). The share awards are subject only to continuing service of the employee and are equity settled. The fair value of the awards at the date of grant, which is estimated to be equal to the market value, is charged to the Consolidated income statement on a straight-line basis over a three-year vesting period, with appropriate adjustments made to reflect expected or actual forfeitures. The corresponding credit is to Other reserve. The number of shares to be awarded is calculated by dividing the relevant amount of annual bonus under the DAEIP by the average price of a share during a period determined by the Remuneration Committee of not more than five dealing days ending with the dealing day before the award date. These shares must be purchased on the open market and cannot be satisfied by issuance of new shares or transfer of existing treasury shares. The Renishaw Employee Benefit Trust (EBT) is responsible for purchasing shares on the open market on behalf of the Company to satisfy the DAEIP awards. These are held by the EBT until transferring to the employee, which will normally be on the third anniversary of the award date, subject to continued employment. Malus and clawback provisions can be operated by the Committee within five years of the award date. During the vesting period, no dividends are payable on the shares. However, upon vesting, employees will be entitled to additional shares or cash, equivalent to the value of dividends paid on the awarded shares during this period. This amount is accrued over the vesting period. Own shares held are recognised as an element in equity until they are transferred at the end of the vesting period, and such shares are excluded from earnings per share calculations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-720": { "value": "Accounting policy The Group measures financial instruments such as forward exchange contracts at fair value at each balance sheet date in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value, as defined by IFRS 13 \u2018Fair Value Measurement\u2019, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This note provides detail on the IFRS 13 fair value hierarchy. Trade and other current receivables are initially recognised at fair value and are subsequently held at amortised cost less any provision for bad and doubtful debts and expected credit losses according to IFRS 9. Trade and other current payables are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities in the form of loans are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities are assessed for embedded derivatives and whether any such derivatives are closely related. If not closely related, such derivatives are accounted for at fair value in the Consolidated income statement. Foreign currency derivatives are used to manage risks arising from changes in foreign currency rates relating to overseas sales and foreign currency-denominated assets and liabilities. The Group does not enter into derivatives for speculative purposes. Foreign currency derivatives are stated at their fair value, being the estimated amount that the Group would pay or receive to terminate them at the balance sheet date, based on prevailing foreign currency rates. Changes in the fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in Other comprehensive income and in the Cash flow hedging reserve, and subsequently transferred to the carrying amount of the hedged item or the Consolidated income statement. Realised gains or losses on cash flow hedges are therefore recognised in the Consolidated income statement within revenue in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or when the hedging instrument or hedged item no longer qualify for hedge accounting. If the forecast transaction is still expected to occur, but is no longer highly probable, the cumulative gain or loss in the cash flow hedge reserve remains in that reserve until the transaction occurs. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Consolidated income statement. Changes in fair value of foreign currency derivatives, which are ineffective or do not meet the criteria for hedge accounting in IFRS 9, are recognised in the Consolidated income statement within Gains/losses from the fair value of financial instruments. In addition to derivatives held for cash flow hedging purposes, the Group uses short-term derivatives not designated as hedging instruments to offset gains and losses from exchange rate movements on foreign currency-denominated assets and liabilities. Gains and losses from currency movements on underlying assets and liabilities, realised gains and losses on these derivatives, and fair value gains and losses on outstanding derivatives of this nature are all recognised in Financial income and expenses in the Consolidated income statement. Key estimate \u2013 Estimates of highly probable forecasts of the hedged item Derivatives are effective for hedge accounting to the extent that the hedged item is \u2018highly probable\u2019 to occur, with \u2018highly probable\u2019 indicating a much greater likelihood of occurrence than the term \u2018more likely than not\u2019. Determining a highly probable sales forecast for Renishaw plc and Renishaw UK Sales Limited, being the hedged item, over a multiple year time period, requires judgement of the suitability of external and internal data sources and estimations of future sales. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-715": { "value": "Accounting policy The Group measures financial instruments such as forward exchange contracts at fair value at each balance sheet date in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value, as defined by IFRS 13 \u2018Fair Value Measurement\u2019, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This note provides detail on the IFRS 13 fair value hierarchy. Trade and other current receivables are initially recognised at fair value and are subsequently held at amortised cost less any provision for bad and doubtful debts and expected credit losses according to IFRS 9. Trade and other current payables are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities in the form of loans are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities are assessed for embedded derivatives and whether any such derivatives are closely related. If not closely related, such derivatives are accounted for at fair value in the Consolidated income statement. Foreign currency derivatives are used to manage risks arising from changes in foreign currency rates relating to overseas sales and foreign currency-denominated assets and liabilities. The Group does not enter into derivatives for speculative purposes. Foreign currency derivatives are stated at their fair value, being the estimated amount that the Group would pay or receive to terminate them at the balance sheet date, based on prevailing foreign currency rates. Changes in the fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in Other comprehensive income and in the Cash flow hedging reserve, and subsequently transferred to the carrying amount of the hedged item or the Consolidated income statement. Realised gains or losses on cash flow hedges are therefore recognised in the Consolidated income statement within revenue in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or when the hedging instrument or hedged item no longer qualify for hedge accounting. If the forecast transaction is still expected to occur, but is no longer highly probable, the cumulative gain or loss in the cash flow hedge reserve remains in that reserve until the transaction occurs. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Consolidated income statement. Changes in fair value of foreign currency derivatives, which are ineffective or do not meet the criteria for hedge accounting in IFRS 9, are recognised in the Consolidated income statement within Gains/losses from the fair value of financial instruments. In addition to derivatives held for cash flow hedging purposes, the Group uses short-term derivatives not designated as hedging instruments to offset gains and losses from exchange rate movements on foreign currency-denominated assets and liabilities. Gains and losses from currency movements on underlying assets and liabilities, realised gains and losses on these derivatives, and fair value gains and losses on outstanding derivatives of this nature are all recognised in Financial income and expenses in the Consolidated income statement. Key estimate \u2013 Estimates of highly probable forecasts of the hedged item Derivatives are effective for hedge accounting to the extent that the hedged item is \u2018highly probable\u2019 to occur, with \u2018highly probable\u2019 indicating a much greater likelihood of occurrence than the term \u2018more likely than not\u2019. Determining a highly probable sales forecast for Renishaw plc and Renishaw UK Sales Limited, being the hedged item, over a multiple year time period, requires judgement of the suitability of external and internal data sources and estimations of future sales. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-724": { "value": "Financial liabilities in the form of loans are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities are assessed for embedded derivatives and whether any such derivatives are closely related. If not closely related, such derivatives are accounted for at fair value in the Consolidated income statement. Foreign currency derivatives are used to manage risks arising from changes in foreign currency rates relating to overseas sales and foreign currency-denominated assets and liabilities. The Group does not enter into derivatives for speculative purposes. Foreign currency derivatives are stated at their fair value, being the estimated amount that the Group would pay or receive to terminate them at the balance sheet date, based on prevailing foreign currency rates. Changes in the fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in Other comprehensive income and in the Cash flow hedging reserve, and subsequently transferred to the carrying amount of the hedged item or the Consolidated income statement. Realised gains or losses on cash flow hedges are therefore recognised in the Consolidated income statement within revenue in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or when the hedging instrument or hedged item no longer qualify for hedge accounting. If the forecast transaction is still expected to occur, but is no longer highly probable, the cumulative gain or loss in the cash flow hedge reserve remains in that reserve until the transaction occurs. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Consolidated income statement. Changes in fair value of foreign currency derivatives, which are ineffective or do not meet the criteria for hedge accounting in IFRS 9, are recognised in the Consolidated income statement within Gains/losses from the fair value of financial instruments. In addition to derivatives held for cash flow hedging purposes, the Group uses short-term derivatives not designated as hedging instruments to offset gains and losses from exchange rate movements on foreign currency-denominated assets and liabilities. Gains and losses from currency movements on underlying assets and liabilities, realised gains and losses on these derivatives, and fair value gains and losses on outstanding derivatives of this nature are all recognised in Financial income and expenses in the Consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-723": { "value": "Financial liabilities in the form of loans are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities are assessed for embedded derivatives and whether any such derivatives are closely related. If not closely related, such derivatives are accounted for at fair value in the Consolidated income statement. Foreign currency derivatives are used to manage risks arising from changes in foreign currency rates relating to overseas sales and foreign currency-denominated assets and liabilities. The Group does not enter into derivatives for speculative purposes. Foreign currency derivatives are stated at their fair value, being the estimated amount that the Group would pay or receive to terminate them at the balance sheet date, based on prevailing foreign currency rates. Changes in the fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in Other comprehensive income and in the Cash flow hedging reserve, and subsequently transferred to the carrying amount of the hedged item or the Consolidated income statement. Realised gains or losses on cash flow hedges are therefore recognised in the Consolidated income statement within revenue in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or when the hedging instrument or hedged item no longer qualify for hedge accounting. If the forecast transaction is still expected to occur, but is no longer highly probable, the cumulative gain or loss in the cash flow hedge reserve remains in that reserve until the transaction occurs. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Consolidated income statement. Changes in fair value of foreign currency derivatives, which are ineffective or do not meet the criteria for hedge accounting in IFRS 9, are recognised in the Consolidated income statement within Gains/losses from the fair value of financial instruments. In addition to derivatives held for cash flow hedging purposes, the Group uses short-term derivatives not designated as hedging instruments to offset gains and losses from exchange rate movements on foreign currency-denominated assets and liabilities. Gains and losses from currency movements on underlying assets and liabilities, realised gains and losses on these derivatives, and fair value gains and losses on outstanding derivatives of this nature are all recognised in Financial income and expenses in the Consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-722": { "value": "Financial liabilities in the form of loans are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities are assessed for embedded derivatives and whether any such derivatives are closely related. If not closely related, such derivatives are accounted for at fair value in the Consolidated income statement. Foreign currency derivatives are used to manage risks arising from changes in foreign currency rates relating to overseas sales and foreign currency-denominated assets and liabilities. The Group does not enter into derivatives for speculative purposes. Foreign currency derivatives are stated at their fair value, being the estimated amount that the Group would pay or receive to terminate them at the balance sheet date, based on prevailing foreign currency rates. Changes in the fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in Other comprehensive income and in the Cash flow hedging reserve, and subsequently transferred to the carrying amount of the hedged item or the Consolidated income statement. Realised gains or losses on cash flow hedges are therefore recognised in the Consolidated income statement within revenue in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or when the hedging instrument or hedged item no longer qualify for hedge accounting. If the forecast transaction is still expected to occur, but is no longer highly probable, the cumulative gain or loss in the cash flow hedge reserve remains in that reserve until the transaction occurs. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Consolidated income statement. Changes in fair value of foreign currency derivatives, which are ineffective or do not meet the criteria for hedge accounting in IFRS 9, are recognised in the Consolidated income statement within Gains/losses from the fair value of financial instruments. In addition to derivatives held for cash flow hedging purposes, the Group uses short-term derivatives not designated as hedging instruments to offset gains and losses from exchange rate movements on foreign currency-denominated assets and liabilities. Gains and losses from currency movements on underlying assets and liabilities, realised gains and losses on these derivatives, and fair value gains and losses on outstanding derivatives of this nature are all recognised in Financial income and expenses in the Consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-671": { "value": "
Fair value
There is no significant difference between the fair value of financial assets and financial liabilities and their carrying value in the
Consolidated balance sheet. All financial assets and liabilities are held at amortised cost, apart from the forward foreign currency
exchange contracts, which are held at fair value, with changes going through the Consolidated income statement unless the
contracts are subject to hedge accounting.
The fair values of the forward foreign currency exchange contracts have been calculated by a third-party expert, discounting
estimated future cash flows on the basis of market expectations of future exchange rates, representing level 2 in the IFRS 13 fair
value hierarchy. The IFRS 13 level categorisation relates to the extent the fair value can be determined by reference to comparable
market values. The classifications are: level 1 where instruments are quoted on an active market; level 2 where the assumptions
used to arrive at fair value have comparable market data; and level 3 where the assumptions used to arrive at fair value do not have
comparable market data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-692": { "value": "Fair value There is no significant difference between the fair value of financial assets and financial liabilities and their carrying value in the Consolidated balance sheet. All financial assets and liabilities are held at amortised cost, apart from the forward foreign currency exchange contracts, which are held at fair value, with changes going through the Consolidated income statement unless the contracts are subject to hedge accounting. The fair values of the forward foreign currency exchange contracts have been calculated by a third-party expert, discounting estimated future cash flows on the basis of market expectations of future exchange rates, representing level 2 in the IFRS 13 fair value hierarchy. The IFRS 13 level categorisation relates to the extent the fair value can be determined by reference to comparable market values. The classifications are: level 1 where instruments are quoted on an active market; level 2 where the assumptions used to arrive at fair value have comparable market data; and level 3 where the assumptions used to arrive at fair value do not have comparable market data. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-693": { "value": "Credit risk The Group\u2019s liquid funds are substantially held with banks with high credit ratings and the credit risk relating to these funds is therefore limited. The Group carries a credit risk relating to non-payment of trade receivables by its customers. The Group\u2019s policy is that credit evaluations are carried out on all new customers before credit is given above certain thresholds. Risk is spread across a large number of customers with no significant concentration with one customer or in any one geographical area. The Group establishes an allowance for impairment in respect of trade receivables where recoverability is considered doubtful. An analysis by currency of the Group\u2019s financial assets at the year end is as follows:
Trade and finance Cash and cash equivalents
lease receivables
Other receivables
and bank deposits
2025 2024 2025 2024 2025 2024
Currency \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Pound Sterling
17,076
17,258
30,438
24,807
223,491
168,781\ue003
US Dollar
50,034
57,209
970
1,613
11,322
8,261
Euro
30,669
3
0,699
3,525
2,320\ue003
5,153
10
,532
Chinese Yuan
13,592
11,179
512
574
17,0 69
11,284
Japanese Yen
13,181
13,135
136
144
2,730
3,358\ue003
Other
21,057
20,398
5,151
4,618
13,881
15
,619
145,609
14
9,878\ue003
40,732
3
4,076
273,646
217,835
The above Trade and finance lease receivables, Other receivables and Cash and cash equivalents and bank deposits are predominantly held in the functional currency of the relevant entity, with the exception of \u00a313.2m (2024: \u00a321.3m) of US Dollar- denominated trade receivables being held in Renishaw (Hong Kong) Limited and \u00a31.6m (2024: \u00a31.6m) of Euro-denominated trade receivables being held in Renishaw UK Sales Limited, along with some foreign currency cash balances which are of a short-term nature. The ageing of trade receivables past due at the end of the year was:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Past due zero to one month
13,601
13,25
0\ue003
Past due one to two months
5,935
7,76
3
Past due more than two months
8,538
13,041
Balance at the end of the year
28,074
4,054\ue003
3
Movements in the provision for impairment of trade receivables during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
4,479
3,438
Changes in amounts provided
3,215
2,264
Amounts used
(1,800)
(1,223)
Balance at the end of the year
5,894
4,479
The Group applies the simplified approach when measuring the expected credit loss for trade receivables, with a provision matrix used to determine a lifetime expected credit loss. For this provision matrix, trade receivables are grouped into credit risk categories, with category 1 being the lowest risk and category 5 the highest. Risk scores are allocated to the customer\u2019s country of operation, their type (such as distributor, end user and OEM), their industry and the proportion of their debt that was past due at the year-end. These scores are then weighted to produce an overall risk score for the customer, with the lowest scores being allocated to category 1 and the highest scores to category 5. The matrix then applies an expected credit loss rate to each category, with this rate being determined by adjusting the Group\u2019s historical credit loss rates to reflect forward-looking information. Where certain customers have been identified as having a significantly elevated credit risk these have been provided for on a specific basis. Both elements of expected credit loss are shown in the matrix below and have been shown separately so as not to distort the expected credit loss rate.
Risk category 1 Risk category 2 Risk category 3 Risk category 4 Risk category 5
2025
Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross trade receivables
14,397
31,663
82,780
5,518
\u2013
134,358
Expected credit loss rate
0.55%
0.61%
0.66%
0.71%
\u2013
0.52%
Expected credit loss allowance
80
192
531
39
\u2013
842
Specific loss allowance
\u2013
\u2013
4,730
322
\u2013
5,052
Total loss allowance
80
192
5,261
361
\u2013
5,894
Net trade receivables
14,317
31,471
7 7,519
5,157
\u2013
128,464
Risk category 1 Risk category 2 Risk category 3 Risk category 4 Risk category 5
2024
Total
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross trade receivables
14,215
38,781
84,049
1,508
\u2013
138,553
Expected credit loss rate
0.46%
0.50%
0.54%
0.58%
\u2013
0.52%
Expected credit loss allowance
65
193
447
9
\u2013
714
Specific loss allowance
\u2013
4
3,440
322
\u2013
3,766
Total loss allowance
65
197
3,887
331
\u2013
4,480
Net trade receivables
14,150
38,584
8 0,162
1,177
\u2013
134,073
Finance lease receivables are subject to the same approach as noted above for trade receivables. Derivative assets are assessed based on the credit risk of the banks counterparty to the forward contracts. Other receivables include mostly prepayments and indirect tax receivables. Prepayment balances are reviewed at each reporting date to confirm that prepaid goods or services are still expected to be received, while tax balances are reviewed for recoverability. Other receivables at the year end comprised:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Indirect tax receivable
10,959
7,206
Software maintenance
10,181
7,816
Grants
885
875
Research and development tax credit (\u2018RDEC\u2019)\ue003recoverable
1,224
4,969\ue003
Contract assets
1,509
309
Other prepayments
15,974
12,901
Total other receivables
40,732
3
4,076
The maximum exposure to credit risk is \u00a3482.2m (2024: \u00a3416.7m), comprising the Group\u2019s trade, finance and other receivables, cash and cash equivalents and bank deposits, and derivative assets. The maturities of non-current other receivables, being only derivatives, at the year end were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Receivable between one and two years
7,878
1,387
Receivable between two and five years
\u2013
\u2013
7,878
1,387
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-672": { "value": "Credit risk The Group\u2019s liquid funds are substantially held with banks with high credit ratings and the credit risk relating to these funds is therefore limited. The Group carries a credit risk relating to non-payment of trade receivables by its customers. The Group\u2019s policy is that credit evaluations are carried out on all new customers before credit is given above certain thresholds. Risk is spread across a large number of customers with no significant concentration with one customer or in any one geographical area. The Group establishes an allowance for impairment in respect of trade receivables where recoverability is considered doubtful. An analysis by currency of the Group\u2019s financial assets at the year end is as follows:
Trade and finance Cash and cash equivalents
lease receivables
Other receivables
and bank deposits
2025 2024 2025 2024 2025 2024
Currency \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Pound Sterling
17,076
17,258
30,438
24,807
223,491
168,781\ue003
US Dollar
50,034
57,209
970
1,613
11,322
8,261
Euro
30,669
3
0,699
3,525
2,320\ue003
5,153
10
,532
Chinese Yuan
13,592
11,179
512
574
17,0 69
11,284
Japanese Yen
13,181
13,135
136
144
2,730
3,358\ue003
Other
21,057
20,398
5,151
4,618
13,881
15
,619
145,609
14
9,878\ue003
40,732
3
4,076
273,646
217,835
The above Trade and finance lease receivables, Other receivables and Cash and cash equivalents and bank deposits are predominantly held in the functional currency of the relevant entity, with the exception of \u00a313.2m (2024: \u00a321.3m) of US Dollar- denominated trade receivables being held in Renishaw (Hong Kong) Limited and \u00a31.6m (2024: \u00a31.6m) of Euro-denominated trade receivables being held in Renishaw UK Sales Limited, along with some foreign currency cash balances which are of a short-term nature. The ageing of trade receivables past due at the end of the year was:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Past due zero to one month
13,601
13,25
0\ue003
Past due one to two months
5,935
7,76
3
Past due more than two months
8,538
13,041
Balance at the end of the year
28,074
4,054\ue003
3
Movements in the provision for impairment of trade receivables during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
4,479
3,438
Changes in amounts provided
3,215
2,264
Amounts used
(1,800)
(1,223)
Balance at the end of the year
5,894
4,479
The Group applies the simplified approach when measuring the expected credit loss for trade receivables, with a provision matrix used to determine a lifetime expected credit loss. For this provision matrix, trade receivables are grouped into credit risk categories, with category 1 being the lowest risk and category 5 the highest. Risk scores are allocated to the customer\u2019s country of operation, their type (such as distributor, end user and OEM), their industry and the proportion of their debt that was past due at the year-end. These scores are then weighted to produce an overall risk score for the customer, with the lowest scores being allocated to category 1 and the highest scores to category 5. The matrix then applies an expected credit loss rate to each category, with this rate being determined by adjusting the Group\u2019s historical credit loss rates to reflect forward-looking information. Where certain customers have been identified as having a significantly elevated credit risk these have been provided for on a specific basis. Both elements of expected credit loss are shown in the matrix below and have been shown separately so as not to distort the expected credit loss rate.
Risk category 1 Risk category 2 Risk category 3 Risk category 4 Risk category 5
2025
Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross trade receivables
14,397
31,663
82,780
5,518
\u2013
134,358
Expected credit loss rate
0.55%
0.61%
0.66%
0.71%
\u2013
0.52%
Expected credit loss allowance
80
192
531
39
\u2013
842
Specific loss allowance
\u2013
\u2013
4,730
322
\u2013
5,052
Total loss allowance
80
192
5,261
361
\u2013
5,894
Net trade receivables
14,317
31,471
7 7,519
5,157
\u2013
128,464
Risk category 1 Risk category 2 Risk category 3 Risk category 4 Risk category 5
2024
Total
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross trade receivables
14,215
38,781
84,049
1,508
\u2013
138,553
Expected credit loss rate
0.46%
0.50%
0.54%
0.58%
\u2013
0.52%
Expected credit loss allowance
65
193
447
9
\u2013
714
Specific loss allowance
\u2013
4
3,440
322
\u2013
3,766
Total loss allowance
65
197
3,887
331
\u2013
4,480
Net trade receivables
14,150
38,584
8 0,162
1,177
\u2013
134,073
Finance lease receivables are subject to the same approach as noted above for trade receivables. Derivative assets are assessed based on the credit risk of the banks counterparty to the forward contracts. Other receivables include mostly prepayments and indirect tax receivables. Prepayment balances are reviewed at each reporting date to confirm that prepaid goods or services are still expected to be received, while tax balances are reviewed for recoverability. Other receivables at the year end comprised:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Indirect tax receivable
10,959
7,206
Software maintenance
10,181
7,816
Grants
885
875
Research and development tax credit (\u2018RDEC\u2019)\ue003recoverable
1,224
4,969\ue003
Contract assets
1,509
309
Other prepayments
15,974
12,901
Total other receivables
40,732
3
4,076
The maximum exposure to credit risk is \u00a3482.2m (2024: \u00a3416.7m), comprising the Group\u2019s trade, finance and other receivables, cash and cash equivalents and bank deposits, and derivative assets. The maturities of non-current other receivables, being only derivatives, at the year end were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Receivable between one and two years
7,878
1,387
Receivable between two and five years
\u2013
\u2013
7,878
1,387
Liquidity risk Our approach to managing liquidity is to ensure, as far as possible, that we will always have sufficient liquidity to meet our liabilities when due, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. We use monthly cash flow forecasts on a rolling 12-month basis to monitor cash requirements. With Cash and cash equivalents and bank deposits at 30 June 2025 totalling \u00a3273.6m and \u00a3147.9m cash flows generated from operating activities in the period, the Group remains in a strong liquidity position. In respect of Cash and cash equivalents and bank deposits, the carrying value is materially the same as fair value because of the short maturity of the bank deposits. Bank deposits are affected by interest rates that are either fixed or floating, which can change over time, affecting the Group\u2019s interest income. A decrease of 1% in interest rates would result in a reduction in interest income of approximately \u00a32.5m. The contractual maturities of financial liabilities at the year end were:
Contractual cash flows
Carrying Effect of Gross
amount discounting maturities Up to 1 year 1-2 years 3-5 years
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade payables
25,943
\u2013
25,943
25,943
\u2013
\u2013
Other payables
57,132
\u2013
57,132
57,132
\u2013
\u2013
Borrowings
2,884
85
2,969
764
754
1,451
Forward exchange contracts
1,246
\u2013
1,246
150
1,096
\u2013
87, 205
85
87,2 90
83,989
1,850
1,451
Contractual cash flows
Carrying Effect of Gross
amount discounting maturities Up to 1 year 1-2 years 3-5 years
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade payables
21,
330
\u2013
21,330\ue003
21,330
\u2013
\u2013
Other payables
50,
344\ue003
\u2013
50
,344\ue003
50,
344\ue003
\u2013
\u2013
Borrowings
3,522\ue003
138
3,660
756
745
2,159
Forward exchange contracts
625
\u2013
625
448
177
\u2013
75,821\ue003
138
75,959
72,878\ue003
922
2,159
Market risk The Group operates in several foreign currencies with the majority of sales being made in these non-Sterling currencies, but with most manufacturing being undertaken in the UK, Ireland and India. A large proportion of sales are made in US Dollar, Euro and Japanese Yen, therefore the Group enters into US Dollar, Euro and Japanese Yen derivative financial instruments to manage its exposure to foreign currency risk, including: i. forward foreign currency exchange contracts to hedge a significant proportion of the Group\u2019s forecasted US Dollar, Euro and Japanese Yen revenues over the next 24 months; and ii. one-month forward foreign currency exchange contracts to offset the gains/losses from exchange rate movements arising from foreign currency-denominated intragroup balances of the Company held in US Dollar, Euro, Japanese Yen and Canadian Dollar. The amounts of foreign currencies relating to these forward contracts and options are, in Sterling terms:
2025
2024
Nominal value Fair value Nominal value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
US Dollar
299,987
18,954
332,679
7,388
Euro
146,500
613
173,089
4,661
Japanese Yen
21,947
1,354
15,581
2,260
Canadian Dollar
5,133
56
\u2013
\u2013
473,567
20,977
521,349
14,309
The following are the exchange rates which have been applicable during the financial year:
2025
2024
Average Year end Average Average Year end\ue003 Average
forward exchange exchange forward exchange exchange
Currency contract rate rate rate contract rate rate rate
US Dollar
1.28
1.37
1.30
1.25
1.27
1.26
Euro
1.14
1.17
1.19
1.13
1.18
1.17
Japanese Yen
178
198
193
140
203
189
Canadian Dollar
1.85
1.87
1.82
\u2013
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-699": { "value": "Where certain customers have been identified as having a significantly elevated credit risk these have been provided for on a specific basis. Both elements of expected credit loss are shown in the matrix below and have been shown separately so as not to distort the expected credit loss rate.
Risk category 1 Risk category 2 Risk category 3 Risk category 4 Risk category 5
2025
Total
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross trade receivables
14,397
31,663
82,780
5,518
\u2013
134,358
Expected credit loss rate
0.55%
0.61%
0.66%
0.71%
\u2013
0.52%
Expected credit loss allowance
80
192
531
39
\u2013
842
Specific loss allowance
\u2013
\u2013
4,730
322
\u2013
5,052
Total loss allowance
80
192
5,261
361
\u2013
5,894
Net trade receivables
14,317
31,471
7 7,519
5,157
\u2013
128,464
Risk category 1 Risk category 2 Risk category 3 Risk category 4 Risk category 5
2024
Total
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross trade receivables
14,215
38,781
84,049
1,508
\u2013
138,553
Expected credit loss rate
0.46%
0.50%
0.54%
0.58%
\u2013
0.52%
Expected credit loss allowance
65
193
447
9
\u2013
714
Specific loss allowance
\u2013
4
3,440
322
\u2013
3,766
Total loss allowance
65
197
3,887
331
\u2013
4,480
Net trade receivables
14,150
38,584
8 0,162
1,177
\u2013
134,073
Finance lease receivables are subject to the same approach as noted above for trade receivables. Derivative assets are assessed based on the credit risk of the banks counterparty to the forward contracts. Other receivables include mostly prepayments and indirect tax receivables. Prepayment balances are reviewed at each reporting date to confirm that prepaid goods or services are still expected to be received, while tax balances are reviewed for recoverability. Other receivables at the year end comprised:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Indirect tax receivable
10,959
7,206
Software maintenance
10,181
7,816
Grants
885
875
Research and development tax credit (\u2018RDEC\u2019)\ue003recoverable
1,224
4,969\ue003
Contract assets
1,509
309
Other prepayments
15,974
12,901
Total other receivables
40,732
3
4,076
The maximum exposure to credit risk is \u00a3482.2m (2024: \u00a3416.7m), comprising the Group\u2019s trade, finance and other receivables, cash and cash equivalents and bank deposits, and derivative assets. The maturities of non-current other receivables, being only derivatives, at the year end were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Receivable between one and two years
7,878
1,387
Receivable between two and five years
\u2013
\u2013
7,878
1,387
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-694": { "value": "Liquidity risk Our approach to managing liquidity is to ensure, as far as possible, that we will always have sufficient liquidity to meet our liabilities when due, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. We use monthly cash flow forecasts on a rolling 12-month basis to monitor cash requirements. With Cash and cash equivalents and bank deposits at 30 June 2025 totalling \u00a3273.6m and \u00a3147.9m cash flows generated from operating activities in the period, the Group remains in a strong liquidity position. In respect of Cash and cash equivalents and bank deposits, the carrying value is materially the same as fair value because of the short maturity of the bank deposits. Bank deposits are affected by interest rates that are either fixed or floating, which can change over time, affecting the Group\u2019s interest income. A decrease of 1% in interest rates would result in a reduction in interest income of approximately \u00a32.5m. The contractual maturities of financial liabilities at the year end were:
Contractual cash flows
Carrying Effect of Gross
amount discounting maturities Up to 1 year 1-2 years 3-5 years
Year ended 30 June 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade payables
25,943
\u2013
25,943
25,943
\u2013
\u2013
Other payables
57,132
\u2013
57,132
57,132
\u2013
\u2013
Borrowings
2,884
85
2,969
764
754
1,451
Forward exchange contracts
1,246
\u2013
1,246
150
1,096
\u2013
87, 205
85
87,2 90
83,989
1,850
1,451
Contractual cash flows
Carrying Effect of Gross
amount discounting maturities Up to 1 year 1-2 years 3-5 years
Year ended 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade payables
21,
330
\u2013
21,330\ue003
21,330
\u2013
\u2013
Other payables
50,
344\ue003
\u2013
50
,344\ue003
50,
344\ue003
\u2013
\u2013
Borrowings
3,522\ue003
138
3,660
756
745
2,159
Forward exchange contracts
625
\u2013
625
448
177
\u2013
75,821\ue003
138
75,959
72,878\ue003
922
2,159
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-695": { "value": "Market risk The Group operates in several foreign currencies with the majority of sales being made in these non-Sterling currencies, but with most manufacturing being undertaken in the UK, Ireland and India. A large proportion of sales are made in US Dollar, Euro and Japanese Yen, therefore the Group enters into US Dollar, Euro and Japanese Yen derivative financial instruments to manage its exposure to foreign currency risk, including: i. forward foreign currency exchange contracts to hedge a significant proportion of the Group\u2019s forecasted US Dollar, Euro and Japanese Yen revenues over the next 24 months; and ii. one-month forward foreign currency exchange contracts to offset the gains/losses from exchange rate movements arising from foreign currency-denominated intragroup balances of the Company held in US Dollar, Euro, Japanese Yen and Canadian Dollar. The amounts of foreign currencies relating to these forward contracts and options are, in Sterling terms:
2025
2024
Nominal value Fair value Nominal value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
US Dollar
299,987
18,954
332,679
7,388
Euro
146,500
613
173,089
4,661
Japanese Yen
21,947
1,354
15,581
2,260
Canadian Dollar
5,133
56
\u2013
\u2013
473,567
20,977
521,349
14,309
The following are the exchange rates which have been applicable during the financial year:
2025
2024
Average Year end Average Average Year end\ue003 Average
forward exchange exchange forward exchange exchange
Currency contract rate rate rate contract rate rate rate
US Dollar
1.28
1.37
1.30
1.25
1.27
1.26
Euro
1.14
1.17
1.19
1.13
1.18
1.17
Japanese Yen
178
198
193
140
203
189
Canadian Dollar
1.85
1.87
1.82
\u2013
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-673": { "value": "Hedging In relation to the forward currency contracts in a designated cash flow hedge, the hedged item is a layer component of forecast sales transactions. Forecast transactions are deemed highly probable to occur and Group policy is to hedge around 75% of net foreign currency exposure for USD, EUR and JPY. The hedged item creates an exposure to receive USD, EUR or JPY, while the forward contract is to sell USD, EUR or JPY and buy GBP. Therefore, there is a strong economic relationship between the hedging instrument and the hedged item. The hedge ratio is 100%, such that, by way of example, \u00a310m nominal value of forward currency contracts are used to hedge \u00a310m of forecast sales. Fair value gains or losses on the forward currency contracts are offset by foreign currency gain or losses on the translation of USD, EUR and JPY based sales revenue, relative to the forward rate at the date the forward contracts were arranged. Foreign currency exposures in HKD and USD are aggregated and only USD forward currency contracts are used to hedge these currency exposures. Sources of hedge ineffectiveness according to IFRS 9 Financial Instruments include: \u2014 changes in timing of the hedged item; \u2014 reduction in the amount of the hedged sales considered to be highly probable; \u2014 a change in the credit risk of Renishaw or the bank counterparty to the forward contract; and \u2014 differences in assumptions used in calculating fair value. No contracts have become ineffective during the period. A decrease of 10% in the highly probable forecasts would result in no ineffective contracts. For both the Group and the Company, the following table details the fair value of these forward foreign currency derivatives according to the categorisations of instruments noted on page 155:
2025
2024
Nominal value Fair value Nominal value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Forward currency contracts in a designated cash flow hedge (i)
Non-current derivative assets
137,417
7,878
14 0,109
1,387
Current derivative assets
218,870
13,606
245,577
13,338
Current derivative liabilities
19,339
(37)
790
\u2013
Non-current derivative liabilities
33,559
(1,096)
54,852
(177)
409,185
20,351
441,328
14,548
Amounts recognised in the Consolidated statement of
comprehensive income and expense
\u2013
5,804
\u2013
5,812
Forward currency contracts not in a designated cash flow hedge (ii)
Current derivative assets
56,873
739
17,614
209
Current derivative liabilities
7,5 09
(113)
62,407
(448)
64,382
626
80,021
(239)
Amounts recognised in Financial income/(expense) in the
Consolidated income statement
\u2013
3,360
\u2013
318
Total forward contracts and options
Non-current derivative assets
137,417
7, 878
14 0,109
1,387
Current derivative assets
275,743
14,345
26 3,191
13,547
Current derivative liabilities
26,848
(150)
63,197
(448)
Non-current derivative liabilities
33,559
(1,096)
54,852
(177)
473,567
20,977
521,349
14,309
The total recognised in Revenue in the Consolidated income statement relating to cash flow hedges previously recognised through Other comprehensive income amounted to \u00a319.2m gain (2024: \u00a30.1m gain). For the Group\u2019s foreign currency forward contracts at the balance sheet date, if Sterling appreciated by 5% against the US Dollar, Euro, Japanese Yen and Canadian Dollar, this would increase pre-tax equity by \u00a319.2m and increase profit before tax by \u00a33.1m, while a depreciation of 5% would decrease pre-tax equity by \u00a321.3m and decrease profit before tax by \u00a33.4m.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-696": { "value": "Hedging In relation to the forward currency contracts in a designated cash flow hedge, the hedged item is a layer component of forecast sales transactions. Forecast transactions are deemed highly probable to occur and Group policy is to hedge around 75% of net foreign currency exposure for USD, EUR and JPY. The hedged item creates an exposure to receive USD, EUR or JPY, while the forward contract is to sell USD, EUR or JPY and buy GBP. Therefore, there is a strong economic relationship between the hedging instrument and the hedged item. The hedge ratio is 100%, such that, by way of example, \u00a310m nominal value of forward currency contracts are used to hedge \u00a310m of forecast sales. Fair value gains or losses on the forward currency contracts are offset by foreign currency gain or losses on the translation of USD, EUR and JPY based sales revenue, relative to the forward rate at the date the forward contracts were arranged. Foreign currency exposures in HKD and USD are aggregated and only USD forward currency contracts are used to hedge these currency exposures. Sources of hedge ineffectiveness according to IFRS 9 Financial Instruments include: \u2014 changes in timing of the hedged item; \u2014 reduction in the amount of the hedged sales considered to be highly probable; \u2014 a change in the credit risk of Renishaw or the bank counterparty to the forward contract; and \u2014 differences in assumptions used in calculating fair value. No contracts have become ineffective during the period. A decrease of 10% in the highly probable forecasts would result in no ineffective contracts. For both the Group and the Company, the following table details the fair value of these forward foreign currency derivatives according to the categorisations of instruments noted on page 155:
2025
2024
Nominal value Fair value Nominal value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Forward currency contracts in a designated cash flow hedge (i)
Non-current derivative assets
137,417
7,878
14 0,109
1,387
Current derivative assets
218,870
13,606
245,577
13,338
Current derivative liabilities
19,339
(37)
790
\u2013
Non-current derivative liabilities
33,559
(1,096)
54,852
(177)
409,185
20,351
441,328
14,548
Amounts recognised in the Consolidated statement of
comprehensive income and expense
\u2013
5,804
\u2013
5,812
Forward currency contracts not in a designated cash flow hedge (ii)
Current derivative assets
56,873
739
17,614
209
Current derivative liabilities
7,5 09
(113)
62,407
(448)
64,382
626
80,021
(239)
Amounts recognised in Financial income/(expense) in the
Consolidated income statement
\u2013
3,360
\u2013
318
Total forward contracts and options
Non-current derivative assets
137,417
7, 878
14 0,109
1,387
Current derivative assets
275,743
14,345
26 3,191
13,547
Current derivative liabilities
26,848
(150)
63,197
(448)
Non-current derivative liabilities
33,559
(1,096)
54,852
(177)
473,567
20,977
521,349
14,309
The total recognised in Revenue in the Consolidated income statement relating to cash flow hedges previously recognised through Other comprehensive income amounted to \u00a319.2m gain (2024: \u00a30.1m gain). For the Group\u2019s foreign currency forward contracts at the balance sheet date, if Sterling appreciated by 5% against the US Dollar, Euro, Japanese Yen and Canadian Dollar, this would increase pre-tax equity by \u00a319.2m and increase profit before tax by \u00a33.1m, while a depreciation of 5% would decrease pre-tax equity by \u00a321.3m and decrease profit before tax by \u00a33.4m.", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-650": { "value": "26. Share capital and reserves The Group defines capital as being the equity attributable to the owners of the Company, which is captioned on the Consolidated balance sheet. The Board\u2019s policy is to maintain a strong capital base, ensuring the security of the Group, and to maintain a balance between returns to shareholders, with a progressive dividend policy. This note presents figures relating to this capital management, along with an analysis of all elements of Equity attributable to shareholders and non-controlling interests. Share capital
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Allotted, called-up and fully paid 72,788,543 ordinary shares of 20p each
14,558
14,558
The ordinary shares are the only class of share in the Company. Holders of ordinary shares are entitled to vote at general meetings of the Company and receive dividends as declared. The Articles of Association of the Company do not contain any restrictions on the transfer of shares nor on voting rights. Dividends paid Dividends paid comprised:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
FY2024 final dividend paid of 59.4p per share (2023: 59.4p)
43,205
4 3,195
Interim dividend paid of 16.8p per share (2024: 16.8p)
12,219
12,217
Total dividends paid
55,424
55,412
A final dividend of 61.3p per share is proposed in respect of FY2025, which will be payable on 5 December 2025 to shareholders on the register on 31 October 2025. Own shares held The EBT is responsible for purchasing shares on the open market on behalf of the Company to satisfy the DAEIP awards, see Note 24 for further detail. Own shares held are recognised as an element in equity until they are transferred at the end of the vesting period. Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
(2,963)
(2,963)
Acquisition of own shares
(154)
\u2013
Disposal of own shares on vesting of awards
977
\u2013
Balance at the end of the year
(2,140)
(2,963)
In November 2022, 54,582 shares were purchased on the open market by the EBT at a price of \u00a340.24, costing a total of \u00a32,212,831. The fair value of these awards at the grant date, being 26 October 2022, was \u00a31,915,000. A total of 5,082 vested early in FY2025, based on the performance conditions being met. The remaining shares will vest on 26 October 2025, with no forfeitures expected at 30 June 2025. In December 2024, 4,902 shares were purchased on the open market by the EBT at a price of \u00a331.40, costing a total of \u00a3153,923. The fair value of the awards at the grant date, being 23 October 2024, was \u00a3162,177. A total of 656 vested early in FY2025, based on the performance conditions being met. The remaining shares will vest on 23 October 2027, with no forfeitures expected at 30 June 2025. Other reserve The other reserve relates to share-based payments charges according to IFRS 2 in relation to the DAEIP, along with historical amounts relating to investments in subsidiary undertakings not eliminated on consolidation. Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
1,380
497
Disposal of own shares on vesting of awards
(977)
\u2013
Share-based payments charge in respect of shares vesting in 2024
80
245
Share-based payments charge in respect of shares vesting in 2025
656
638
Share-based payments charge in respect of shares vesting in 2027
54
\u2013
Balance at the end of the year
1,193
1,380
157 Renishaw plc Annual Report 2025 Currency translation reserve The currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of the overseas operations and currency movements on intragroup loan balances classified as net investments in overseas operations. Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
2,480
6,772
Loss on net assets of foreign currency operations
(6,295)
(3,811)
Loss on intragroup loans classified as net investments in foreign operations
\u2013
(227)
Tax on translation of net investments in foreign operations
\u2013
57
Loss in the year relating to subsidiaries
(6,295)
(3,981)
Currency exchange differences relating to joint ventures
169
(311)
Balance at the end of the year
(3,646)
2,480
Cash flow hedging reserve The cash flow hedging reserve, for both the Group and the Company, comprises all foreign exchange differences arising from the valuation of forward exchange contracts which are effective hedges and mature after the year end. These are valued on a mark-to- market basis, are accounted for in Other comprehensive income and expense and accumulated in Equity, and are recycled through the Consolidated income statement and Company income statement when the hedged item affects the income statement, or when the hedging relationship ceases to be effective. See Note 25 for further detail. Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
10,911
6,552
Losses on contract maturity recognised in revenue during the year
19,176
133
Revaluations during the year
(13,372)
5,679
Deferred tax movement
(1,451)
(1,453)
Balance at the end of the year
15,264
10,911
Non-controlling interest Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
(577)
(577)
Share of profit for the year
\u2013
\u2013
Balance at the end of the year
(577)
(577)
The non-controlling interest represents the minority shareholdings in Renishaw Diagnostics Limited \u2013 7.6%.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-674": { "value": "
Share capital
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Allotted, called-up and fully paid 72,788,543 ordinary shares of 20p each
14,558
14,558
The ordinary shares are the only class of share in the Company. Holders of ordinary shares are entitled to vote at general meetings
of the Company and receive dividends as declared. The Articles of Association of the Company do not contain any restrictions on
the transfer of shares nor on voting rights.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-675": { "value": "
Dividends paid
Dividends paid comprised:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
FY2024 final dividend paid of 59.4p per share (2023: 59.4p)
43,205
4 3,195
Interim dividend paid of 16.8p per share (2024: 16.8p)
12,219
12,217
Total dividends paid
55,424
55,412
A final dividend of 61.3p per share is proposed in respect of FY2025, which will be payable on 5 December 2025 to shareholders on
the register on 31 October 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-676": { "value": "
Own shares held
The EBT is responsible for purchasing shares on the open market on behalf of the Company to satisfy the DAEIP awards,
see Note 24 for further detail. Own shares held are recognised as an element in equity until they are transferred at the end
of the vesting period.
Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
(2,963)
(2,963)
Acquisition of own shares
(154)
\u2013
Disposal of own shares on vesting of awards
977
\u2013
Balance at the end of the year
(2,140)
(2,963)
In November 2022, 54,582 shares were purchased on the open market by the EBT at a price of \u00a340.24, costing a total of \u00a32,212,831.
The fair value of these awards at the grant date, being 26 October 2022, was \u00a31,915,000. A total of 5,082 vested early in FY2025,
based on the performance conditions being met. The remaining shares will vest on 26 October 2025, with no forfeitures expected
at 30 June 2025.
In December 2024, 4,902 shares were purchased on the open market by the EBT at a price of \u00a331.40, costing a total of \u00a3153,923.
The fair value of the awards at the grant date, being 23 October 2024, was \u00a3162,177. A total of 656 vested early in FY2025, based
on the performance conditions being met. The remaining shares will vest on 23 October 2027, with no forfeitures expected at
30 June 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-677": { "value": "Other reserve The other reserve relates to share-based payments charges according to IFRS 2 in relation to the DAEIP, along with historical amounts relating to investments in subsidiary undertakings not eliminated on consolidation. Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
1,380
497
Disposal of own shares on vesting of awards
(977)
\u2013
Share-based payments charge in respect of shares vesting in 2024
80
245
Share-based payments charge in respect of shares vesting in 2025
656
638
Share-based payments charge in respect of shares vesting in 2027
54
\u2013
Balance at the end of the year
1,193
1,380
157 Renishaw
Currency translation reserve
The currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of
the overseas operations and currency movements on intragroup loan balances classified as net investments in overseas operations.
Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
2,480
6,772
Loss on net assets of foreign currency operations
(6,295)
(3,811)
Loss on intragroup loans classified as net investments in foreign operations
\u2013
(227)
Tax on translation of net investments in foreign operations
\u2013
57
Loss in the year relating to subsidiaries
(6,295)
(3,981)
Currency exchange differences relating to joint ventures
169
(311)
Balance at the end of the year
(3,646)
2,480
Cash flow hedging reserve
The cash flow hedging reserve, for both the Group and the Company, comprises all foreign exchange differences arising from the
valuation of forward exchange contracts which are effective hedges and mature after the year end. These are valued on a mark-to-
market basis, are accounted for in Other comprehensive income and expense and accumulated in Equity, and are recycled through
the Consolidated income statement and Company income statement when the hedged item affects the income statement, or when
the hedging relationship ceases to be effective. See Note 25 for further detail.
Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
10,911
6,552
Losses on contract maturity recognised in revenue during the year
19,176
133
Revaluations during the year
(13,372)
5,679
Deferred tax movement
(1,451)
(1,453)
Balance at the end of the year
15,264
10,911
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-678": { "value": "Non-controlling interest Movements during the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
(577)
(577)
Share of profit for the year
\u2013
\u2013
Balance at the end of the year
(577)
(577)
The non-controlling interest represents the minority shareholdings in Renishaw Diagnostics Limited \u2013 7.6%", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-679": { "value": "
27. Capital commitments
At the end of a financial year, we typically have obligations to make payments in the future, for which no provision
is made in the financial statements. We have committed to renovating and expanding our warehousing operation in
Germany, which includes expenditure on sustainability initiatives.
Authorised and committed capital expenditure at the end of the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Freehold land and buildings
13,856
26,199
Plant and equipment\ue003
6,411
16,
206\ue003
Motor vehicles
129
135
Total committed capital expenditure
20,396
42,540
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-651": { "value": "27. Capital commitments At the end of a financial year, we typically have obligations to make payments in the future, for which no provision is made in the financial statements. We have committed to renovating and expanding our warehousing operation in Germany, which includes expenditure on sustainability initiatives. Authorised and committed capital expenditure at the end of the year were:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Freehold land and buildings
13,856
26,199
Plant and equipment\ue003
6,411
16,
206\ue003
Motor vehicles
129
135
Total committed capital expenditure
20,396
42,540
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-652": { "value": "
28. Related parties
We report transactions with related parties, which mostly comprises our joint venture companies, RLS and MSP.
Joint ventures and other related parties had the following transactions and balances with the Group:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Purchased goods and services from the Group during the year
219
250
Sold goods and services to the Group during the year
22,794
23,026
Interest paid from the Group during the year
371
55
Paid dividends to the Group during the year
1,500
498
Amounts owed to the Group at the year end
223
243
Amounts owed by the Group at the year end
17,4 62
11,422
Amounts owed by the Group include a 14-day notice deposit agreement with RLS for EUR 17.0m (\u00a314.5m equivalent) (FY2024:
\u00a38.5m), see Note 13 for further details. The total interest payable on amounts owed to joint ventures during the year was \u00a3371,000
(FY2024: \u00a355,000). There were no bad debts relating to related parties written off during FY2025 or FY2024.
Sold goods and services to the Group during the year include an operating lease arrangement with McMurtry Automotive Limited for
a property owned by the Group. The operating lease commenced on 1 April 2025 and has a 10-year term. The rental income is
\u00a3187,500 per annum. The property has been reclassified to investment property in the Consolidated balance sheet, with the rental
income and direct operating expenses recognised in Consolidated income statement. At 30 June 2025, rental income of \u00a346,875
has been recognised, with no amounts owed to the Group.
By virtue of a longstanding voting agreement, the estate of the late Sir David McMurtry (Non-executive Director, 36.23%
shareholding), and John Deer (Non-executive Deputy Chairman, together with his wife, 16.59%), are the ultimate controlling party
of the Group. See page 104 of the Governance Report for further details in relation to this. The only significant transactions between
the Group and these parties are in relation to their respective remuneration, as detailed in the Governance Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-680": { "value": "28. Related parties We report transactions with related parties, which mostly comprises our joint venture companies, RLS and MSP. Joint ventures and other related parties had the following transactions and balances with the Group:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Purchased goods and services from the Group during the year
219
250
Sold goods and services to the Group during the year
22,794
23,026
Interest paid from the Group during the year
371
55
Paid dividends to the Group during the year
1,500
498
Amounts owed to the Group at the year end
223
243
Amounts owed by the Group at the year end
17,4 62
11,422
Amounts owed by the Group include a 14-day notice deposit agreement with RLS for EUR 17.0m (\u00a314.5m equivalent) (FY2024: \u00a38.5m), see Note 13 for further details. The total interest payable on amounts owed to joint ventures during the year was \u00a3371,000 (FY2024: \u00a355,000). There were no bad debts relating to related parties written off during FY2025 or FY2024. Sold goods and services to the Group during the year include an operating lease arrangement with McMurtry Automotive Limited for a property owned by the Group. The operating lease commenced on 1 April 2025 and has a 10-year term. The rental income is \u00a3187,500 per annum. The property has been reclassified to investment property in the Consolidated balance sheet, with the rental income and direct operating expenses recognised in Consolidated income statement. At 30 June 2025, rental income of \u00a346,875 has been recognised, with no amounts owed to the Group. By virtue of a longstanding voting agreement, the estate of the late Sir David McMurtry (Non-executive Director, 36.23% shareholding), and John Deer (Non-executive Deputy Chairman, together with his wife, 16.59%), are the ultimate controlling party of the Group. See page 104 of the Governance Report for further details in relation to this. The only significant transactions between the Group and these parties are in relation to their respective remuneration, as detailed in the Governance Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-653": { "value": "
29. Alternative performance measures
In accordance with Renishaw\u2019s alternative performance measures (APMs) policy and ESMA Guidelines on Alternative
Performance Measures (2015), this section defines non-IFRS measures that we believe give readers additional useful
and comparable views of our underlying performance.
Key judgement \u2013 Whether items are appropriate to exclude from adjusted measures
Our APM policy allows us to adjust for \u2018infrequently occurring events that can significantly affect profit and earnings\u2019. This year,
we\u2019ve had to carefully consider the nature and intention of some events and transactions, to determine whether they should be
\u2018adjusted for\u2019.
We continue to report Revenue at constant exchange rates, Adjusted profit before tax, Adjusted earnings per share, Adjusted
operating profit (including by segment), Adjusted operating profit at constant exchange rates, Adjusted cash flow conversion from
operating activities, and Return on invested capital as APMs. These are calculated consistently with previous years. Aside from
Revenue at constant exchange rates, all other APMs exclude infrequently occurring events which impact our financial statements,
recognised according to applicable IFRS, that we believe should be excluded from these APMs to give readers additional useful
and comparable views of our underlying performance.
Revenue at constant exchange rates is defined as revenue recalculated using the same rates as were applicable to the previous
year and excluding forward contract gains and losses.
2025 2024
Revenue at constant exchange rates: \u00a3\u2019000 \u00a3\u2019000
Statutory revenue as reported
713,044
691,301
Adjustment for forward contract (gains)/losses
(19,176)
(133)
Adjustment to restate current year at previous year exchange rates
23,119
\u2013
Revenue at constant exchange rates
716,987
6
91,16
8
Year-on-year revenue growth at constant exchange rates
3.7%
\u2013
Year-on-year revenue growth at constant exchange rates for FY2024 was 3.7%.
Adjusted profit before tax, Adjusted profit after tax, Adjusted earnings per share and Adjusted operating profit are defined as the
profit before tax, earnings per share and operating profit after excluding:
\u2014 costs relating to the closure of the drug delivery business (a);
\u2014 costs relating to the closure of the Edinburgh research facility (b);
\u2014 costs relating to the Other interest payable related to liabilities recognised for historical and non-recurring tax matters (c); and
\u2014 costs related to the Taxation prior year adjustment related to historical and non-recurring tax matters (c).
a) Restructuring costs, where applicable during the year, are excluded from adjusted measures on the basis that they do not
frequently recur. During FY2025, the Group made the decision to close the drug delivery business, which has resulted in costs
of \u00a32,059,000. The amount comprises redundancy payments of \u00a31,108,000, intangible asset impairment of \u00a3864,000 and other
expenses of \u00a387,000. These amounts are recognised within Cost of sales, in Gross engineering expenditure, within the
Consolidated income statement.
b) Restructuring costs, where applicable during the year, are excluded from adjusted measures on the basis that they do not
frequently recur. During FY2025, the Group made the decision to close the Edinburgh research facility, which has resulted in
costs of \u00a32,320,000. The amount comprises redundancy payments of \u00a31,066,000, Property, plant and equipment impairment
of \u00a3759,000 and Other payables of \u00a3495,000. These amounts are recognised within Cost of sales, in Gross engineering
expenditure, within the Consolidated income statement.
c) There may be other items which do not frequently occur, for which it may be appropriate to exclude from adjusted measures.
During FY2025, the Group recognised an interest charge of \u00a34,852,000 and a Taxation charge of \u00a39,154,000 relating to historical
and non-recurring tax matters. The tax matters relate to specific legacy arrangements which we would not expect to recur.
Applicable accounting standards require a full provision for tax and the associated interest, however, we continue to seek
resolution to these matters which would reduce these amounts. As the historical and non-recurring tax matters do not relate to
current year trading performance, the amounts have been excluded from adjusted measures. The amounts have been recognised
in Financial expenses and Income tax expense within the Consolidated income statement respectively.
2025 2024
Adjusted profit before tax: \u00a3\u2019000 \u00a3\u2019000
Statutory profit before tax
118,000
122,594
Closure of drug delivery business
2,059
\u2013
Closure of the Edinburgh research facility
2,320
\u2013
Other interest payable on historical and non-recurring tax matters
4,852
\u2013
Adjusted profit before tax
127, 231
122,594
2025 2024
Adjusted earnings per share: pence pence
Statutory earnings per share
115.2
133.2
Closure of drug delivery business (net\ue003of\ue003tax)
2.1
\u2013
Closure of the Edinburgh research facility (net of tax)
2.4
\u2013
Other interest payable on historical and non-recurring tax matters (net\ue003of\ue003tax)
5.5
\u2013
Taxation prior year adjustments\ue003
12.6
\u2013
Adjusted earnings per share
137.8
133.2
2025 2024
Adjusted operating profit: \u00a3\u2019000 \u00a3\u2019000
Statutory operating profit
107,885
108,667
Closure of drug delivery business
2,059
\u2013
Closure of the Edinburgh research facility
2,320
\u2013
Other interest payable on historical and non-recurring tax matters
\u2013
\u2013
Adjusted operating profit
112,264
108,667
Adjustments to the segmental operating profit:
2025 2024
Manufacturing technologies \u00a3\u2019000 \u00a3\u2019000
Operating profit
107,593
103,181
Closure of Edinburgh research facility
2,320
\u2013
Adjusted manufacturing technologies operating profit
109,913
103,181
2025 2024
Analytical instruments and medical devices \u00a3\u2019000 \u00a3\u2019000
Operating profit
292
5,486
Closure of drug delivery business
2,059
\u2013
Adjusted analytical instruments and medical devices operating profit
2,351
5,486
Adjusted operating profit at constant exchange rates is defined as Adjusted operating profit recalculated using the same rates as
applied to the previous year and excluding forward contract gains and losses.
2025 2024
Adjusted operating profit at constant exchange rates: \u00a3\u2019000 \u00a3\u2019000
Adjusted operating profit
112,264
108,667
Adjustment for forward contract (gains)/losses
(19,176)
(133)
Adjustment to restate current year at previous year exchange rates
16,784
\u2013
Adjusted operating profit at constant exchange rates
109,872
108,534
Year-on-year adjusted operating profit increase at constant exchange rates
1.2%
\u2013
Year-on-year adjusted operating profit at constant exchange rates was a reduction for FY2024 of 8.8%.
Adjusted cash flow conversion from operating activities is calculated as Adjusted cash flow from operating activities as a proportion
of Adjusted operating profit. This is useful for the Board to measure how efficient we are at converting operating profit into cash.
2025 2024
Adjusted cash flow conversion from operating activities: \u00a3\u2019000 \u00a3\u2019000
Cash flows from operating activities
147,896
124,079
Income taxes paid
6,207
21,752
Purchase of property, plant and equipment and intangible assets
(56,558)
(74,774)
Proceeds from sale of property, plant and equipment and intangible assets
4,887
4,475
Adjusted cash flow from operating activities
102,432
75,532\ue003
Adjusted cash flow conversion from operating activities
91.2%
69.5%
Return on invested capital is the Adjusted profit after tax before bank interest receivable as a percentage of the Average invested
capital in the year. This is useful for the Board to measure our efficiency in allocating capital to profitable activities.
Adjusted profit after tax before bank interest receivable is calculated as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Statutory profit after tax
83,757
96,889
Closure of drug delivery business (net\ue003of\ue003tax)
1,544
\u2013
Closure of Edinburgh research facility (net\ue003of\ue003tax)
1,740
\u2013
Other interest payable on historical and non-recurring tax matters (net\ue003of\ue003tax)
4,026
\u2013
Prior year adjustment taxation charge on historical and non-recurring tax matters
9,154
\u2013
Adjusted profit after tax
100,221
96,889
Bank interest receivable (net of tax)
(8,805)
(6,832)
Adjusted profit after tax before bank interest received
91,416
9
0,057\ue003
2025 2024 2023
Return on invested capital (ROIC): \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Total non-current assets
506,926
464,765
470,430
Total current assets
628,300
586,618
573,107
Total current liabilities
(137,461)
(100,948)
(102,320)
Less cash and cash equivalents
(87,420)
(122,293)
(81,388)
Less bank deposits
(186,226)
(95,542)
(125,000)
Invested capital
724,118
732,6
00\ue003
734,8
29\ue003
Average invested capital
728,359
733,715
670,869
Return on invested capital
12.6%
12.3%
16.1%
Average invested capital in the year is the average of the invested capital at the beginning of the year and at the end of the year.
", "dimensions": { "concept": "renishawplc:DisclosureOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-654": { "value": "
30. Events after the reporting period
Key judgement \u2013 When termination benefits should be recognised
Determining when termination benefits should be recognised requires judgement as there are different recognition points.
A cost reduction programme was initiated in June 2025, see page 72, which aims to achieve annualised labour cost savings of
\u00a320m through a voluntary and compulsory redundancy programme. The cost of the voluntary redundancy programme will be
recognised in FY2026 as the employee has the right to withdraw from the voluntary redundancy programme until the \u2018notice of
redundancy\u2019 was signed by the employee. The compulsory redundancy will be recognised in FY2026 as there was no constructive
obligation at the balance sheet date, as all communication took place after the balance sheet date. The total estimated cost of the
voluntary and compulsory redundancy programme is estimated to be \u00a316.0m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-8": { "value": "New Mills Wotton-under-Edge Gloucestershire GL12 8 J R", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:21380048ADXM6Z67CT18", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } } } }