Renishaw PLC on Friday reported a rise in revenue in the nine months ended March 31, but suffered a slight profit fall.

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

Shares in the firm were down 4.6% at 3,510.80 pence each on Friday morning in London.

For the nine months ended March 31, total revenue rose to 6.0% to £522.0 million from £492.4 million the year before. Renishaw said strong systems sales contributed to growth in its industrial metrology and additive manufacturing business.

Pretax profit, however, was down 2.4% to £117.3 million from £120.2 million, as adjusted pretax profit fell 10% to £111.8 million from £124.0 million.

Renishaw said its measurement business 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’.

The company said it invested in ‘increased customer facing activities’ this year. It said its operating cost increases reflect pay reviews undertaken in the last two years.

Looking ahead, Renishaw said it expects revenue for financial 2023 will be between £680 million and £700 million, and adjusted profit before tax will be between £135 million and £150 million.

In 2022, it reported pretax profit of £145.6 million for the financial year that ended June 30, reflecting a 4.4% increase from £139.4 million the year before.

This was on revenue growth of 19% to £671.1 million from £565.6 million last year.

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