Renishaw announced a substantial increase in revenue and profit for the first nine months of its 2022 financial year driven by good demand, driving growth across all product lines. Renishaw reported total sales growth of 22% in the nine months to March 31 to £492.4 million, compared to £407.4 million in the same period last year. ‘last year.
Renishaw’s Manufacturing Technologies unit recorded revenue up 22% year-on-year to £467.4m from £382.1m, with growth across all of its product lines.
Pre-tax profit rose 13% to £120.2m from £106.3m.
“Strong demand for our encoder product lines was largely driven by increased investment in the industrial automation and semiconductor and electronics investment equipment markets,” said Renishaw. “We also saw good demand growth for our machine tool and coordinate measuring machine ranges, where we benefited from a pick-up in investment in metal cutting machinery and the need to measure outputs of these processes.
The company also said it had a healthy order book and, due to its strong financial position, said it was confident in its long-term prospects. It added that its balance sheet remains strong with cash and bank deposit balances standing at £241.1m, up 8.6% from £222.0m a year earlier. .
Renishaw expects financial income in 2022 to be between £655m and £675m, with adjusted pre-tax profit between £155m and £170m.
The company said it was closely monitoring the current lockdowns in China and taking mitigating measures where possible against potential business disruptions. “This uncertain position makes trading levels in China difficult to predict for the remainder of this fiscal year,” he added. It said. Renishaw is also in the process of ceasing its business operations in Russia and recorded a £2 million impairment on its assets in the country during the third quarter. Combined sales to Russia and Belarus accounted for about 1% of the group’s total revenue, the company said.
For more information: www.renishaw.com
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