Gloucestershire manufacturer Renishaw delivers solid performance in mixed markets

Renishaw, the global manufacturer of analytical instruments and medical devices, has reveals third quarter revenues of £172.4 million, four per cent above the average in the first two quarters.

Revenue for the nine-month period was £502.9 million, compared to £522 million for the corresponding period last year, representing a four per cent reduction at reported exchange rates.

Additive manufacturing delivered strong growth during the third quarter, while co-ordinate measuring machine (CMM) and gauging systems continued to perform well, the company said.

Renishaw says it is also seeing early signs of recovery in demand for position encoders from semiconductor equipment builders. By contrast, demand for metrology sensors for machine tools from consumer electronics customers was weaker than in the first half of the year.

At constant currency, revenue was in line with the previous year, with an increase of five per cent in Asia Pacific offset by reductions of six per cent in Europe, the Middle East and Africa and two per cent in the Americas.

Adjusted profit before tax for the nine-month period was £86.8 million, down from £111.8 million in the previous year's corresponding period.

The company said: "We have continued to deliver a solid performance in mixed market conditions, with growth from capital goods products and the early signs of recovering demand from semiconductor equipment builders. We expect the recent improvement in our trading performance to strengthen in the remainder of the financial year, as market conditions improve and as we continue to realise the benefits from a range of targeted growth opportunities. 

"To support our growth strategy, we continue to focus on productivity and to make targeted investments in our people, our production facilities, and our new product pipeline.

In our interim statement released 6 February 2024 we communicated that we expected full year revenue to be in the range of £675 million to £715 million and adjusted profit before tax to be in the range of £122 million to £147 million. We now expect revenue to be in the range of £680 million to £700 million and adjusted profit before tax to be in the range of £122 million to £135 million.