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Renishaw Rebound Reporting Strong Financial Results

Renishaw has reported a “positive year of recovery” as improving economic conditions saw its full financial year revenues and profits soar, for the year ending July 2021, reporting an 11% increase in revenue at £565m ($780m) from the previous year. (13% higher at constant exchange rates).

Reported profit was £139m ($192m) as compared with £3.2m ($4.4m) last year with adjusted profit before tax increasing by to £119m ($164m), up from £48m ($94m) in 2020.

The company stated that it had seen strong growth, particularly in its Asia-Pacific market, with improving sales in other global markets through the second half of the year for its range of technologies.

The company noted a record demand for its encoder products driven by ‘booming’ semiconductor and electronics sectors, which it said it expected to remain strong, with continued recovery in machine tool markets.

“We have recovered well and our employees have shown great resilience in maintaining supply and excellent levels of support to our customers around the world. I am excited about our new products in development and the opportunities presented by global market trends” stated Sir David McMurtry, Renishaw’s executive chairman.

“Across the world the pandemic is accelerating trends around digitalisation, automation, near-shoring, remote working and sustainability. For Renishaw this presents significant positive opportunities, as our products are well placed to support our customers as they respond to these new challenges.”

Renishaw’s  ‘Fit for the Future’ initiative, which began in 2020, has focused on productivity and has reduced its cost base. This is reflected in the much-improved profitability compared to last year. The initiative resulted in a number of actions including a resizing of the business, a restructure of its Additive Manufacturing (AM) business, and a focus on prioritising significant design projects.

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