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Renishaw are brilliant exponents of innovation

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By Ian Mean

Business West Gloucestershire director & vice-chair GFirstLEP

It’s brilliant to see one of Gloucestershire’s world leading companies showing the way to real growth-the constant call from government to supercharge the economy.

That company is Renishaw which has its heart and soul in our county and employs around 2,600 people within Gloucestershire with a total worldwide workforce of just over 5,000.

What impresses me is- that despite tough business markets throughout the world-Renishaw has achieved record revenues of £347.7million with their half year results just out. That’s 7% above last year. Impressive figures for the half year but what really impresses me is how they consistently break their revenue records. 

In my view, that is because they are brilliant exponents of innovation.

Innovation is in the DNA of the company, and in my mind they are a great example of just how the government  needs to show the way to other companies.

Renishaw achieves this innovation with excellent leaders and teams in which they invest heavily.

As chief executive Will Lee said: “We continue to invest in our people, product development and infrastructure to deliver sustainable long-term growth.”

That growth is in part delivered by the enormous revenues derived from exports-at an amazing 95%.

And their innovation means that they hold something like 1,800 patents for their products.

Renishaw’s investment is massive.

During the first six months of this results period, their investment in engineering-including research and development-increased by 22% to £46.1 million. The company’s investment in people is total. 

In over 20 years reporting on the company, I have seen them develop to become true flagbearers for apprenticeships of all kinds.

I believe Renishaw is all about innovation and developing its people.

We should be proud of Sir David McMurtry and his team.

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