Renishaw returns to growth with record sales

Revenues increased strongly during the second half of the year and amounted to a 57 per cent increase over the comparable period in 2009 and 46 per cent over revenues in the first half of the year. Total revenues for the year were £181.6 million (2009 £171.2 million), which includes a currency benefit of £8.1 million when compared with the previous year's exchange rates. Geographically, there was a comparative reduction in turnover in continental Europe and the UK, but modest growth in the Americas and particularly strong growth in the Far East, largely China, and other territories, including India. After reporting a first half year operating profit of £6.9 million (2009 £11.9 million), group operating profit for the year was £28.1 million (2009 £6.0 million). Metrology revenue grew to £162.1 million from £152.9 million in 2009, with operating profits, prior to exceptional items, of £31.5 million compared with £10.3 million in 2009. Particular growth was experienced in the Far East and, in terms of products, there was strong demand for Renishaw's encoder and laser scale products. The strong second half performance shows that the company has real momentum going into the new financial year, highlighted by a record order book for the start of a new year of £23.3 million, compared with £9.7 million at the start of the previous year. While economic uncertainties remain, Renishaw believe they have a robust international business model that continues to spread its applications into new markets.