Renishaw has released an interim financial report which indicates that its pre-tax profits have increased in the first half of 2022, and Renishaw’s board is confident in the long-term prospects of the business.
Renishaw said for the six months to December 31, pre-tax profit was £81.5m, compared to £63.9m for the first half of 2021. The company reported revenue growth up 27% to £325.1m from £255.1m in the first half of the previous year.
Adjusted pre-tax profit was £84.2 million compared to £43.4 million the previous year.
Renishaw further said it had a record order book and expects demand from the semiconductor and electronics sectors to remain strong, and the recovery seen in the machine tool and the market for coordinate measuring machines will continue. Growth was consistent across all geographies.
Revenue for Renishaw’s Manufacturing Technologies segment, which includes industrial metrology, position measurement and additive manufacturing businesses, was £308.7 million for the first six months, compared to £236 million. £.9 million last year. Adjusted operating profit was £81.3 million, compared to £41.1 million for the comparable period last year.
Executive Chairman Sir David McMurtry said: “We achieved very strong revenue growth across all regions and there was growth across all product lines within our manufacturing technology segment, particularly for coding and measurement lines.
“Strong demand for our encoder product lines continues to be driven by increased investment in the industrial automation and semiconductor and electronics capital goods markets, while our measurement line benefits a resumption of metal cutting operations and increased investments in workshop metrology.
The company expects annual revenue of £650-690 million and adjusted pre-tax profit of £157-181 million.
For more information: www.renishaw.com
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