British engineering firm Renishaw reported revenue of £492m in the first nine months of the year, up by a fifth compared to last year.
Sales were driven by strong demand for encoder products and increased investment in semiconductors, electronic equipment and industrial automation. Adjusted profit before tax climbed by 47 per cent to £124m over the past three quarters despite the business taking a £2m hit from winding down its operations in Russia.
The board said it is “confident” in the firm’s long term prospects and treated investors to a payout of 16p per share in mid-April.
“We continue to see strong demand for our product lines and have a strong order book,” the company said in a statement.
Despite ongoing uncertainties, including the ongoing impact of Covid-19 in key markets such as China and the invasion of Ukraine, Renishaw predicted revenue will fall within a range of £655m to £675m, while adjusted profit before tax will be between £155m and £170m.
The group stopped the supply of goods to the Russia market, which accounts for approximately one per cent of company sales, after the invasion of Ukraine in February 2022. The firm is in the process of “ceasing” trading operations in the country.
Read more: Renishaw shares fall 10 per cent after profit plunges 97 per cent
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