Renishaw, Wotton-under-Edge, Gloucestershire, UK, has reported its results for the full fiscal year 2019. The company stated that it achieved a full-year turnover of £574 million, down 7% from the previous year’s turnover of £611.5 million, said to be due to challenging economic conditions. Adjusted profit before tax amounted to £103.9 million, down 28% from £145.1 million in 2018.
The company reported £532.9 million in revenues from its Metrology business (2018: £575.8 million), benefiting from strong growth in its Additive Manufacturing product line. Revenue for Renishaw’s Healthcare business was reported at £41 million, up 15% from 2018’s revenue of £35.7 million. The company stated that it saw strong growth in its spectroscopy and medical dental product lines.
The strongest performing region for Renishaw in 2019 was still APAC, achieving full-year revenues of £240.1 million (2018: £289.2 million). EMEA followed with revenues of £167.2 million, up slightly from £165.1 million in 2018. In the Americas, the group achieved revenues of £132.6 million (2018: £126.6 million), and in the UK full-year revenues were reported of £34.1 million (2018: £30.6 million).
Regarding Britain’s pending exit from the European Union, Renishaw stated that its board continues to oversee the work of the ‘Brexit’ steering group in identifying key risks arising from a no-deal Brexit scenario and implementing mitigation plans. These activities significantly increased during 2019 and included the establishment of a new distribution warehouse in Ireland to reduce the number of direct shipments between the UK and EU, and a general increase in inventory of components and finished goods held at sites in the EU and UK.