Revenues and profits soar at Renishaw

Renishaw plc, the Gloucestershire-based manufacturer of analytical instruments and medical devices, has seen revenues rise by almost a quarter in the first nine months of the year.

Revenue for the nine months to 31 March 2022 was £492.4 million, an increase of 21 per cent compared to £407.4m for the corresponding period last year.

In its manufacturing technologies business, revenue for the first nine months was £467.4 million, compared with £382.1 million last year, with growth in all product lines.

Revenue from its analytical instruments and medical devices business for the first nine months was weaker, £25 million, compared with £25.3 million last year.

The company said its extensive in-house manufacturing operations, proactive inventory management and continual assessment of alternative components has allowed it to mitigate continued supply chain constraints, arising particularly due to the global shortage of electronic components.

Employee numbers have also risen, from 4,975 at 31 December 2021 to 5,004 at 31 March 2022. In the first half of the year it undertook extensive salary benchmarking exercises in certain areas of the business, including the UK. This led to targeted investments which resulted in around £5 million of additional annual labour cost and increasing Renishaw's third quarter operating costs. It have also experienced increases in utilities costs, arising from increased energy prices and usage and have recorded £2 million of asset impairments in the quarter in relation to our operations in Russia.

Adjusted profit before tax for the nine months to 31 March 2022 amounted to £124 million compared with £84.4 million last year and the statutory profit before tax amounted to £120.2 million.