Technology firm Renishaw has issued its preliminary results for year ending June 30th.
Revenue grew to £688million, up from £671million, though profits were down – £141million as opposed to £163.7million the previous year, in what has been described as ‘challenging conditions’.
William Lee, Chief Executive, commented: “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.”
The engineering company has its headquarters near Wotton-under-Edge and sites at Stonehouse and Woodchester. It was established in 1973 by Sir David McMurtry and John Deer and specialised in high-precision probes that could be used to measure machined components. It now employs more than 5,000 people in 36 countries.