Renishaw plc (RSW) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Renishaw's final results presentation for the 2024 financial year. I'm William Lee, Chief Executive, and I'm joined by Alan Roberts, our Group Finance Director. I'll start by talking you through our business performance, and then Alan will provide a more detailed review of our financial performance and our new KPIs that we've introduced to help us measure progress against our strategy. He'll then hand back to me to cover the solid strategic progress that we've made this year, including our evolving approach to environmental, social and governance issues. Finally, I'll conclude with the outlook for the 2025 financial year. So let's get started. This was a solid performance overall, despite challenging conditions in the semiconductor manufacturing equipment market and currency headwinds. Revenue improved as the year progressed and we had a record H2, including a strong final quarter. Manufacturing technology revenue was flat overall, although 3.4% higher at constant currency rates. All our industrial metrology product lines grew, with record revenue for our shop floor and CMM systems product line boosted by demand from the consumer electronics sector. Our additive manufacturing systems also had good growth, with a strong second half for sales to key customers in the medical sector. Position measurement revenue for the year as a whole was lower compared to FY23 with weaker demand for laser encoders. These are supplied into front-end semiconductor applications. However, during the year, we did see four quarters of sequential growth in this position measurement group, with signs of recovery and demand for our open optical encoders from semiconductor equipment builders. There was 7% growth in analytical instruments and medical devices, with record revenue for ou...