Renishaw, the London-listed technology company, has reported a lower pretax profit for the six months ending December 31. The decline in profit is attributed to lower demand from semiconductor equipment manufacturers amidst a challenging environment. However, Renishaw remains confident in its organic growth model and aims for high single-digit organic growth rates.
During the first half of the financial year, Renishaw’s pretax profit reached £56.5 million, compared to £77.8 million for the same period the previous year. This represents a decrease in profit.
Revenue also experienced a decline, falling by 5% to £330.5 million from £347.7 million. The company reported that revenue in the EMEA region was down by 6%, mainly due to weaker demand for position measurement and additive manufacturing products. Americas revenue also decreased by 13%, despite having an improved order book.
Renishaw expects its full-year revenue to range between £675 million to £715 million. The company also anticipates a pretax profit ranging from £122 million to £147 million.
The board has declared an interim dividend of 16.8 pence per share for the period.
Chief Executive William Lee expressed confidence in the improvement of Renishaw’s trading performance in the second half of the financial year, as market conditions are expected to improve. The company will continue to pursue various growth opportunities.