Renishaw released its full-year results for the period ended June 30, 2023, this morning.

The global engineering technologies company, based at Wotton-under-Edge, saw revenue increase to £688.6m (FY2022 £671.1m).

However, adjusted profit before tax of £141.0m was down from £163.7m last year, with return on sales reduced to 20% (24% last year).

The company saw good revenue growth from system sales, offset by weaker demand from the semiconductor sector.

Manufacturing technologies revenue increased by 2% to £648.2m, with good growth in sales of multi-laser additive manufacturing (AM) systems, 5-axis co-ordinate measuring machine (CMM) inspection systems, laser encoders and machine calibration systems.

There was weaker demand for optical encoders, notably in APAC, due to lower investment in the semiconductor sector.

Analytical instruments and medical devices revenue increased by 10% to £40.3m, with record sales for Renishaw's Spectroscopy product line, with strong growth across all its regions.

There was also growth for the company's neurological product line, with renewed growth in robot sales.

There was a strong balance sheet with net cash and bank deposit balances of £206.4m, compared with £253.2m at 30 June 2022.

During the year, Renishaw inviested £73.8m (FY2022: £30.8m) in capital expenditure, including ongoing development of its production facility in Miskin, Wales

Renishaw launched a number of new products during the year, including a new radio transmission system for its machine tool probes, a scanning electron microscope interface for its Raman spectrometers, and a smart factory software platform to consolidate shop floor measurement data.

Renishaw chief executive William Lee said: "In challenging trading conditions, our performance demonstrates the resilience of our business model, and the hard work and dedication of our teams around the world. In a year when we saw a downturn in demand from one of our key sectors, we achieved good growth in systems sales, which is an area of strategic priority.

"We have seen a steady start to FY2024 and our order book remains solid. We continue to see positive trends for investment in low emission transportation, defence, additive manufacturing and robotics.

"Meanwhile, demand from semiconductor equipment suppliers for position encoders remains subdued. While the short-term macroeconomic picture remains unclear, we continue to manage costs prudently, we are implementing further price rises, and remain focused on improving our productivity.

"I'm confident in our strategy and the actions we're taking to deliver sustainable long-term growth, including investments in people, infrastructure and product innovation."