Renishaw posts record-breaking full year results

Posted on 28 Jul 2011 by The Manufacturer

Measurement and motion control company Renishaw posts full year revenues of £288.7 million, up 43% on the previous highest year's revenue in 2008.

Total group revenue was £288.7m, 59% ahead of the £181.6m for last year and, more importantly, 43% above the previous highest year‘s revenue of £201.2m reported in 2008. All the geographic areas where it operates saw good progress: China, in particular, became the group’s largest market, with revenues of £54.2m this year, 20 million more than last year.

Profit before tax for the year, excluding exceptional items, was £80.4m, compared with £28.7m last year.

David McMurtry, Renishaw’s chairman and chief executive, said in a statement: “There was an extremely strong performance by our metrology business during the year, with revenue of £267.0m, an increase of 65% since last year. There was growth across all product lines, with machine tool and encoder products showing particularly strong growth.”

Over the past year, Renishaw launched a number of new products (including Equator, a new alternative to traditional dedicated gauging), saw a lot of investment (for example in new facilities in South Wales to secure manufacturing capacity required to accommodate future growth) and a number of acquisitions.

The group now has a 49% shareholding in metrology specialist Measurement Devices Limited at a cost of £3.9m, with an agreement that it will become a 100% subsidiary in 2014. In April it also acquired, for £3.8m, a 100% shareholding in MTT Investments Limited, which is now operating as the Renishaw additive manufacturing products division.

Renishaw is also looking at expanding its technology portfolio: in June it acquired calibration technology, software, drawings, designs and intellectual property for £6m from Aberlink Innovative Metrology.

Healthcare operations continued to develop both in the longer established spectroscopy business and in the newer dental, neuro and diagnostic activities. Revenue from the healthcare products rose 11% to £21.7m.

A solid balance sheet, with net cash balances of £34.6m at 30th June 2011, and a growing workforce are further proof of the successful year the company has had:
staff grown from 2,099 to 2,675, with 139 vacancies currently available in the UK.

McMurtry added: “We have made very considerable progress during the year. There continue to be many challenges to be met and overcome, but we confidently expect the current progress of the group to continue due to the increased opportunities and the underlying strength of our markets.”