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Renishaw PLC on Thursday lifted its payout to shareholders and reported a jump in full-year revenue on increased consumer and commercial demand for its product lines.
The Wotton-under-Edge, Gloucestershire-based measurement and motion control devices maker posted a 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.
The FTSE 250 listing attributed this mainly to higher manufacturing revenue that was up 20% year-on-year to £634.6 million, due to an increase in both consumer and commercial demand for electronic products and record demand for its encoders.
‘The most notable growth was in our Position Measurement business, with our encoder product line benefiting from significant global investments in the electronics capital equipment market, including semiconductor manufacture,’ it said.
Renishaw declared a final dividend of 56.6 pence per share, up 8.8% from 52.0p. This brought its total dividend to 72.6p, 10% higher year-on-year from 66.0p.
The company said it made a positive start to financial 2023 and noted that its order book remains strong.
Nonetheless, it recorded a ‘weakening’ in order intake from the semiconductor and electronics sectors, as well as generally weaker of market sentiment.
‘In light of this, we are managing costs carefully and focusing on productivity,’ Renishaw said.
Overall, the company said that it is confident about its long-term growth.
Shares were trading 2.3% lower at 3,438.00 pence each on Thursday morning in London.
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