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(Alliance News) - Renishaw PLC on Tuesday reported a substantial increase in revenue and profit in the first nine months of financial 2022 on good demand, leading to growth in all product lines.
The Gloucestershire-based engineering and scientific technology firm recorded total revenue growth of 22% in the nine months to March 31 to GBP492.4 million from GBP407.4 million in the same period a year prior.
In its Manufacturing Technologies unit, revenue was 22% higher year-on-year at GBP467.4 million from GBP382.1 million, with growth in all its product lines.
Pretax profit increased by 13% to GBP120.2 million from GBP106.3 million.
The FTSE 250 company attributed its growth to buoyant demand in the period.
"Strong demand for our encoder product lines has largely been driven by increased investments in industrial automation and the semiconductor and electronics capital equipment markets," Renishaw explained.
"We also experienced good growth in demand for our machine tool and co-ordinate measuring machine product lines, where we have benefited from a recovery in investments in metal cutting machinery and the need to measure the outputs from those processes."
The company said it has a healthy order book in place.
It added that its balance sheet remains robust with cash and bank deposit balances amounting to GBP241.1 million, up 8.6% from GBP222.0 million a year before.
Due to this "strong financial position", Renishaw said it is confident in its long-term prospects.
It expects financial 2022 revenue to be between GBP655 million and GBP675 million and adjusted pretax profit to be in the range of GBP155 million to GBP170 million.
In financial 2021, Renishaw posted revenue of GBP565.6 million and an adjusted pretax profit of GBP119.7 million, indicating revenue growth of between 16% to 19% and profit growth of between 29% to 42 for this financial year.
Shares were down 1.0% at 4,148.00 pence each on Tuesday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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