The engineering group Renishaw today reported a dip in profits during the first half of its financial year ending December 2013 but said that it was continuing to invest in production and engineering.
It had incurred capital expenditure of £19.5m, including the new 145,000 sq ft facility it was building at its New Mills headquarters in Derbyshire and expanded facilities in Germany.
Renishaw said there had been strong demand for its 3D additive manufacturing, measurement automation, encoder and spectroscopy products and new product releases included the Sprint high speed contact scanning system for machine tools.
The healthcare division had seen further sales of the neuromate surgical robot and the company is manufacturing an investigational intra-parenchymal drug delivery system for an NHS Trust, which is conducting a clinician-led clinical trial for a therapy for the treatment of Parkinson’s disease. The system has also been trialled by the Trust for delivery of a chemotherapy drug for the treatment of brain tumours.
For the six months to 31 December 2013, Renishaw reported revenue of £164m (down from £174m for the same period in 2012) and pre-tax profit of £25.6m (£45m).
Renishaw explained that the first three months of the period were subject to tough comparators due to exceptionally high revenue from certain Far East customers in the first quarter of 2012 but it is expecting an improvement in trading and revenue in the second half in the coming six months.
Copyright Ken Hurst 2014