Gloucestershire headquartered Renishaw, the global manufacturer of analytical instruments and medical devices, has revealed record half-year results.
The company reported a revenue growth of 27 per cent to £325.2 million (up from £255.1 million in the first half of 2020), and a record level of demand as key market sectors recover and semiconductor and electronics sectors remain strong.
The company saw strong growth in all regions, continuing the trend seen in the second half of last financial year.
Revenues in the company’s manufacturing technologies was the star performer, with revenues 30 per cent higher at £308.7 million.
Revenues were lower, however in the company’s analytical instruments and medical devices, with results 10 per cent lower at £16.5 million.
The company reported adjusted profit before tax increased by 94 per cent to £84.2 million, and statutory profit before tax is £81.5 million
Sir David McMurtry, Executive Chairman, said: “We achieved very strong revenue growth in all regions and there was growth for all product lines within our manufacturing technologies segment, most notably for the encoder and gauging lines.
“The strong demand for our encoder product lines continues to be driven by increased investments in industrial automation and the semiconductor and electronics capital equipment markets, while our gauging line is benefiting from a recovery in metal cutting operations and increased investments in shopfloor metrology.”
Following the announcement last March (2021) that the founders of one of the UK’s most successful manufacturing and engineering companies wanted to take a well earned retirement and sell their substantial shareholdings in the business, by July, the lack of a suitable purchaser put their plans on hold.
The board of Wootton-under-Edge based Renishaw said it had “carefully reviewed a number of proposals with its advisers and unanimously concluded that none would meet the Board’s objectives of delivering an outcome that satisfactorily met the interests of all stakeholders.”
Sir David McMurtry and John Deer, both in their 80s, have said that they remain committed to Renishaw and have no intention of selling their shares on the market for the foreseeable future.
Today’s results show that age is absolutely no barrier to success.