Engineering giant Renishaw has reported a rise in profits driven by growing orders, particularly in the consumer electronics sector. Revenue at the Gloucestershire-headquartered firm rose 3% to £341.4m over the six months ending December 31, 2024.
Profit before tax increased to £57.5m – up from £56.5m the year previously.
The Wotton-under-Edge-based company, which makes precision measuring equipment for industries such as aerospace, automotive and energy, saw growth in the in Americas and EMEA, but lower revenues in Asia-Pacific countries.
Sales of manufacturing technologies were up 4% at £322.6m, while there was weaker demand from machine builders for industrial metrology products.
Analytical instruments and medical devices was 3% lower over the period at £18.8m, with growth in neurological products offset by lower spectroscopy sales.
Renishaw issued an interim dividend of 16.8 pence per share.
Will Lee, chief executive, said: “We have continued to make steady progress in mixed trading conditions and our order intake has recently improved, particularly from the semiconductor manufacturing and consumer electronics sectors.
“Supported by our strategic progress, we expect to achieve steady revenue growth this year. Our markets present significant structural growth opportunities, and we are confident that the investment that we are currently making in productivity improvements will drive our operating margins towards our 20% target in the medium term.”
In December, Renishaw’s co-founder, Sir David McMurtry, died at the age of 84. The inventor and businessman established the business with John Deer in 1973 and it floated on the stock market a decade later.
The company’s first product, the touch-trigger probe, was created by Sir David to solve a specific inspection requirement for the Olympus engines used in Concorde.
Renishaw employs around 2,600 staff in Gloucestershire as well as a similar number internationally. It also has sites in Charfield, Stonehouse, Woodchester and Old Town.
Sir David, who was knighted in 2001, stepped down as executive chairman last year, but remained on the board as a non-executive director. His son, Richard McMurtry, was appointed to the board in 2024.
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