Engineering giant Renishaw has seen its profits dive in the last financial year in what it described as a "very challenging" 12 months.
The company, which is headquartered in Wotton-under-Edge in Gloucestershire but has sites around the UK including in Stafford and the Vale of Glamorgan, saw adjusted profit before tax fall 53 per cent to £48.6m.
Overall turnover for the year the year ended June 30, 2020, was also down at £510.2m - 11 per cent lower than £574.0m revenue in 2019.
Renishaw said revenue was lower in all regions, with global macroeconomic conditions and Covid-19 impacting the majority of its product lines.
The engineering business also went through a restructure in the last financial year, which saw it cut 578 jobs across its global workforce in a bid to save cash.
The reductions included cuts to its direct manufacturing staff in the UK, Ireland and India, and a restructure of its additive manufacturing business.
It also cancelled its interim dividend and did not declare a final dividend.
However, the company said it had a “strong balance sheet”, with net cash and bank deposits of £120.4m at June 30, 2020, compared with £106.8m for the same time last year.
"It has been a particularly challenging year for the group and we are extremely proud of the commitment our employees have shown during these exceptional times,” said Sir David McMurtry, executive chairman.
“Looking ahead, there are many exciting opportunities to grow our business, due to our new product pipeline, excellent manufacturing and commercial operations, and highly skilled people."
Chief executive William Lee added: “This has been a year unlike any that most of us will ever have encountered.
“We were facing challenging trading conditions prior to the pandemic and had already taken actions to improve productivity and reduce the Group's cost base.”
He added: “Since the pandemic started, our number one priority has been the health and welfare of our employees, their families and the wider communities in which we operate.
“It has also been critical to support our customers and manage the business impacts to ensure that we can survive this exceptional period and be well placed to benefit when global markets recover.”
