Sir David McMurtry, Renishaw chairman and chief executive.
Sir David McMurtry, Renishaw chairman and chief executive.

First half year profit before tax increased 121%, from £25.6 million to £56.6 million.

Revenue growth in the first half year, compared to the corresponding period last year, was 90% in the Far East, 14% in the Americas and 16% in the UK. In Europe, revenue was marginally lower by 2%, although 4% higher at constant exchange rates. Revenue in the Far East increased from £59.1 million to £112.4 million, in the Americas from £40.4 million to £46.1 million and in the UK from £10.5 million to £12.1 million. Revenue in Europe was £47.7 million, compared with £48.8 million last year. 

Long-term growth 

Capital expenditure on property, plant and equipment for the first half year was £18.8 million, of which £9.2 million was spent on property and £9.6m on plant, equipment and vehicles. 

Research and development expenditure during the period rose from £26.7 million to £29.9 million. 

Renishaw says that it anticipates full year revenue to be in the range of £480 million to £510 million and profit before tax to be in the range of £130 million to £150 million.