Cost ManagementComments that people costs will affect the rate of improvement in EBITA margin towards the >20% target in the near term may drive some MSD consensus downgrades to FY25F EBITA.
Financial PerformanceDelivering Adj PBT for FY24 at the bottom of downwardly revised guidance is far from a convincing result for Renishaw.
Market OutlookThe macro continues to prove challenging and comments that the group is 'cautious' for the outlook for the semiconductor over the remainder of the year, despite it playing an important role in 1Q's revenue improvement, is unhelpful.