Acquisitive Renishaw sees turnover and profits trump best ever year
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Measurement, metrology and healthcare specialist Renishaw reports total group revenue for the year to 30 June as £288.7 million (including £8.9 million revenue from acquisitions during the year), which is 59% ahead last year and 43% above the previous highest year's revenue of £201.2 million reported in 2008.
All geographic areas saw good progress, with growth of 64% in Europe, 57% in the Americas and 61% in the Far East, particularly in China, which has become the group's largest market, with revenues of £54.2 million this year (2010 £34.2 million).
Group profit before tax for the year, excluding exceptional items, was £80.4 million, compared with £28.7 million last year and £41.7 million in 2008 – the company's previous highest result.
The group's metrology activities saw revenue revenues grow 65% to £267 million. During the year, the group acquired a 49% shareholding in Measurement Devices Limited (MDL). MDL is a metrology company whose laser scanner products are primarily marketed in the areas of marine positioning, mining, quarrying and surveying.
On 8 April 2011, the Group acquired a 100% shareholding in MTT Investments Limited (MTT), based in Stone, Staffordshire. MTT designs, develops and manufactures additive manufacturing and rapid prototyping systems, including selective laser melting, metal casting, and vacuum casting machines and processes.
On 16 June 2011, the Renishaw acquired certain calibration technology and software, together with drawings, designs and intellectual property relating to optical technology, from Aberlink Innovative Metrology, in order to expand the Group's technology portfolio.
Renishaw launched Equator, a radical new alternative to traditional dedicated gauging, in March, and reports that it "has been very well received". (See here for full story)
The group's healthcare revenues rose 11% to £21.7 million.
Renishaw's workforce has grown from 2,099 at 30 June 2010 to 2,675 at the end of June 2011 - an increase of 576. Additional staff have been taken on in all areas, both to support the current increase in production as well as to ensure the ongoing development programmes in our metrology and healthcare businesses.
The Group acquired 95 staff through the acquisitions of MDL and MTT. There are currently 267 outstanding vacancies, of which 139 are in the UK and 128 overseas.
The company is currently expanding its footprint of operations in the UK, with the acquisition of new buildings and the refurbishment of others (see full story here).
Pictured: Renishaw chairman, Sir David McMurtry
