Renishaw has reported its financial Results for the first 6 months of its current financial year. Renishaw reported a 5% decline in overall revenues with solid growth in Industrial Metrology offset by weak demand for position encoders from the semiconductor equipment manufacturers. Revenues were £330.5 million in the period down from £347.7 million in the prior year which represented a 2% decline at constant currency rates. Renishaw Group profits dropped to £56.5 million down from £73.5 million.
Regional revenue performance was reported as a 6% increase in APAC, -6% in the EU and -13% in the Americas at constant currency rates.
“We have achieved a solid performance in challenging market conditions, with growth from Industrial Metrology products in APAC being offset by continued weak demand from some key sectors, most notably semiconductor equipment. We expect an improvement in our trading performance in the second half of the financial year as market conditions improve, and as we continue to pursue a range of growth opportunities. To support our through-cycle growth strategy, we are continuing to focus on productivity and to make targeted investments in our people, our production facilities, and our new product pipeline” commented William Lee, Chief Executive.
For more information: www.renishaw.com