Renishaw Announces Record Results

UK metrology company Renishaw has reported record turnover in its full-year results for 2016/17, with revenues passing the £500m level for the first time.

According to recently announced company’s results for the year ended 30 June 2017, turnover has grown to £536.8m from £427.2m in 2015/16 representing an underlying revenue growth of 14% with the balance arising from exchange rate movements compared to the prior year. Statutory profit before tax increased to £117.1m from £61.7m the year before.

The company’s global headcount also grew by 244 to 4530.

Capital expenditure of £42.6m is expected to provide a platform for future growth.

In his statement accompanying the results, Sir David McMurtry, Renishaw’s chairman and chief executive, said: “Renishaw is a long term business and we remain committed to strategic investments and R&D. In addition, over the past year, we have focused on underperforming business areas resulting in our discontinuing the activities of Renishaw Diagnostics Ltd and the spatial measurement business.

“In spite of the potential headwinds brought about by the uncertainty of Brexit, we remain confident of future growth due to our innovative product base, extensive global sales and marketing presence, and relevance to high value manufacturing.”

Revenue from Renishaw’s metrology business for the year was £503.4m compared with a restated £398.9m last year and experienced revenue growth in all product lines and territories.

There was strong growth in Renishaw encoder, measurement and automation, calibration and coordinate measuring machine (CMM) product lines. Adjusted operating profit for the metrology business was £115.9m (2016 restated: £90.0m). Renishaw have continued to invest in research and development, with total engineering costs in this business segment of £68.8m (before net capitalised development costs and the R&D tax credit) compared to a restated 2016 of £60.9m, with a number of new product launches during the year.

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