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Renishaw Reports Record Revenues and Order Book

Renishaw has issued an interim financial report which has stated its pre-tax profits rose in the first half of 2022, and the Renishaw board of directors is confident in the company’s long-term prospects.

Renishaw stated that for the six months ending December 31st pre-tax profit was £81.5 million compared with £63.9 million for the first half of 2021. The company saw revenue growth of 27 per cent to £325.1 million compared with £255.1 million in the first half of the previous year.

Adjusted pre-tax profit was £84.2 million compared with £43.4 million the year before.

Renishaw further commented that it is holding a record order book and expects demand from the semiconductor and electronics sectors to remain strong, and that the recovery seen in the machine tool market and co-ordinate measuring machine market will continue. Growth was consistence across all geographical regions.

Manufacturing Technologies

Revenue for the Renishaw manufacturing technologies segment, which comprises Industrial Metrology, Position Measurement and Additive Manufacturing businesses, was £308.7m for the first six months, compared with £236.9m last year. Adjusted operating profit was £81.3m, compared with £41.1m for the comparable period last year. 

 Executive chairman Sir David McMurtry said: “We achieved very strong revenue growth in all regions and there was growth for all product lines within our manufacturing technologies segment, most notably for the encoder and gauging lines.

“The strong demand for our encoder product lines continues to be driven by increased investments in industrial automation and the semiconductor and electronics capital equipment markets, while our gauging line is benefiting from a recovery in metal cutting operations and increased investments in shopfloor metrology.”

The company forecast full-year revenue of £650m – £690m and adjusted profit before tax of £157m – £181m.

During the investors conference call William Lee, Renishaw Chief Executive Officer, made the following comment in response to an investor question:

“To complement our direct sales force, which is still relatively small, we are looking at how we address more end users. Products such as the Equator, which has very much now gained market acceptance as being a fantastic shop floor gauge, we are looking at distributors to sell the Equator directly to end customers for us. As part of this, we are looking at opening up the Equator and collaborating with others with their software packages, allowing customers to choose the software package that they want to program the Equator with.”

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