Renishaw profits rise

Renishaw QC20-W with lathe adaptor

Renishaw plc, the global high-precision metrology and healthcare technology group, which has its headquarters at Wotton-under-Edge, Gloucestershire has published its latest trading update for the nine months ended 31st March 2018.

And with revenue up 11.9 per cent, and profits up 39.2 per cent, the company says it is confident in the Group’s future profits.

Revenue from continuing operations for the first three quarters of the current financial year was £429.9 million, an increase of 11.9 per cent compared with £384.3 million for the corresponding period last year. The company experienced underlying growth at constant exchange rates of 16.4 per cent, with growth in all regions.

Revenue within the company’s metrology business revenue amounted to £406.6 million compared with £361.4 million for the same period last year. Revenue in our healthcare business was £23.3 million compared with £22.9 million for the same period last year.

Adjusted profit before tax from continuing operations for the first three quarters amounted to £97.6 million compared with a restated adjusted* profit before tax of £70.1 million for the corresponding period last year.

In a statement, the company said “Notwithstanding current economic uncertainties, the Board remains confident in the future prospects of the Group. In our half year interim report, we forecast full year revenue to be in the range of £575 million to £605 million and adjusted profit before tax to be in the range of £127 million to £147 million. We continue to expect growth in both revenue and profit for this financial year and now expect full year revenue to be in the range of £585 million to £610 million and adjusted profit before tax to be in the range of £135 million to £150 million. Statutory profit before tax is expected to be in the range of £145 million to £160 million.

The preliminary full year results for the year ending 30th June 2018 will be released on 26th July 2018.

Earlier this year Renishaw announced a new CEO, William Lee, following the founder Sir David McMurty’s relinquishing the role aged 78 to become Executive Chairman.