UK - Renishaw's Head of Communications Chris Pockett puts it in a nutshell: "We are always restless, always investing in the future." The precision engineering company has been experiencing serious growth over the last few years and on 21 July revealed some of its innovative products which will make their European trade show debut at EMO 2015 in Milan.
Just two weeks after the Princess Royal officially opened the new £20m Renishaw Innovation Centre - 35 years after opening an extension to the company’s first commercial premises - selected journalists from the UK, Germany and the US had the opportunity to explore the company’s new premises and preview what’s new for EMO 2015 in Milan.
On the Princess Royal’s first visit in 1980, there were just over 100 employees and annual sales were £2m. Today, Renishaw employs more than 4,000 people and is forecasting annual sales for the year just ended between £480m and £510m (2014: £355m) , Chris Pockett, head of communications, explained during the press conference. According to Pockett, drivers for growth were the automotive industry, civil aviation, agriculture, the construction and renewables sector. In the first nine months of the financial year starting in July 2014, the company saw strong growth in sales from the Far East (+124%), the Americas (+14%) and the UK (+7%).
While there was a lot of organic growth – 53% of the shares are still owned by the co-founders and there are no borrowings – acquisitions also contributed to these positive sales figures, including the company’s additive manufacturing (AM) business.
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