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Gloucestershire Business News

Renishaw warns of weak outlook despite record profits

The Gloucestershire-based engineering giant has revealed record full year profits and revenues, but warns of a weakening outlook.

Renishaw saw its adjusted pre-tax profits increase by 37 per cent to £163.7m in the year to June 30, and revenues rise 19 per cent to £671.1m.

The FTSE 250-listed group said that global recovery in all key markets had aided these record results.

Revenues for the company's core manufacturing technologies devision rose 20 per cent to £634.6m, while revenues for its analytical instruments and medical devices climbed four per cent to £36.5m.

Chief executive Will Lee said: "Last year I spoke about the strong position that we were in to take advantage of the many opportunities presented by the global recovery in our markets.

"We've capitalised well on those opportunities this year, delivering the best set of financial results in our history."

But he also voiced caution with the Renishaw's outlook for 2023.

He added: "We have made a positive start to FY2023 and our order book remains strong.

We have, however, recently seen a weakening in order intake from the semiconductor and electronics sectors, and general market sentiment is becoming more cautious. In light of this, we are managing costs carefully and focusing on productivity."

Renishaw has 5,100 employees worldwide, with 2,489 of those based in Gloucestershire.

In the last year, the group hired around 150 apprentices and graduates, as well as more than 40 industrial placements.

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