Record results for company (From Gazette Series)

Record results for company

HIGH-TECH measure manufacturer Renishaw has announced record results for the year but has admitted the figures could have been higher.

The company, which has its headquarters at New Mills, Wotton-under-Edge, announced that figures for the year had risen by 21 percent from £127.7 million in 2004 to £154.1 million.

Operating profit increased by 60 percent to £28.8 million in 2005, compared to £18.1 million the previous year.

Chairman and chief executive Sir David McMurtry said: "Turnover increased by 21 percent to £154.1 million, with growth in all geographical markets and product lines. There was significant growth in the Far East, especially Japan, the USA and Europe, including the UK.

"Turnover would have been £3.2 million higher at previous year currency exchange rates."

Sir David said company expenditure had mainly been on manufacturing including new machinery and premises to house the machines, with £6 million spent on freehold property.

He also reported that a number of new products, including the Revo and Renscan 5, had been launched.

During the last financial year the company opened new offices in India and Russia and staff in Nagoya, Japan completed a move to a larger office. The group now has 33 offices in 27 countries and during the next year further investment will be made in India, China and Turkey.

Looking to the year ahead Sir David said he current year had started well and the board was confident of the prospects for the group's long term future."

The company announced a final dividend of 19.8 pence a share.