Renishaw has reported its full year 2018/2019 financial results, Renishaw achieved a turnover for the year of £574.0m (2018: £611.5m), a decrease in revenue of 7% at constant exchange rates, against a backdrop of challenging economic conditions. Adjusted profit before tax was reported at £103.9m (2018: £145.1m), a decrease of 28%.
In the Asia Pacific region, total revenue dropped 17% to £240.1 million.
During the year Renishaw continued to invest in developing future technologies with total engineering costs reported of £97.9m (before net capitalised development costs and the R&D tax credit), amounting to 17% of total revenue. Growth was achieved in EMEA (Europe, the Middle East and Africa) of 1%, the Americans grew 5% and the UK achieved 11% growth.
Metrology revenue benefitted from strong growth in Renishaw’s additive manufacturing product line and good growth in its measurement and automation line (Equator gauging systems) and fixturing line.
Chief Executive Will Lee said it was a “challenging year” for the company. “However, outside Asia Pacific, our other regions saw strong growth for some of our product lines, including the additive manufacturing and spectroscopy lines. We remain focused on the long term with a key focus on developing technologies that provide patented products to support the strategies for our metrology and healthcare segments,” added Lee.
Lee also added: “The group is in a strong financial position, despite a challenging year, and continues to invest in the development of new products and applications, along with targeted investment in production, and sales and marketing facilities around the world. With the ongoing uncertainty surrounding Brexit, weaker economic indicators, exchange rate volatility and trade tensions between the USA and China, we expect market conditions to remain difficult throughout this financial year.”
For more information: www.renishaw.com