Renishaw profit up 7pc

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.

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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