Cutting edge Gloucestershire-based engineering firm Renishaw has announced record revenue in its half-year results.

Results for the period ended December 31, 2022, showed revenue of £347.7m (H1 FY2022 £325.2m), which is a record record revenue for a half year, 7% above last year (1% growth at constant exchange rates)

There was strong growth in sales of multi-laser additive manufacturing (AM) systems, 5-axis co-ordinate measuring machine (CMM) inspection systems and laser encoders

Renishaw experienced weaker demand, as expected, for optical encoders from semiconductor and consumer electronics sectors, including customers reducing stock levels due to improved supply chain lead times.

Adjusted profit before tax was £73.5m (H1 FY2022 £84.2m), representing 21% of revenue (26% last year).

William Lee, chief executive, commented: "I am pleased to report record revenue in a period of expected lower demand from the semiconductor and electronics sectors.

"We have made good progress in our strategy; gaining market share, introducing new products into close-adjacent markets and taking advantage of long-term growth opportunities in additive manufacturing, shop-floor measurement, materials research and semiconductor manufacturing.

"We continue to invest in our people, product development and infrastructure to deliver sustainable, long-term growth."

Renishaw, which has its headquarters at Wotton-under-Edge, employs nearly 2,500 and was ranked number 5 in Punchline's Top 100 Employers in Gloucestershire.