Renishaw Announces Half Year Revenue and Profit Growth
Renishaw has announced its half-year results for the six months ended 31 December 2024 reporting revenue of £341.4m, up from £330.5m during the prior period. Pre-tax profit increased to £57.5m from £56.5m. Renishaw commented “steady progress in mixed trading conditions”.
Growth in the Americas and EMEA was offset by weaker demand in the Asia-Pacific region.
Manufacturing technologies revenue increased 4% for the six months ended 31 December, supported by strength in position measurement and additive manufacturing products, while demand for industrial metrology products remained subdued with weaker demand from machine builders for metrology products. Revenue from analytical instruments and medical devices declined by 3%, as growth in neurological products was outweighed by lower spectroscopy sales.
Operating profit rose 9% to £51.6m with profit before tax up 2% to £57.5m, with a higher gross margin offset by less favourable currency movements, an adverse product mix, and one-off supply chain costs in the second quarter.
“We have continued to make steady progress in mixed trading conditions and our order intake has recently improved, particularly from the semiconductor manufacturing and consumer electronics sectors. Supported by our strategic progress, we expect to achieve steady revenue growth this year” commented Will Lee Chief Executive. “Our markets present significant structural growth opportunities, and we are confident that the investment that we are currently making in productivity improvements will drive our operating margins towards our 20 per cent target in the medium term.”
In terms of its outlook, Renishaw said its board remains confident in its growth model and expects full year revenue to be in the range of £695m to £735m. Adjusted pre-tax profit is expected to be in the range of £105m to £135m as the company said it was seeing signs of improving demand, with recent order intake strengthening.
For more information: www.renishaw.com
