The Business Magazine - B2B Business News - Site Logo
The Business Magazine January 2024
Read now

Revenues up but profits drop at Renishaw

20 September 2023
The Business Magazine article image for: Revenues up but profits drop at Renishaw

Profits at Gloucestershire engineering firm Renishaw have slumped by 20 per cent, according to figures published by the firm yesterday (Tuesday).

The Wotton-under-Edge firm told investors its pre-tax profit had fallen to £141 million from £163.7 million last year.

Read more: Renishaw opens new Gloucestershire STEM Centre

However, revenue was up from £671.1 million in 2022 to £688.6 million, which the company attributed to "strong growth" across all regions and growth for its neurological product line, with renewed growth in robot sales.

CEO William Lee said: "In challenging trading conditions, our performance demonstrates the resilience of our business model, and the hard work and dedication of our teams around the world.

"In a year when we saw a downturn in demand from one of our key sectors, we achieved good growth in systems sales, which is an area of strategic priority.

"We have seen a steady start to FY2024 and our order book remains solid. We continue to see positive trends for investment in low emission transportation, defence, additive manufacturing and robotics. Meanwhile, demand from semiconductor equipment suppliers for position encoders remains subdued.

Visit Hampshire Biz News for bright, upbeat and positive business news from the county

"While the short-term macroeconomic picture remains unclear, we continue to manage costs prudently, we are implementing further price rises, and remain focused on improving our productivity.

"I'm confident in our strategy and the actions we're taking to deliver sustainable long-term growth, including investments in people, infrastructure and product innovation."

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country.

An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts.

Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.

Related topics

Related articles

Upcoming events

view more

Solent SME Growth 100 dinner and Awards

The Halo Lounge, St Mary's Stadium, Southampton

More info

Business ownership and planning for the future - Employee Ownership - Roundtable

Harbour Hotel,
Southampton SO14 3QT
More info

Networking Drinks - Thames Valley Tech Sector

Malmaison Hotel
Reading, RG1 1JX
More info

Solent Deals Awards 2024

Hilton at the Ageas Bowl
More info

South Coast Property Awards 2024

Hilton at the Ageas Bowl
More info

Thames Valley Tech & Innovation Awards 2024

Reading FC Conference & Events
Select Car Leasing Stadium, Reading
More info

Related articles