(Alliance News) - Renishaw PLC on Thursday said it suffered a fall in revenue at the start of its financial year, as trading conditions remained weak.
The Gloucestershire, England-based provider of manufacturing technologies, analytical instruments and medical devices said all regions saw reduced demand in the first quarter, which ended September 30.
Pretax profit fell 27% to GBP28.0 million from GBP38.6 million a year before, as revenue declined by 8.6% to GBP164.5 million from GBP179.9 million.
"Trading conditions remain challenging due to subdued demand, most notably from the semiconductor sector. We continue to see positive investment trends in robotics, defence, low emission transportation and additive manufacturing. We continue to carefully manage costs, implement targeted price rises and focus on productivity improvements," Renishaw said.
It releases half-year results on February 6.
Renishaw shares were down 0.5% to 3,024.00 pence each in London on Thursday morning.
By Eric Cunha, Alliance News news editor
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Renishaw (RSW)
