Engineering giant Renishaw has reported a fall in profits amid weaker demand from the semiconductor and consumer electronics sectors. Updating investors with its half-year results on Thursday (February 2), the Gloucestershire-based London-listed firm said customers had reduced stock levels due to improved supply chain lead times.
The business reported adjusted profit before tax of £73.5m for the six months ending December 31 - down from £84.2m the year previously. However, revenues were up 7% over the period to £347.6m from £335.2m.
Renishaw also said it had experienced "strong growth" in sales of its multi-laser additive manufacturing (AM) systems, five-axis co-ordinate measuring machine (CMM) inspection systems and laser encoders.
