Renishaw reports rise in revenue as founder passes on CEO role

Global precision engineering company, Renishaw, has reported first half year revenues of £279.5 million, compared with previous year of £238.1 million, and revenue growth of 17%.

But the man behind this globally-successful business, Sir David McMurtry, has decided to hand over his role as Chief Executive to William Lee, currently Group Sales and Marketing Director, with effect from 1st February 2018.

Sir David, 77, will remain Executive Chairman with responsibility for group innovation and product strategy.

Adjusted profit before tax was £62.3 million, up from £36.1 million, while statutory pre-tax profit was £66.2 million, up from £25.3 million.

Revenue from its metrology business for the first six months was £264.3 million, compared with £224.6 million last year. Revenue from Renishaw’s healthcare business for the first six months was £15.2 million, compared with £13.5 million last year.

Renishaw continues its long-standing commitment to investment in research, and development, and net engineering expenditure increased by 7% to £39.1 million, compared with £36.4 million last year.

The workforce at the end of December 2017 was 4,584, an increase of 54 since June 2017. Included in the net increase were 87 graduates and apprentices.

Renishaw’s global success is based on the company's first product, the touch-trigger probe, invented by Sir David to solve a specific inspection requirement for the Olympus engines used on the supersonic Concorde aircraft. This innovative product led to a revolution in three-dimensional co-ordinate measurement, enabling the accurate measurement of machined components and finished assemblies.