Renishaw PLC

Renishaw reported record full-year results for the year to June, with revenue up 14% to £815.8 million and adjusted pretax profit rising 32% to a record £168 million, sending its shares up around 3%. Adjusted operating profit climbed 36% to £152.9 million, lifting the margin to 18.7% from 15.7%, while adjusted earnings per share increased 30% to 179.5p and statutory pretax profit rose 27% to £150 million despite £18 million of redundancy and other one-off costs. Fourth-quarter revenue reached a record £244.2 million, up 28% year on year, and the order book continued to grow. Position Measurement was the standout division, with revenue jumping 26% to £260.9 million and adjusted operating profit up 53% to £71.5 million as its margin expanded to 27.4% from 22.5% on demand for optical encoders used in semiconductor manufacturing equipment, while Specialised Technologies grew revenue 43% to £107.5 million and swung from a £9.9 million adjusted operating loss to a £4.7 million profit. Industrial Metrology, still the largest part of the group, grew 4% as weakness in some traditional industrial markets offset demand for newer metrology systems and software. Renishaw increased its regular dividend by 5% to 82p per share and added a special 70p interim dividend, with cash and deposits rising to £291 million.

Bank of America upgraded Renishaw from Underperform to Buy and lifted its price target to 5,400p from 2,779p, sending the precision-engineering group's shares up more than 5%. The broker argued the current demand cycle is considerably stronger than previously expected, particularly across semiconductor and electronics manufacturing equipment and aerospace and defense. The call follows increasingly strong trading updates from Renishaw itself: fourth-quarter revenue reached a record of approximately £243 million, up 27% year on year and 18% from the previous quarter, while full-year revenue is expected to reach around £815 million, representing growth of 14%. Adjusted operating profit for the year is expected to be approximately £152 million, and adjusted profit before tax should reach roughly £167 million, up 31% year on year. Bank of America raised its 2027 EBIT estimate by 22% to £181 million, about 11% above current consensus, and Renishaw's full-year results on September 23 will be the next major test of whether the roughly £815 million of revenue and £167 million of adjusted pretax profit are delivered as expected.

SBO AG is expanding its 3D metal printing capacity in the United States and the United Kingdom while its subsidiary 3T Additive Manufacturing Limited was named Tech SME of the Year at the Thames Valley Tech & Innovation Awards 2026. In the US, the company added one VELO XC and two Renishaw 500Q printers for high-performance alloys Inconel and Titanium in the second quarter of 2026, with two more VELO XC printers ordered for delivery in the third quarter, and expanded its Houston, Texas manufacturing space by 50 percent to more than 2,100 square meters. In the UK, 3T added another M400 to its fleet of EOS printers in the second quarter and ordered a second for delivery by the end of the third quarter, while also investing further in post-processing equipment. CEO Klaus Mader said 3D metal printing is a key pillar of the company's diversification strategy beyond oil and gas, targeting high-growth industries such as space, aerospace, defense and semiconductors, and noted the additive manufacturing market is projected to grow from roughly 1.5 billion US dollars in 2025 to 4.8 billion by 2030.

The global inline metrology market is projected to grow from $2.63 billion in 2026 to $3.80 billion by 2032, at a compound annual growth rate of 6.3%. The semiconductor and electronics end-use industry is expected to register the fastest growth throughout the forecast period, driven by increased device complexity and advanced manufacturing nodes. Quality control and inspection applications are projected to account for the largest market share by 2032, as manufacturers integrate measurement and inspection directly into production lines. North America is anticipated to hold the second-largest market share in 2026, supported by advanced manufacturing, semiconductor fabrication, and automotive production hubs. Major industry players include Hexagon AB, Carl Zeiss AG, KLA Corporation, KEYENCE CORPORATION, and Renishaw plc.