Metrology Bellwether Renishaw Reports Reduced Demand

Renishaw has published a trading update for the three months ended 30 September 2019.

Revenue for the first quarter of the current financial year was £124.6m, compared to £154.0m for the corresponding period last year.

In the Renishaw metrology business revenue amounted to £119.7m compared to £147.4m last year. The first quarter of 2019 benefited from a number of large orders from end-user manufacturers of consumer electronic products in the APAC region which have not been repeated in the first quarter of 2020. Furthermore, Renishaw also reported it is experiencing reduced demand for its products as a result of the challenging global macroeconomic environment.

Adjusted* profit before tax for the first quarter amounted to £4.3m compared with £32.6m last year. Adjusted profit before tax includes restructuring provisions of £2m following the decision to close the additive manufacturing facility at Stone, Staffordshire, UK and relocate the activities to its Headquarters site at Wotton-Under-Edge, Gloucestershire and its site at Miskin near Cardiff, South Wales.

The Group balance sheet remains strong with net cash balances of £98.5m.

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