June 22, 2022

Renishaw Rebound reports strong financial results – Metrology and Quality News

Renishaw reported a “positive year of recovery” as improving economic conditions saw its revenues and profits soar for the financial year ending July 2021, recording an 11% increase in revenue to £565 million ($780 million) from a year earlier. (13% more at constant exchange rates).

Reported profit was £139 million ($192 million) from £3.2 million ($4.4 million) last year, with adjusted profit before tax increasing by £119 million ( $164m), up from £48m ($94m) in 2020.

The company said it saw strong growth, particularly in its Asia-Pacific market, with improved sales in other global markets in the second half of the year for its technology line.

The company noted record demand for its coding products, driven by the “booming” semiconductor and electronics sectors, which it said should remain strong, with a continued recovery in machinery markets. tools.

“We have recovered well and our employees have shown great resilience in maintaining supply and excellent levels of support to our customers around the world. I am excited about our new products in development and the opportunities presented by global market trends” said Sir David McMurtry, Executive Chairman of Renishaw.

“Around the world, the pandemic is accelerating trends around digitalization, automation, offshoring, remote working and sustainability. For Renishaw, this presents significant positive opportunities, as our products are well placed to help our customers meet these new challenges.

Renishaw’s ‘Fit for the Future’ initiative, which began in 2020, focused on productivity and reduced its cost base. This is reflected in the significantly improved profitability compared to last year. The initiative resulted in a number of actions, including a right-sizing of the company, a restructuring of its additive manufacturing (AM) business and a focus on prioritizing important design projects.

For more information: www.renishaw.com