Business

Renishaw reports record £611.4M turnover for full FY2018

The UK headquartered metrology and additive manufacturing specialist Renishaw (LON:RSW) has published its results for the full fiscal year 2018.

Combining hardware sales and support with the company’s healthcare service line, headline revenue for FY 2018 was reported at £611.5 million. For FY2017, revenue was reported at £536.8m. By comparison, FY2018 sees a growth of 14% and record revenue for the company.

According to Sir David McMurtry, co-founder and Executive Chairman of Renishaw, “The Group is in a strong financial position and continues to invest in the development of new products and applications, along with targeted investment in production, and sales and marketing facilities around the world.”

A shot inside the build chamber of a RenAM 500Q. Photo by Beau Jackson for 3D Printing Industry
A shot inside the build chamber of a Renishaw RenAM 500Q. Photo by Beau Jackson for 3D Printing Industry

Revenue by division: Metrology

Renishaw’s revenue is recorded in two divisions Metrology, which accounts for all transactions related to systems/hardware, and Healthcare, relating to the company’s engineering, design and production services for medical and dental markets.

Metrology, which includes the sale of the company’s additive manufacturing systems alongside advanced measurement equipment, occupies the lion’s share of revenue. For FY2018, Metrology revenue was reported at £578.8 million, an increase of 14.3% on FY2017 Metrology revenue which was £503.3 million. According to David Lee, Renishaw CEO, this year “There was strong growth in our measurement and automation, co-ordinate measuring machine, machine tool and additive manufacturing product lines.”

One new introduction to the market within the year was the RenAM 500Q quad laser metal additive manufacturing system. Another addition, in metrology software, was the company’s InfiniAM Spectral for process monitoring in Laser Powder Bed Fusion (LPBF) 3D printing systems.

Revenue by division: Healthcare

Renishaw’s Healthcare division saw a steady growth from a revenue of £33.4 million at end of FY2017, to £35.7 million reported in FY2018. Some medical successes throughout the year include a 3D printed rib implant at Morriston Hospital in Wales, and a jaw reconstruction in collaboration with Cardiff Metropolitan University.

In dentistry, the company is also working with Cardiff University Dental Hospital (CUDH) to bring 3D printed partial dentures to the commercial market.

CoCr 3D printed removable partial dentures. Photo via Renishaw.
CoCr 3D printed removable partial dentures. Photo via Renishaw.

3D printing in the Far East

95% of Renishaw’s sales are made outside the UK. By regional comparison, the Far East, including Australasia is the biggest contributor to Metrology revenue in the past 12 months, accounting for £269.5 million in revenue for FY2018.

This region also proved to be the biggest market for Renishaw Healthcare in FY2018, contributing a revenue of £11.3 million.

Renishaw revenue by region FY2018. Image via Renishaw Annual Report 2018
Renishaw revenue by region FY2018. Image via Renishaw Annual Report 2018

 

Concluding his statement on the annual report, Sir McMurtry commented, noting the current political climate in the UK:

“We have experienced strong growth in 2018 and, whilst noting ongoing uncertainty surrounding Brexit and currency exchange rate volatility, your directors remain confident in the long-term prospects for the Group due to our innovative product base, extensive global sales and marketing presence and relevance to high-value manufacturing.”

Summary of Condensed Balance Sheets

Renishaw’s gross profit for the FY2018 was reported at £326.6 million, compared to £285.4 in gross profit for FY2017. Net profit for the year ended June 30, 2018 was reported at £132.9 million, whereas, year ending June 30, 2017, was reported at £88.8 million.

FY2018FY2017Variance £ millions%
Metrology Revenue575,839503,37872,46114.39%
Healthcare Revenue35,66833,4292,2396.70%
Total611,507536,80774,70013.92%
Gross profit326,618285,42341,19514.43%
Profit for the year132,93788,82744,11049.66%

 

The full annual report of Renishaw’s fiscal year 2018 can be accessed online here.

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Featured image shows Renishaw’s RenAM 500M at IMTS. Photo by Michael Petch.