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Renishaw Announces Fiscal 2023 Results

Renishaw has reported its financial results or the year ended 30 June 2023. Revenue from continuing operations increased to 688.6 million pounds from 671.1 million pounds in the prior year. Revenue growth, achieved in challenging trading conditions, was 1% lower at constant exchange rates. Renishaw also reported that its fiscal year statutory profit before tax declined to 145.1 million pounds from 145.6 million pounds, previous year. Adjusted profit before tax was 141.0 million pounds, a decline of 14%.

Manufacturing technologies revenue increased by 2% to £648.2m, with good growth in sales of multi-laser additive manufacturing (AM) systems, 5-axis co-ordinate measuring machine (CMM) inspection systems, laser encoders and machine calibration systems. Weaker demand was reported for optical encoders, notably in the APAC region due to lower investment in the semiconductor sector.

William Lee, Renishaw Chief Executive, commented: “In challenging trading conditions, our performance demonstrates the resilience of our business model, and the hard work and dedication of our teams around the world. In a year when we saw a downturn in demand from one of our key sectors, we achieved good growth in systems sales, which is an area of strategic priority. We have seen a steady start to FY2024 and our order book remains solid. We continue to see positive trends for investment in low emission transportation, defence, additive manufacturing and robotics. Meanwhile, demand from semiconductor equipment suppliers for position encoders remains subdued. While the short-term macroeconomic picture remains unclear, we continue to manage costs prudently, we are implementing further price rises, and remain focused on improving our productivity.”

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