Revenue growth achieved despite lower demand from the semiconductor and electronics sectors.
Renishaw plc, the global provider of manufacturing technologies, analytical instruments and medical devices, publishes this trading update for the nine months ended 31 March 2023. It contains unaudited information that covers the first nine months of the financial year and the period since.
Trading activity
| 9 months to 31 March 2023 | 9 months to 31 March 2022 | Change | |
| Manufacturing technologies | £496.7m | £467.4m | 6% |
| Analytical instruments and medical devices | £25.3m | £25.0m | 1% |
| Total Revenue | £522.0m | £492.4m | 6% |
| Adjusted* Profit before tax | £111.8m | £124.0m | -10% |
| Statutory Profit before tax | £117.3m | £120.2m | -2% |
Revenue for the nine months to 31 March 2023 was £522.0m, an increase of 6% compared to £492.4m for the corresponding period last year.
In our Manufacturing technologies business, revenue for the first nine months was £496.7m, compared with £467.4m last year. Strong systems sales have contributed to growth in our industrial metrology and additive manufacturing business. Our position measurement business has continued to see subdued demand from the semiconductor and electronics sectors in the third quarter, resulting in lower revenue this year compared to last year. Revenue from our Analytical instruments and medical devices business for the first nine months was £25.3m compared with £25.0m last year.
Adjusted profit before tax for the nine months to 31 March 2023 amounted to £111.8m compared with £124.0m last year and the statutory profit before tax amounted to £117.3m (FY2022: £120.2m). As previously reported, we have invested in increased customer facing activities this year and operating cost increases also reflect pay reviews undertaken in the last two years.
Financial position
The Group balance sheet remains strong with cash and cash equivalents and bank deposits amounting to £227.8m (31 December 2022: £211.5m).
Outlook
We expect current market conditions to continue during the remainder of this financial year. We continue to invest in innovative new products and manufacturing capacity to support our growth objectives, whilst managing costs carefully and focusing on productivity. We anticipate that revenue for the full year will be between £680m and £700m, and adjusted profit before tax will be between £135m and £150m.
The preliminary results for the year ending 30 June 2023 will be released on 14 September.