South Gloucestershire engineering firm enjoys record start to the year
ENGINEERING firm Renishaw has reported a stunning start to the year with record increases in revenues and profits over the last six months.
Revenue for the first half of the South Gloucestershire firm's financial year came to £174.2 million while adjusted profit before tax was £43.3 million, an impressive 39 per cent increase from the same period in the previous year.
The impressive leap in profits was largely due to demand for the firm's products in China. Renishaw saw sales in some parts of the world suffering particularly from the economic slow-down including the US and Europe slow down. However it, performed exceptionally well in the Far East and in particular in China.
Sir David McMurtry, chairman, chief executive and founder of the firm, said: "I am pleased to report the first half year results, a record for both revenue and profit before tax.
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"Whilst revenue in the first quarter was up 36 per cent, from £70.5 million to £95.9 million, helped by a more than doubling of revenue to the Far East, specifically China, growth in the second quarter was, as expected, lower with revenue growing two per cent, from £76.6 million to £78.3 million.
"Geographically, we saw good growth in the Far East where revenue increased by 59 per cent over the comparable period, from £49.5 million to £78.6 million.
"In our other major regions, revenue in the Americas was down one per cent, from £36.5 million to £36.1 million and in Europe was down seven per cent , from £47.1 million to £44 million."
He added: "The UK, a smaller segment in absolute amount, grew 16 per cent, from £8.7 million to £10 million.
"The group's adjusted profit before tax for the second quarter, excluding an exceptional gain of £2.9 million (referred to below), was £15 million compared to £17.5 million in the previous year, resulting in an adjusted profit before tax for the first half of £43.3 million, 39 million above the £31.2 million reported last year; the statutory profit before tax was £46.2 million."
Adjusted earnings per share were 47.9p, compared with 34.7p last year, an increase of 38 per cent.