Renishaw announces solid results and preparation for tougher economic climate

Scientific technology firm Renishaw has released result in line with expectations and has vowed to keep a tight lid on costs as the economy enters a turbulent period.

The Gloucestershire-based firm released results covering the three months to September 2022 which showed that revenue was £179.9m compared to £157.8m for the same period last year.

In its manufacturing technologies business, revenue amounted to £172.8m, compared to £152.3m last year, while the firm's analytical instruments and medical devices business saw revenue at £7.1m compared with £5.5m for the same period in 2021.

Adjusted profit before tax for the first quarter amounted to £40m  and is comparable with Renishaw's profitability in the final quarter of the previous financial year.

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A statement from Renishaw announcing the results read: "We have made a positive start to the current year and our order book remains strong. We have, as recently reported, seen a weakening in order intake from the semiconductor and electronics sectors, and general market sentiment is becoming more cautious. In light of this, we are managing costs carefully and focusing on productivity.

"Overall, we're confident in our strategy and the investments we're making in people and infrastructure to deliver sustainable, long-term growth, and we look forward to the year ahead."

Renishaw said its balance sheet remains strong with net cash and bank deposit balances of £258.6m at the end of September.

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