Precision tool maker Renishaw said despite continuing global macroeconomic headwinds, it has seen good growth over the year to date and has started to see signs of an upturn in the electronics market.
Revenue for the third quarter ended 31 March 2012 rose to £81.6m from £78.4m the year before while pre-tax profit fell to £21.4m compared with £25.2m last year as it continues to invest in more staff and infrastructure to support future growth.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The Gloucestershire-based engineering firm said overall the final quarter has started well with activity levels in April were ahead of the comparable period last year.
It currently expects adjusted pre-tax profit for the year to 30 June 2012 to recover the year-to-date shortfall and should be a little higher than the annual adjusted pre-tax profit of £80.4m in 2011.
Amongst its two main divisions, revenue at its metrology sector for the last 9 months rose 8% to £211.7m while its healthcare business sector saw 20% revenue growth to £17.1m.
The group said it continues to view future trading with confidence.
Shares in Renishaw fell 3.53% around 8am.
CJ
-
5 alternatives to Reeves’ inheritance tax raid on rural Britain as families face ‘splitting up or selling’ farmsInheritance tax limits are now so low they attack small working family farms rather than just going after tax loopholes, one Cotswolds farmer has said
-
High earners at risk of £65k retirement shockHigh earners could face some of the biggest pension shortfalls when they retire, as the cost of maintaining an expensive lifestyle could erode their retirement savings
