Fall in prof­its as Brexit un­cer­tainty cen­tral to ‘chal­leng­ing con­di­tions’

Gloucestershire Echo - - BUSINESS - Sophie FLOW­ERS sophie.flow­[email protected]­plc.com

ENGI­NEER­ING com­pany Ren­ishaw has posted rev­enues of £574mil­lion for the year end­ing June 2019 – six per cent down on its 2018 fig­ure of £611.5mil­lion.

Based at Wot­ton-un­der-edge, it is one of the world’s lead­ing engi­neer­ing and sci­ence and tech­nol­ogy com­pa­nies with more than 80 bases in 36 coun­tres.

Profit be­fore tax was £103m, down 28 per cent from £145.1m last year against what ex­ec­u­tive chair­man Sir David Mcmurtry called ‘a back­drop of chal­leng­ing eco­nomic con­di­tions.’

Sir David, in­set, said: “In­no­va­tion

drives our busi­ness, from the gen­er­a­tion of new tech­nolo­gies to new man­u­fac­tur­ing pro­cesses.

“In my role as ex­ec­u­tive chair­man, I have en­joyed the op­por­tu­nity to fo­cus on group in­no­va­tion and prod­uct strat­egy, sup­port­ing our tal­ented engi­neer­ing teams.

“This has in­cluded our in­dus­trial metrol­ogy and ad­di­tive man­u­fac­tur­ing tech­nolo­gies, where there are ex­cit­ing op­por­tu­ni­ties for fu­ture growth.

“Dur­ing the year, we con­tin­ued to in­vest in de­vel­op­ing fu­ture tech­nolo­gies, with to­tal engi­neer­ing costs of £97.9m (be­fore net cap­i­talised de­vel­op­ment costs and the R&D (re­search and de­vel­op­ment) tax credit), amount­ing to 17 per cent of to­tal rev­enue.” Chief ex­ec­u­tive Will Lee said: “We achieved rev­enue for the year ended June 30 of £574m, com­pared with £611.5m last year, against a back­drop of chal­leng­ing eco­nomic con­di­tions in­clud­ing the im­pact of trade ten­sions be­tween the USA and China, and on­go­ing un­cer­tainty sur­round­ing the po­ten­tial im­pacts of Brexit.”

He said group in­ven­tory in­creased from £110.6m at the start of the year to £129m, pri­mar­ily re­flect­ing the im­pact of Brexit con­tin­gency prepa­ra­tions and re­duced de­mand in the sec­ond half of the fi­nan­cial year.

The com­pany’s Brexit steer­ing group in­creased its ac­tiv­i­ties lead­ing up to the orig­i­nal dead­line of March 29, in­clud­ing a new dis­tri­bu­tion ware­house in Ire­land which aims to re­duce the num­ber of ship­ments be­tween the UK and the EU post Brexit.

The num­ber of staff world­wide in­creased to more than 5,000 this year.

Ren­ishaw was placed at num­ber eight in our Top 100 Busi­nesses in Glouces­ter­shire list.

A global leader in the field of 3D print­ing, it is the only UK busi­ness that de­signs and makes in­dus­trial ma­chines which print parts from metal pow­der.

The Bot­tle of Sauce pub in Chel­tenham has opened a shared work­ing and hot de­sk­ing hub in its for­mer ho­tel rooms fol­low­ing a £100,000 ren­o­va­tion Pic­tures: Anna Lyth­goe.

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