24th Oct 2024 14:28
(Alliance News) - Renishaw PLC on Thursday said it was focused on driving progress towards its margin objectives as profit and revenue rose in its first financial quarter.
The Gloucestershire, England-based provider of manufacturing technologies, analytical instruments, and medical devices said revenue rose 5.7% to GBP171.3 million in the first financial quarter ended September 30, from GBP164.5 million.
Pretax profit jumped 22% to GBP34.0 million from GBP28.0 million.
Renishaw noted an increase in demand in the Americas and the Europe, Middle East & Africa regions.
It added: "Our Additive Manufacturing products also grew strongly, reflecting the good order book carried into FY2025. Meanwhile, demand for Industrial Metrology products was lower than last year, primarily due to the strong prior period sales to consumer electronics manufacturers in Asia Pacific."
Looking ahead, the company said: "We continue to pursue a range of growth opportunities and anticipate solid overall revenue growth this year in line with the board's expectations. Alongside this we also remain focused on the careful management of costs and delivery of productivity improvements, which together will help drive progress towards our margin objectives."
Renishaw shares were 2.0% higher at 3,305.00 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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