Profit boost for Renishaw

Gloucestershire metrology company Renishaw has announced a £31m increase in annual profits.

Gloucestershire-based Renishaw has announced pre-tax profits of £52.13m for the year ending June 30, 2007. This represents an increase from £38.1m in 2006. The metrology company also saw it’s full year sales rise from £176m to £181m a growth of eight per cent at current interest rates.

With the exception of co-ordinate measuring machines (CMM) where one of its major customers, Japan, is subject to an export ban, the company has reported growth in all areas of its product line, but particularly in machine tools and dental equipment.

As well as continuing investment in new equipment at its UK manufacturing facilities, the group has introduced a number of new products over the past year. It also acquired a 20 per cent interest in CAD/CAM specialist Delcam which is expected to enhance the sales of both companies and provide opportunities for developing software to support Renishaw’s products.

On the down side, the company’s operating profits have taken a bit of a hit this year, dropping from £35.5m to £29.7m. Renishaw puts this down to unfavourable foreign exchange rates, a situation that is likely to continue having an impact over the coming months. If current rates of order intake continue, the company anticipates sales growth approaching double digits.