Interim report shows record revenue for Renishaw

In the metrology sector, revenue was ahead by 91 per cent at £57.0 million, compared with £29.8 million in the previous year, with significant growth across all product lines. The healthcare sector, still in the development stages for a number of the product lines, saw a 15 per cent increase in revenue, from £2.7 million last year to £3.1 million this year. Geographically, the Far East (mainly China) has experienced the highest growth over the comparable period last year, an increase of 117 per cent over last year and now accounting for 42 per cent of group revenue, compared with 35 per cent last year. Profit before tax for the first quarter amounted to £15.1 million, compared with £2.0 million last year. Revenue and profit before tax at the previous year's exchange rates benefited by £1.4 million and £0.9 million respectively. The Group continues to invest heavily in its research and development programmes in both the metrology and healthcare sectors. Despite world economic uncertainties, current trends indicate a significant increase in group revenue and profit for the full year, although it is very early in the year to be confident that the current level of demand for the Group's products will be maintained. The last three months has seen the Group acquire a 29 per cent shareholding in Measurement Devices Limited (MDL), a metrology group based in York, for the sum of £2.3 million and a 51 per cent shareholding in Diameter Limited, a specialist in diamond-like carbon coatings and shape memory alloys, for the sum of £0.3 million. The Group continues to have a strong balance sheet with net cash balances at 30 September 2010 of £30.8 million (30 June 2010 £31.1 million).