Renishaw (RSW) Q1 2026 TU earnings summary

Executive summary

• Q1 FY2026 saw steady performance amid mixed global market conditions, with a positive response to new product launches and an improving order book.

• A £20m operating cost reduction programme was implemented, reducing group headcount by 6.5%.

• Closure of the drug delivery aspect of the non-core neurological business is progressing and will conclude in Q2.

Financial highlights

• Revenue at constant exchange rates grew 2.8% year-over-year; at actual exchange rates, revenue declined 1.8% to £170.8m.

• 1.2% of revenue growth was attributed to surcharges offsetting tariff duties in the Americas.

Outlook and guidance

• Expectation of further steady revenue growth for FY2026, supported by structural market drivers despite global uncertainty.