Renishaw Q1 revenues rise, profits dip

27th Oct 2022 08:29

(Sharecast News) - Renishaw reported a rise in first-quarter revenues on Thursday but a dip in profits, as it pointed to a slowdown in order intake from the semiconductor and electronics sectors.

In the three months to 30 September, total revenue rose 14% to £179.9m, including a £4m currency benefit. Within that, revenue in the analytical instruments and medical devices segment was 29% higher at £7.1m, while the manufacturing technologies business saw a 13% increase to £172.8m.

Statutory pre-tax profit slipped 2% to £38.6m and adjusted pre-tax profit was down 4% at £40m.

Renishaw said it had made a positive start to the current year and that the order book remains strong.

"We have, as recently reported, seen a weakening in order intake from the semiconductor and electronics sectors, and general market sentiment is becoming more cautious," it said. "In light of this, we are managing costs carefully and focusing on productivity.

"Overall, we're confident in our strategy and the investments we're making in people and infrastructure to deliver sustainable, long-term growth, and we look forward to the year ahead."