Renishaw Grows On Strong Metrology Sales

Renishaw has reported higher pretax profit and revenue for the first half of its financial year and said it remains confident on its future prospects. The London FTSE listed company, which manufactures a range of precision measurement, 3D laser scanning and healthcare products, said it made a pretax profit of  GBP 35.7 million in the half to the end of December, up from GBP28.6 million a year before.

Revenue in the first half rose to GBP240.4 million from GBP198.5 million a year before. Renishaw said its sales grew across its regional operations, with strong performances in Asia, Europe, the Americas and the UK in the half.

Sales in its Metrology business rose year-on-year, with strong growth from its encoder and laser calibration product lines, offsetting a slight decline in revenue from its much smaller Healthcare division. Metrology sector revenue for the first six months was £227.1m, compared with £184.9m last year. Operating profit was £41.6m, compared with £30.6m for the comparable period last year.

Renishaw said its remains confident in its prospects for the rest of its financial year and provided guidance for revenue to be between GBP500.0 million and GBP530.0 million in the year to June 30, with pretax profit to be GBP85.0 million to GBP105.0 million. In its 2016 financial year, it made an annual pretax profit of GBP85.7 million.

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