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.
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.
"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."