Renishaw Record Results – Revenue Grows 20% – Profits Up 73%

Renishaw grew its revenue by 17% to £279.5m in the six months ended 31 December 2017, with an underlying growth of 20% at constant exchange rates.

Revenue from the metrology business for the first six months was £264.3m, compared with £224.6m last year. Adjusted operating profit was £63.2m, compared with £42.0m for the comparable period last year.

Adjusted profit before tax for the first half year increased by 73% to £62.3m, compared with an adjusted restated £36.1m last year.

The company said it anticipates growth in both revenue and profit in this financial year and expects full year revenue to be in the range of £575m to £605m “notwithstanding current economic uncertainties” and adjusted profit before tax to be in the range of £127m to £147m. Statutory profit before tax is expected to be in the range of £136m to £156m.

Renishaw highlighted growth in all metrology products lines, with particularly strong growth in additive manufacturing and measurement and automation product lines. 92% of revenue were attributable to metrology products lines against 87% in 2017.

Revenue growth in geographical regions were Far East +15%, Europe +21% Americas +21%, UK & Ireland +13% with China being its largest single market representing 24% of total revenues and USA representing 18%.

Renishaw also stated it would be increasing investment in research and development for 2018 from £39.1m against £36.4 last year.

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