Record turnover for Renishaw

Photo shows: Renishaw inspiring a new generation of engineers
Renishaw students

Global engineering company, Renishaw, which has its headquarters at Wotton under Edge, Gloucestershire, has revealed a record turnover for the second successive year of £611.5 million (2017: £536.8m) with revenue growth of 18 per cent at constant exchange rates.

It is also reporting a record adjusted profit before tax of £145.1m (2017: £109.1 million), an increase of 33 per cent. Its total shareholder return during the year was 48%, ranking Renishaw 18th in the FTSE 250.

Earlier this year Renishaw’s founder, Sir David McMurtry, handed over his chief executive responsibilities to Will Lee. Sir David said: “Will has demonstrated significant leadership capabilities in his time at Renishaw having joined in 1996 and having been appointed to the Board as Sales and Marketing Director in 2016.”

He added: “Throughout Renishaw’s history, innovation has been at the heart of our business, from the generation of new technologies to new manufacturing processes. As announced in January, having stepped down as Chief Executive, I will now focus on Group innovation and product strategy, supporting our engineering teams. During the year, we continued to invest in developing future technologies, with total engineering costs of £83.6 million, amounting to 14 per cent of total revenue.”

Sir David said that the Renishaw Group is in a strong financial position and continues to invest in the development of new products and applications, along with targeted investment in production, and sales and marketing facilities around the world.

It has experienced strong growth in 2018 and, while noting ongoing uncertainty surrounding Brexit and currency exchange rate volatility, its directors remain confident in the long-term prospects for the Group.

He said: “At this early stage in the year, we anticipate growth in both revenue and profits in the current financial year.”

Chief Executive Will Lee said: “I am delighted to have been asked to take over as Chief Executive of Renishaw and lead the Company into its next chapter. Having joined the Company 22 years ago as a graduate, I have had the opportunity to experience a range of R&D, commercial and management roles within the organisation. I have also been fortunate to work closely with Sir David for many years, most recently in my role as Group Sales and Marketing Director. I look forward to continuing to work closely together. Under Sir David’s leadership Renishaw has thrived. My role is to build on this heritage and inspire the next generation to meet the opportunities and challenges of the changing global business environment.”

Renishaw has also reported that its healthcare business has achieved a profit for the first time, with adjusted profit before tax of £0.3 million.

Employee numbers have also grown by 322, including 122 graduates and apprentices, bringing the total headcount to 4862.