Renishaw PLC on Thursday reported a rise in interim revenue but suffered a fall in profit.

Reinshaw is a Gloucestershire, England-based provider of manufacturing technologies, analytical instruments and medical devices.

For the six months that ended on December 31, revenue was £347.7 million, up 7% from £325.2 million a year earlier. The company noted strong growth in sales of ‘multi-laser additive manufacturing systems, 5-axis co-ordinate measuring machine inspection systems and laser encoders’.

Pretax profit, however, was down 4.5% to £77.8 million from £81.5 million, as operating profit decreased to £71.3 million from £80.2 million a year earlier.

Adjusted pretax profit fell by 13% to £73.5 million from £84.2 million the year before.

Chief Executive Officer William Lee said: ‘I am pleased to report record revenue in a period of expected lower demand from the semiconductor and electronics sectors. We have made good progress in our strategy; gaining market share, introducing new products into close-adjacent markets and taking advantage of long-term growth opportunities in additive manufacturing, shop-floor measurement, materials research and semiconductor manufacturing.’

Renishaw declared an interim dividend of 16.8 pence per share, up 5.0% from 16.0p a year prior.

Looking ahead, Renishaw said it has a strong order book, expecting annual revenue to be in the range of £690 million to £730 million. Adjusted profit before tax the financial year ending June 30 is expected to be in the range of £140 million to £165 million. For financial 2022, revenue was £671.1 million and adjusted pretax profit was £163.7 million.

Shares were down 0.8% at 3.840.00 pence each on Thursday morning in London.

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