High-precision metrology and healthcare manufacturer Renishaw reported a jump in first-quarter revenue but a drop in profit. Renishaw also announced plans to discontinue operations at its diagnostics unit
In a trading update for the three months ended 30 September, the company said revenue was £112.8m, up from £98.2m in the same period a year ago. Renishaw reported growth in all regions, particularly the Far East and Europe.
Profit £14.1m compared to £16.3m in 2015
Pre-tax profit in the first quarter came in at £14.1m – including a currency benefit of £3.7m – compared to £16.3m last year.
Revenue in the metrology business rose 16% to £108.8m, with underlying growth at constant exchange rates of 7%. Revenue in the healthcare business increased to £4m from £4.5m last year.
Chairman and chief executive David McMurtry said: “The board remains confident in the future prospects of the group and, as stated in my statement in July 2016, we continue to anticipate growth in both revenue and profit in this financial year.”