Challenging trading conditions for Renishaw

By Nicky Godding

26 October 2023

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Global manufacturing company Renishaw said trading conditions remain challenging due to subdued demand, most notably from the semiconductor sector. But the Gloucestershire-headquartered business continues to see positive investment trends in robotics, defence, low emission transportation and additive manufacturing.

Revenues dropped to £164.5 million for the three months to 30 September, compared to £179.9 million for the corresponding period last year.

This is a nine per cent reduction with all regions experiencing reduced demand compared to the same quarter last year.

While there was modest growth for its industrial metrology, revenues for its position measurement products were substantially below a strong period last year. However, compared to Q4 FY2023, revenue was one per cent lower at constant currency, with no significant changes to market conditions.

In its manufacturing technologies business, revenue amounted to £156.8 million, compared to £172.8 million last year. Revenue for its analytical instruments and medical devices business was £7.7 million, an increase of eight per cent compared with £7.1 million last year.

Adjusted profit before tax for the first quarter amounted to £28 million.

The company said investments in its product innovation, infrastructure, and people leave it well-positioned to benefit from a recovery in our markets. "We are confident in our strategy to deliver sustainable long-term growth."

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.