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Renishaw Report Record Year For Revenue and Profit

Renishaw has reported a record year for both revenue and adjusted profit before tax. Revenue for 2022 financial year was £671.1m ($771.8) – 19% higher than FY2021 revenue of £565.6m ($650.4) which was achieved against a backdrop of a global recovery in all of the company key markets. Adjusted profit before tax was £163.7m ($188.3) (FY2021: £119.7m ($137.7), an increase of 37%. Statutory profit before tax was £145.6m (FY2021: £139.4m). 

Sir David McMurtry, Executive Chairman commented: “Our performance has been built on years of strategic focus. We’ve developed the innovative products required to meet the challenges faced by manufacturers in growing markets, while ensuring that we have the global infrastructure and skilled people to deliver those opportunities. The right products, the right place and the right people – all helping us to deliver on our purpose of Transforming Tomorrow Together.”

Renishaw reported strong revenue growth in all regions, with the strongest growth in its manufacturing technologies segment.

Revenue By Region

Will Lee Chief Executive commented “Last year I spoke about the strong position that we were in to take advantage of the many opportunities presented by the global recovery in our markets. We’ve capitalised well on those opportunities this year, delivering the best set of financial results in our history. It wasn’t easy, however, and our people around the world have had to work incredibly hard to deliver these record results given the huge challenges we have faced.”

“The rapid upturn in the global economy placed supply chains under great stress, with serious shortages of electronic components. Combined with strong demand and a highly competitive labour market, we faced significant challenges in meeting our customers’ needs. Our teams responded brilliantly, increasing output and re-engineering certain products when components weren’t available. Our work over the past few years to build our inventory levels also helped us overcome these problems.”

“This innovation, and our approach of building a long-term relationship with customers, is helping us to gain new customers and outperform market growth. I’m particularly proud of the success of our Encoder business this year, gaining key customer accounts in recent months and not just in the semiconductor sector. As part of how we’re moving into new markets we’ve also expanded our offer to customers this year. We’ve been working on making more of our products compatible with third-party software, such as our popular Equator gauging system. Doing this helps us open new opportunities in areas where customers and end users may already be using a different software system.”

The company also commented it has made a positive start to FY2023 and its order book remains strong. Renishaw have, however, recently seen a weakening in order intake from the semiconductor and electronics sectors, and general market sentiment is becoming more cautious. 

The Group headcount increased during the financial year, reaching 5,097 at the end of June 2022 compared to 4,664 at the end of June 2021. “We have recruited additional manufacturing staff to ensure we have sufficient capacity to meet demand, as well as targeting headcount growth to support product development, and expanding our future talent programmes. The average headcount during the year was 4,931, an increase of 11% compared with last year” commented Allen Roberts Group Finance Director.

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