Renishaw (LSE:RSW) reported record revenue of £571.6 million for the nine months ended 31 March 2026, representing growth of 9.5% at actual exchange rates and 13.5% at constant currency. The performance was fuelled by strong demand from semiconductor and electronics manufacturing customers, alongside continued momentum in the aerospace and defence sectors.
Growth was recorded across the company’s industrial metrology, position measurement and specialised technology divisions, with particularly strong expansion in encoder systems and metal additive manufacturing equipment. The group also reported a substantially higher order book.
Third-quarter trading accelerates across key regions
The third quarter marked the strongest quarterly performance in Renishaw’s history, with revenue increasing 14% to £206 million. Order intake strengthened further across the Asia-Pacific region and the Americas, while the EMEA division returned to growth after a slower start earlier in the financial year.
Management said demand trends remain favourable despite ongoing supply chain constraints affecting semiconductor markets and increased logistics costs linked to Middle East tensions and changes to U.S. tariffs.
Full-year guidance maintained after recent upgrade
Despite external cost pressures, Renishaw stated that it does not expect a material impact on operations and reaffirmed its upgraded full-year guidance. The company continues to forecast annual revenue between £775 million and £805 million, alongside adjusted profit before tax in the range of £145 million to £165 million.
The outlook is supported by low leverage, improving earnings expectations and ongoing cost-saving measures, while technical indicators have also shown signs of strengthening.
Valuation and margin pressures temper positive outlook
Although the company’s financial position remains strong, recent margin compression continues to weigh slightly on the broader investment case. In addition, the shares trade on a relatively elevated price-to-earnings multiple, while the dividend yield remains modest.
Even so, strong end-market demand and continued operational momentum continue to support confidence in the group’s long-term positioning.
More about Renishaw
Renishaw is a UK-based engineering and technology company specialising in high-precision measurement and manufacturing systems. Its products provide accuracy, traceability and process control across industrial applications including semiconductors, electronics, aerospace, defence, medical devices and consumer technology markets. The company operates globally across APAC, EMEA and the Americas.
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