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Renishaw Report Profit Increase on Revenue Decline

Renishaw has reported that overall revenue fell 6% from the same period last year to £116.9m ($152m) with revenue in the metrology segment down 8% to £110.2m ($143.3). Despite the revenue decline Renishaw reported a rise in first-quarter profit.

The metrology business achieved revenue growth in the APAC region, where the company has seen increased demand for its optical and laser encoder product lines due to a recovery in the semiconductor market. Revenue in EMEA and the Americas fell, however, due to ongoing uncertainty caused by the pandemic and weaker demand, particularly in the aerospace and automotive sectors.

In the three months to the end of September 2020, adjusted pre-tax profit rose to £18.3m ($23.8) , while statutory pre-tax profit was £28.2m ($36.7). Renishaw said adjusted profit had benefited from a number of actions taken last year to reduce the company’s operating cost base and also included a global job retention grant.

“The group is in a strong financial position and we continue to invest in the development of new products and applications, along with targeted investment in production, and sales and marketing facilities around the world,” the company stated. “Given the continuing uncertain macroeconomic backdrop, including the pandemic, we continue to expect challenging market conditions, particularly in the aerospace and automotive sectors.”

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