Renishaw Plc achieves record revenue of £691 . 3m …

Renishaw Plc achieves record revenue of £691 . 3m in FY24 results

Renishaw plc reported preliminary results for the year ended 30 June 2024, showing solid strategic progress amid challenging market conditions. The company achieved a revenue of £691.3m, a slight increase of 0.4% from the previous year, driven by a strong final quarter and growth in systems sales. However, demand from the semiconductor sector for Position Measurement products was weaker. The company s manufacturing technologies revenue remained flat at £648.1m, with record sales for shop-floor gauging and CMM inspection systems, and growth in multi-laser additive manufacturing (AM) systems. Analytical instruments and medical devices revenue increased by 7% to £43.2m, with record sales for the Spectroscopy product line and growth in the Neurological product line. Adjusted profit before tax decreased by 13% to £122.6m, mainly due to the impact of currency on revenues and increased employee pay, including £2.1m of severance costs. Gross engineering expenditure rose by 6%, reflecting continued investment in innovation. Renishaw s balance sheet remained strong, with cash and cash equivalents and bank deposit balances of £217.8m, compared to £206.4m at the end of 2023. The company invested £65.2m in capital expenditure, including the expansion of its production facility in Miskin, Wales. The company proposed a final dividend of 59.4p per share and highlighted its strategic focus on growing in existing markets, increasing the value of the technology it sells, and extending into new, high-growth markets. Key initiatives include the launch of the RMP24-micro, the world s smallest wireless machine tool probe, and the RenAM 500 Ultra additive manufacturing machine featuring TEMPUS™ technology. Chief Executive Will Lee expressed confidence in the company s organic growth strategy, noting continued improvement in demand for encoder products from the semiconductor manufacturing sector and growth opportunities in metro

Source: directorstalkinterviews.com
Published on 2024-09-12

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