Renishaw Report Continued Positive Business Momentum
Bellwether Renishaw has reported continued momentum in its business and a strong order book.
In a trading update, Renishaw stated that revenue for the nine months to 31 March 2021 was £407.4m ($570m), an increase of 4 per cent compared to £389.9m ($545m) for the corresponding period last year.
Revenue in its metrology business for the first nine months was £379m ($530m), compared with £365.9m ($512m) last year, with growth for many of its metrology products.
Revenue from its healthcare business for the period was £28.4m ($39.7m), compared with £24m ($33.6m) last year.
Adjusted profit before tax for the nine months amounted to £84.4m ($118m) compared with £31.8m ($44.5m) last year. The increase in profitability reflects both the revenue growth and lower operating costs following restructuring activities initiated last year. Statutory profit before tax amounted to £106.3m ($148m), up from £19.7m ($27.5).
Looking ahead the Renishaw stated that it anticipates revenue for the full year will be between £540m ($756m) and £570m ($798m), and adjusted profit before tax will be between £105m ($147m) and £125m ($175m). Those ranges are unchanged from its update in March 2021.
For more information: www.renishaw.com