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Renishaw reports record revenue

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Renishaw’s half-year results for the period ended 31st December 2022 have just been released to the London Stock Exchange.

The global engineering and manufacturing company with headquarters in Wotton-under-Edge and sites in Stonehouse and Woodchester is one of the county’s largest employers and specialises in high precision measuring systems and healthcare technology.

Renishaw reported revenue of £347.7m (H1 FY2022 £325.2m), record revenue for a half year, seven per cent above last year (one per cent growth at constant exchange rates).

Weaker demand 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 of £73.5m (H1 FY2022 £84.2m):

Representing 21 per cent of revenue (26 per cent last year).

Stable gross margin before engineering costs.

Targeted investments in headcount and pay for long-term growth. 

Statutory profit before tax of £77.8m (H1 FY2022: £81.5m).

Strong balance sheet with net cash and bank deposit balances of £211.5m, compared with £253.2m at 30 June 2022, with the £41.2m final dividend for FY2022 paid in H1.

Interim dividend of 16.8p per share. 

William Lee, Chief Executive, said: “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.”

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