Renishaw expects higher profits amid rising demand from defence and electronics sectors

The precision manufacturer told the stock market on Monday its order book had expanded

Gloucestershire engineering firm Renishaw has raised its revenue and profit guidance for the full year after a “substantial” expansion of orders. The FTSE-250 company told investors on Monday (April 20) it had seen “particularly strong demand” from customers in the semiconductor and electronics manufacturing equipment, and aerospace and defence sectors.

This has led to the business increasing revenue expectations from £775m to £805m and adjusted profit before tax from £145m to £165m.

“We are actively managing the challenges and increasing costs imposed by ongoing economic and geopolitical uncertainties and supply chain pressures,” Renishaw said in a statement.

The listed group, which was established by the late Sir David McMurtry and John Deer in 1973, said it would provide an update on its revenue performance for the 12 months to the end of March on May 6.

Last month, Renishaw announced it had refreshed its board with three appointments, including a renowned British academic as its new chair.

The news came just months after the precision manufacturer confirmed it had made ownership changes to the business as part of a succession plan.