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Renishaw Report Third Quarter Financial Performance

Renishaw has reported third-quarter revenues of £172.4 million, marking a four percent increase over the average of the preceding two quarters. For the nine-month period, revenue totaled £502.9 million, compared to £522 million during the same period last year, reflecting a four percent decline at prevailing exchange rates.

During the third quarter, additive manufacturing experienced robust growth, while co-ordinate measuring machine (CMM) and gauging systems maintained strong performance, according to company statements. Renishaw also noted early signs of demand recovery for position encoders from semiconductor equipment manufacturers. Conversely, demand for metrology sensors for machine tools from consumer electronics clients weakened compared to the first half of the year.

At constant currency rates, revenue remained steady compared to the previous year, with a five percent rise in Asia Pacific offsetting declines of six percent in Europe, the Middle East, and Africa, and two percent in the Americas.

Adjusted profit before tax for the nine-month period amounted to £86.8 million, down from £111.8 million in the corresponding period of the previous year.

The company commented: “Despite challenging market conditions, we have sustained a solid performance, with growth in capital goods products and early indications of recovering demand from semiconductor equipment manufacturers. We anticipate further strengthening of our trading performance in the remainder of the financial year, driven by improving market conditions and ongoing realization of benefits from targeted growth initiatives.”

“To support our growth trajectory, we remain focused on enhancing productivity and making strategic investments in our personnel, manufacturing capabilities, and new product development pipeline.”

“In our interim statement released on February 6, 2024, we projected full-year revenue in the range of £675 million to £715 million and adjusted profit before tax between £122 million to £147 million. We now anticipate revenue within £680 million to £700 million and adjusted profit before tax to range from £122 million to £135 million.”

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