Renishaw reports revenue drop in "challenging market conditions"

Published by

Nicky Godding

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Global manufacturing company Renishaw has reported a five per cent drop in the six months to December 2023.

Manufacturing technologies were six per cent lower, but there was solid growth in its industrial metrology division, offset by continued weak demand for position encoders for semiconductor manufacturing equipment.

The company said it expects growth opportunities in the second half of the year.

William Lee, Chief Executive, said: "We have achieved a solid performance in challenging market conditions, with growth from Industrial Metrology products in APAC being offset by continued weak demand from some key sectors, most notably semiconductor equipment.

"We expect an improvement in our trading performance in the second half of the financial year as market conditions improve, and as we continue to pursue a range of growth opportunities.

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

Renishaw is a global business, with more than 5,000 employees in the 36 countries where it has wholly owned subsidiary operations. The majority of its research and development work takes place in the UK, in South Gloucestershire and South Wales, with the largest manufacturing sites located in the UK, Ireland and India.

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.