By Christian Moess Laursen
Renishaw said its pretax profit fell slightly in fiscal 2023 ended June 30 amid lower demand from semiconductor equipment suppliers and higher costs.
The London-listed technology company said Tuesday that its pretax profit edged slightly lower to 145.1 million pounds ($179.7 million) in the fiscal year from GBP145.6 million in fiscal 2022.
Adjusted pretax profit–which strips exceptional and other one-off items–fell to GBP141.0 million from GBP163.7 million due to rising employee wages, lower production volumes and 12% higher engineering, distribution and administration costs.
Revenue climbed to GBP688.6 million from GBP671.1 million a year prior, driven by growth from system sales, offsetting weaker demand from the semiconductor sector.
“We have seen a steady start to fiscal 2024 and our order book remains solid,” Chief Executive William Lee said.
“While the short-term macroeconomic picture remains unclear, we continue to manage costs prudently, we are implementing further price rises, and remain focused on improving our productivity,” Lee added.
Renishaw declares a final dividend of 59.4 pence.
Write to Christian Moess Laursen at christian.moess@wsj.com
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