Renishaw has reported a fall in revenue for the start of its new financial year, as trading conditions remained weak.
In the first quarter, which ended September 30. revenue was £164.5m, compared to £179.9m for the corresponding period last year, representing a 9% reduction and a 6% reduction at constant currency. The company reported all regions experienced reduced demand compared to Q1 FY2023. Whilst there was modest growth in the Industrial Metrology area of the business, revenues for Position Measurement products were substantially below a strong period last year. Compared to Q4 FY2023, revenue was 1% lower at constant currency, with no significant changes to market conditions.
In the Manufacturing technologies business, revenue amounted to £156.8m, compared to £172.8m last year.
‘Trading conditions remain challenging due to subdued demand, most notably from the semiconductor sector. We continue to see positive investment trends in robotics, defence, low emission transportation and additive manufacturing. We continue to carefully manage costs, implement targeted price rises and focus on productivity improvements,’ Renishaw said in a statement.
For more information: www.renishaw.com