Renishaw delivers 'solid revenue and profit growth' in Q1

24th Oct 2024 08:22

(Sharecast News) - Manufacturing technologies business Renishaw said on Thursday that it had delivered "solid revenue and profit growth" in Q1 despite trading conditions being "mixed".

Renishaw said total revenues were up 6% at £173.9m in the three months ended 30 September, with manufacturing technologies revenue up 7% at £167.5m, while analytical instruments and medical devices revenue was down 16% at £6.4m.

The FTSE 250-listed group also stated both adjusted and statutory pre-tax profits had surged 22% to £34.0m.

Renishaw noted that whilst Q1 sales of its encoder products to the semiconductor manufacturing sector were stronger than last year, it was still cautious about demand from the market in the remainder of FY25.

"We continue to pursue a range of growth opportunities and anticipate solid overall revenue growth this year in line with the board's expectations," said Renishaw. "Alongside this we also remain focused on the careful management of costs and delivery of productivity improvements, which together will help drive progress towards our margin objectives."

As of 1040 BST, Renishaw shares were up 1.70% at 3,295.0p.

Reporting by Iain Gilbert at Sharecast.com