HALF YEAR RESULTS FY2026
Renishaw, a world leader in measuring and manufacturing systems, today announces its interim results for the six months ended 31 December 2025 (H1 FY2026).
Strong H1 performance and a growing order book
Will Lee, Chief Executive Officer, commented:
“We have made strong progress in the first half, with a notable pick-up in revenue and order intake in Q2 and improving profitability. It is pleasing to see revenue growth in all three business segments, with significant progress in our emerging product lines. Our markets present significant structural growth opportunities, and we are excited about the prospects for the innovative products that we have recently launched. We enter H2 with momentum and we expect to achieve strong revenue and profit growth in the remainder of the year.”
Performance highlights
| Adjusted | Statutory | ||||||
| H1 FY2026 | H1 FY2025 | Growth | Constant FX growth | H1 FY2026 | H1 FY2025 | Growth | |
| Revenue (£m) | 365.6 | 341.4 | 7.1% | 11.5% | 365.6 | 341.4 | 7.1% |
| Operating profit (£m) | 57.5 | 51.6 | 11.4% | 49.6% | 40.1 | 51.6 | (22.3%) |
| Operating profit margin (%) | 15.7% | 15.1% | 0.6%pt | 11.0% | 15.1% | (4.1%pt) | |
| Profit before tax (£m) | 64.1 | 57.5 | 11.5% | 46.0 | 57.5 | (20.0%) | |
| Earnings per share (pence) | 68.8 | 63.2 | 8.9% | 49.9 | 63.2 | (21.0%) | |
| Dividend per share (pence) | 16.8 | 16.8 | – | ||||
| Return on invested capital (%) | 13.2% | 12.6% | 0.6%pt | ||||
| Adjusted cash flow conversion from operating activities (%) | 68% | 100% | (32%pt) | %pt = percentage points | |||
- Strong revenue growth: 7.1% at actual exchange rates, 11.5% at constant currency*.
- Record Q2 revenue, 14.1% higher than Q1, with further strengthening of the order book.
- Revenue growth in all segments, with strong growth in the Americas and APAC regions.
- Strong growth in defence and semiconductor sectors.
- Emerging product lines continue to gain traction, notably co-ordinate measuring machine and gauging systems, additive manufacturing (AM) systems, and enclosed optical encoders.
- 1.4% of H1 growth is attributable to higher pricing to wholly offset tariff duties in the USA.
- Average through-cycle revenue growth rising to 7.8% (5-year CAGR since H1 FY2021).
- Adjusted operating profit margin* rose 0.6%pt to 15.7%.
- 4.4%pt of organic margin improvement from fixed cost reduction, productivity initiatives and operational leverage, offset by (3.8%pt) of headwinds from currency and tariffs.
- Adjusted profit before tax* growth: 11.5%.
- Statutory profit before tax was 20.0% lower, including £18.0m of redundancy and impairment costs relating to previously announced restructuring activities, and other one-off costs.
- Adjusted cash flow conversion from operating activities*: 68% (H1 FY2025: 100%), with lower capital expenditure offset by higher working capital to support record Q2 sales and a growing order book.
- Strong balance sheet with cash and deposit balances of £240.9m (FY2025: £273.6m), reflecting full-year dividend, working capital investment and restructuring outflows.
- Return on invested capital* increased by 0.6%pt to 13.2%.
- Interim dividend maintained at 16.8 pence per share
Outlook for FY2026
We expect the market backdrop in the remainder of FY2026 to continue to be mixed, with ongoing strong demand across specific sectors and product lines offsetting more subdued conditions in general industrial markets. We built strong momentum through the first half of FY2026, with positive contributions from our emerging products, delivering growth in each segment and a significant further growth of our order book. Whilst we are mindful of ongoing economic and geopolitical uncertainties, our positive momentum has continued in the early part of Q3, and we are confident of achieving strong growth for the year as a whole.
Our second half is normally stronger than H1 and that pattern is likely to continue this year. We currently expect to deliver FY2026 full-year performance in the following ranges:
- Revenue: £740m to £780m
- Adjusted profit before tax*: £132m to £157m