Renishaw plc (RSW) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Renishaw's half-year results presentation for the 2025 financial year. I'm Will Lee, Chief Executive, and I'm joined today by Alan Roberts, Group Finance Director. I'm going to start by talking you through our business performance before Alan will provide a more detailed review of our financial results. He'll then hand back to me to cover the solid strategic progress that we've made this year before I'll conclude with the outlook for the full year. However, before we discuss the results, I'd like to say a few words about our co-founder, Sir David McMurtry. In December 2024, it was with profound sadness that we announced David's death. We have since been overwhelmed by messages of support from all around the world. People reflected on his role as a visionary and empathetic business leader, as a passionate innovator. They told us how he shaped an entire industry and also his decency, humility and his great sense of humour. Whilst his presence is deeply missed, the ethos that he and John Deere instilled in Renishaw will continue to guide us. I'll now discuss business performance in the first six months of this year. We achieved steady progress against a backdrop of mixed market conditions, with revenue growth of 3%, representing an increase of 2% of constant currency. Manufacturing technologies revenue was 4% higher, with growth in position measurement boosted by sales of position encoders to semiconductor equipment manufacturers. We also saw growth for our additive manufacturing products. However, sales of industrial metrology products were lower compared to the same period last year. Revenue for analytical instruments and medical devices was 3% lower. Here, a stronger demand for our neurosurgical robots was offset by weaker demand for our Raman spectroscopy...