Precision tool maker Renishaw posted a 7 per cent increase in annual pre-tax profit, boosted by strong demand across all its markets for its precision measuring products.
The Gloucestershire based firm, whose equipment is used by dentists and for metal cutting, said adjusted pre-tax profit rose to £86m for the year ended 30 June 2012 from £80.4m the previous year. Revenue increased 15 per cent to £331.9m as all its markets logged double digit growth.
Revenue at its healthcare business increased 20% while sales at its main metrology business rose 15% to £305.8m.
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
As expected the final quarter of the year saw an increase in revenue growth and was a record quarter for the group, with revenue of £103.1m, the group explained.
"Although the world economic outlook is uncertain, the Board remains optimistic regarding the Group's own future and prospects and expects that 2013 will be another year of progress for Renishaw."
A final dividend of 28.2p per share has been recommended, up 15% from last time.
CJ
-
Steve Webb: The triple lock is there to do a job. I’m not embarrassed or ashamed of itThe triple lock means 13 million pensioners will now get an above-inflation state pension boost in April. While the rising cost of the policy has stirred controversy, Steve Webb, who served as pensions minister when it was introduced, argues the triple lock is vital and should stay. Webb speaks to Kalpana Fitzpatrick on the new episode of MoneyWeek Talks – out now.
-
How retirement pots risk running out 11 years early if inflation remains highPension savers could find their retirement income may not last as long as they anticipated over fears that inflation may not slow down
