Renishaw has reported that revenue for the six months ended 31st December 2018 was £296.7m, compared with £279.5m for the corresponding period last year, an increase of 6%, with an underlying growth of 4% at constant exchange rates. Aside from the Far East, Renishaw experienced revenue growth in all regions. At constant exchange rates, revenue in the Far East was 1% below the corresponding period last year, largely as a result of a slow down in demand for encoder products and from large end-user manufacturers of consumer electronic products. In Renishaw’s metrology business it experienced strong growth in both its additive manufacturing and measurement and automation product lines.
Adjusted profit before tax for the first half year was £59.6m compared with £62.3m last year.
Metrology Revenue for the first six months was £277.7m, compared with £264.3m last year. Adjusted operating profit was £52.2m, compared with £63.2m for the comparable period last year. Renishaw stated that it has experienced strong growth in its additive manufacturing and measurement and automation product lines, the metrology business revenue and profitability have been impacted by the slow down in demand highlighted above.
Renishaw also confirmed it has maintained its long-standing commitment to research and development, with net engineering expenditure of £47.7m for the period compared with £39.1m last year. Capital expenditure for the first half year was £19.6m. Expenditure on property totalled £5.6m for the period, including the commencement of an extension to its UK Innovation Centre. Expenditure on plant and equipment for the period was £13.6m.
For more information: www.renishaw.com