Renishaw posts record results
Engineering firm Renishaw reported record annual revenues on Thursday, boosted by a recovery in its core markets, but warned of a weakening outlook.
The Wotton-under-Edge, Glos-based firm reported revenues of £671.1 million for the year to 30 June, up 19 per cent on the previous year, and adjusted pre-tax profits of £163.7 million, up 37 per cent.
The firm said its record results had been achieved "against a backdrop of a global recovery in all our key markets".
Its core manufacturing technologies division saw revenues rise 20 per cent to £634.6 million, boosted by record demand for encoders, which are used in semiconductor production.
Analytical instruments and medical devices revenue rose four per cent to £36.5 million.
CEO Will Lee said: "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."
He added that Renishaw wanted to be a sustainable and responsible business, moving towards Net Zero.
He added "Following the Russian invasion of Ukraine in February 2022, we immediately stopped the supply of goods from the group to Russia and certain parts of Ukraine.
"We have now ceased our operations in Russia.
"Although we've spent many years growing our business in Russia and were conscious of the effect this would have on our employees in Moscow and Perm, it was the right decision to make."
