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Renishaw Report Continued Revenue Growth

Renishaw has reported a rise in revenue for the nine months ended March 31. Total revenue increased by 6% to £522.0 ($652.5) million from £492.4 ($615.5) million the year before. Renishaw stated that strong systems sales contributed to growth in its industrial metrology and additive manufacturing business.

Pretax profit was reported at £117.3 ($146.6) million with adjusted pretax profit of £111.8 ($139.8) million.

Renishaw stated that its measurement business continued to see subdued demand from the semiconductor and electronics sectors in the third quarter, resulting in lower revenue this year compared to last year. The company also said it invested in ‘increased customer facing activities’ this year.

Renishaw said: “We expect current market conditions to continue during the remainder of this financial year. We continue to invest in innovative new products and manufacturing capacity to support our growth objectives, whilst managing costs carefully and focusing on productivity.”

Looking ahead, Renishaw said it expects revenue for financial 2023 will be between £680 (£850) million and £700 (£875) million, and adjusted profit before tax will be between £135 ($168.8) million and £150 ($187.5) million. 2022 revenues were £671.1 ($838.9) million from GBP565.6 ($707) million the previous year.

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