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.