Source - Alliance News

Renishaw PLC on Thursday said it was confident of its long-term strategy after seeing revenue growth across all business sectors in its financial first quarter.

Reinshaw is a Gloucestershire, England-based provider of manufacturing technologies, analytical instruments and medical devices.

For the three months ended September 30, the company reported pretax profit of £38.6 million, down 2.0% from £39.3 million a year prior.

Total revenue for the period was £179.9 million, up 14% from £157.8 million.

Renishaw said it saw growth across all regions, with particularly high sales in its analytical instruments and medical devices business, where revenue was up 29% to £7.1 million from £5.5 million.

In its manufacturing technologies business, revenue grew 13% to £172.8 million from £152.3 million last year.

Renishaw noted that general market sentiment was becoming more cautious, as evidenced by a weakening in order intake from the semiconductor and electronics sectors.

In light of these changes, the company intends to manage costs carefully, focusing on productivity.

Reflecting on growth in the first quarter, it said it had made a ‘positive start’ to the financial year, and was confident in the long-term efficacy of company strategy and investments.

Renishaw reported net cash and bank deposit balances of £258.6 million at the end of the quarter, up from £253.2 million at June 30.

Renishaw shares were trading 1.2% lower at 3,670.00 pence each in London on Thursday morning.

Copyright 2022 Alliance News Limited. All Rights Reserved.

Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Renishaw PLC (RSW)

+5.00p (+0.14%)
delayed 11:18AM