Renishaw announces record revenues
PUBLISHED: 12:12 21 August 2015 | UPDATED: 12:12 21 August 2015
Renishaw has announced record revenues of £494.7 million, up from £355.5 million in 2014 with record profits before tax of £144.2 million. Chairman Sir David McMurtry is delighted with the results, which he says represents an exceptional year with record revenue and profit.
Revenue for the year ended 30th June 2015 was £494.7m, compared with £355.5m for last year, an increase of 39%. The company had further large orders from Far East customers in the consumer electronics markets, which generated exceptionally good growth in its metrology business sector. Adjusting for these large orders Renishaw experienced underlying revenue growth of 11% for the year.
Geographic analysis shows growth of 91% in the Far East, 13% in the Americas, 3% in Europe and 7% in the UK. More specifically, revenue in the Far East increased from £134.6m to £257.7m, in the Americas from £85.6m to £96.3m, in Europe from £100.2m to £103.1m, and in the UK from £23.8m to £25.5m. The Group’s profit before tax for the year more than doubled to £144.2m.
Sir David said: “Renishaw invests for the long-term, expanding our global marketing and distribution infrastructure, along with increasing manufacturing capacity and research and development activities.
“Our workforce at the end of June 2015 was 4,112, an increase of 620 from the 3,492 at the start of the financial year to support our production requirements as well as growth in research and development and global sales and marketing activities. The staff increase included 30 apprentices and 58 graduates in the UK, taken on as part of our on-going aim and commitment to train and develop skilled resource for the Group in the future.”
Capital expenditure on property, plant and equipment for the year was £48.4m, of which £20.9m was spent on property and £27.5m on plant and equipment. Renishaw’s new Innovation Centre was formally opened in July by HRH The Princess Royal.