Renishaw races to record half year revenues

Global engineering success story Renishaw has announced it made £347.7 million in its last full six months of trading, a record for the Gloucestershire business.

By Andrew Merrell  |  Published
British Cycling racing the Lotus/Hope track bike, built using the expertise of Gloucestershire engineering firm Renishaw.

When it started 50 years ago, it was just its two founders, Sir David McMurtry and John Deer, working out of a back room at home, but today Renishaw’s business stretches around the world and continues to grow.

Its just-published half year results, for the period ending 31 December 2022, show a speedy return to form following the lows of the Covid-19 pandemic, with the business recording record earnings for six months of £347.7 million.

It marks a rise from the £325 million the Gloucestershire business recorded for the first half of 2022, and a seven per cent rise on the same period in 2021.

William Lee, chief executive of Renishaw, which employs an estimated 2,200 staff in the county and this year was a key partner in the SoGlos Gloucestershire Apprenticeship Campaign, said: ‘I am pleased to report record revenue in a period of expected lower demand from the semiconductor and electronics sectors.

‘We have made good progress in our strategy; gaining market share, introducing new products into close-adjacent markets and taking advantage of long-term growth opportunities in additive manufacturing, shop-floor measurement, materials research and semiconductor manufacturing.

‘We continue to invest in our people, product development and infrastructure to deliver sustainable, long-term growth.’

The firm, which has its headquarters in Wotton-under-Edge, said profit before tax for the six months was £73.5 million (down from £84.2 million for the first half of 2022).

Renishaw also declared a ‘strong balance sheet with net cash and bank deposit balances of £211.5 million’, compared with £253.2 million at 30 June 2022. Shareholders enjoyed a £41.2 million final dividend for 2022.

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