To assure success, we undertake as many of our core activities as possible including design, manufacturing, sales and support.
Eight strategic priorities drive our business model
Find out more about our business model.
Continual research creating strong market positions with innovative products
Renishaw is well known for its sector-leading investment in R&D and engineering.
"Apply innovation" is a way of life for Renishaw employees, not just a strap-line. We have continued to protect our core businesses with exciting new patented technology and process developments, whilst also diversifying into new product and market areas.
A significant range of new products have been brought to market during the year, including MODUS 2 and Primo, which introduces a genuinely breakthrough business model. 25 new patents have been filed and 104 granted during this financial year. The RenDx Fungiplex diagnostic system is in the process of obtaining CE certification.
Efficient high-quality manufacturing
Renishaw is a highly vertically integrated organisation with significant in-house manufacturing capabilities. With high-quality manufacturing plants located in the UK, Ireland, India, Germany, USA and France, we are able to deliver robust and reliable products tested to our exacting standards. Our efficiencies, through in-house automation and the use of our own latest product developments, enable us to be competitive with the highest volume processes.
During the last year, Renishaw's various manufacturing operations have supported a significant growth in turnover. This has only been possible as a result of our long-term strategic commitment to manufacturing and our sustained investments in the latest technologies and facilities. Recent strategic manufacturing investment decisions have enabled Renishaw to manufacture sufficient products in-house to satisfy order growth and to react to the large changes in demand on very short lead-times. We have done this by accelerating additional capacity, including the refurbishment of Miskin, where we now have 50% occupancy.
Strong market presence and focus on emerging markets
Renishaw has always been a global group with a strong “local” presence. By ensuring we target emerging markets we are able to develop strong working partnerships with newly developing businesses. These loyal relationships build quickly as our customers realise that all our customers are important to us.
Renishaw's expansion into new growth economies continues, and this year we have opened, extended or relocated to larger premises in the UK, Singapore, Vietnam, Hong Kong, Ireland, Spain and Slovenia. This includes the relocation to a new 26,000 sq ft property in Hong Kong, to accommodate growth in the Far East region. The process for developing larger offices in the USA, Czech Republic and Mexico is also underway.
Supplementing the business via niche acquisitions
We actively undertake acquisitions as a means to expand our product portfolio, quicken geographic market penetration and gain access to new patents, technologies and customers.
We continue to integrate acquired businesses and evaluate acquisition opportunities. For example, we recently acquired a 20% shareholding in HiETA Technologies Limited, a UK company specialising in the design and delivery of additive manufacturing products, such as heat exchangers for a range of applications – a complementary business for our additive manufacturing products line.
Consistent organic growth
Whilst Renishaw does invest for the long term, it also closely manages costs at all levels and ensures that it does not undertake undue risks. It is through this approach that Renishaw has been able to deliver such a long-term track record of profitable growth.
Renishaw's new 153,000 sq ft building at the New Mills site, which houses R&D, corporate services teams and corporate demonstration and training areas, is now fully occupied. The additive manufacturing products line recently relocated to a larger 90,000 sq ft facility in Stone, Staffordshire to help nurture sustained business growth.
Focus on delivering solutions
Renishaw's business has transitioned over recent years from primarily being a supplier of products to capital equipment manufacturers, to becoming much more focused on delivering a full solution directly to end-users.
Our experience in our core product lines, which has highlighted that our global customers need assistance in solving their problems, is being carried across into our newer product lines (medical dental, gauging, neurological, diagnostics and additive manufacturing).
Our sales force and technical support teams need to be ever more knowledgeable, not just about what our products do, but also how they can be applied to benefit our customers' processes and practices. By truly understanding our customers' needs, we are able to offer a cost-effective, efficient and easy-to-use solution.
Complex problems ideally require simple solutions. Whilst Renishaw's hardware uses the latest technologies and innovative approaches to deliver robust and repeatable functionality that is world-class, our software is becoming ever more user-friendly, intuitive and packaged for specific problems. The user's experience of Renishaw includes the sales teams, applications engineers and products, and we endeavour to make this interaction a professional and positive experience.
Global customer support
Renishaw is founded on the belief that excellent customer support delivers success. Our customers can be global, with an order being placed in one country, the product shipped to another and the eventual end-user often located on a different continent. By having “local” global support through our wholly-owned subsidiary network, we are able to assure customers that whatever their needs, we are able to support and assist them, resulting in a positive return on their investment.
Renishaw continues to invest in training for both its technical support and sales people. As the business continues to grow and diversify, headcount has been increased accordingly (+ 127) to ensure that resources are available where and when needed. The Renishaw Academy now offers over 70 courses at all levels, training Renishaw employees around the world to ensure that they are able to deliver the excellent support levels that our customers demand.
Renishaw's people are central to the success of its business. Our innovative, hard-working and loyal employees make Renishaw the business success that it is. Many of them have worked in the Group for two or three decades, creating a wealth of specialised engineering expertise. In addition, Renishaw has actively focused on the ongoing recruitment and training of many bright and enthusiastic young graduates, apprentices and experienced professionals.
Headcount has increased in the Group to 4,112. This includes 1,387 in our overseas subsidiaries and 2,725 in the UK. Renishaw's in-house Academy, initially established to focus on technical training modules for applications engineers, has now expanded to include sales development and corporate introductory courses for employees, including graduates and apprentices. Training can be as diverse as presentation skills, team-building and technical training with one of Renishaw's software products such as MODUS™ or Productivity+™. Courses are held throughout the year, and as part of a structured development programme.