Renishaw (RSW) H1 2025 earnings summary

Executive summary

• Revenue increased 3% year-over-year to £341.4m in H1 FY2025, with growth in position encoders and additive manufacturing offsetting weaker metrology and Raman spectroscopy sales.

• Operating profit rose 9% to £51.6m, with margin up to 15.1%; profit before tax was £57.5m, up 2%.

• Americas and EMEA regions grew 5% at constant currency, while APAC was flat or down 1%.

• Gross margin (excluding engineering costs) improved by 1% to 61.5%; EPS up to 63.2p.

• Order intake improved, especially from semiconductor and consumer electronics sectors.

Financial highlights

• H1 revenue: £341.4m (up from £330.5m year-over-year).

• Operating profit: £51.6m, up 9% year-over-year.

• Profit before tax: £57.5m, up 2% year-over-year.

• Interim dividend maintained at 16.8p per share.

• Cash and equivalents at period end: £233.2m, up from £217.8m at June 2024.

Outlook and guidance

• Full year revenue expected between £695m–£735m.

• Full year profit before tax forecasted at £105m–£135m.

• H2 revenue projected to be 4%–16% higher than H1, with improved order intake and structural growth opportunities.

• Focus remains on productivity improvements and strategic investments to drive margins toward 20% medium-term target.