A GIANT in the world of engineering based in Wotton-under-Edge has recorded record results for the first half of the financial year.

Renishaw plc delivered news of a staggering rise in profit and revenue – more than doubling their profit before tax in the previous year.

Founder, chairman and chief executive of Renishaw Sir David McMurtry gave thanks to all of the company's employees and contributors for the "excellent set of results".

Renishaw, which employs 2,000 people across Gloucestershire, saw a massive 121 per cent increase in profit before tax, rising from £25.6 million to 56.6 million.

Revenue for the same period was up 36 per cent, reaching £223.8 million.

The group also revealed a strong balance sheet, with cash of £38.8 million at the end of the period, and capital expenditure of £18.8 million.

Sir McMurty said: “I am delighted to report record first half revenues and profit, which have respectively increased 36% and 121% over the same period last year.

"This is an excellent set of results and I would especially like to thank our employees for their considerable support and contribution as the company continues to develop and expand.”

Assistant chief executive at the company Ben Taylor talked about Renishaw’s unique way of operating.

“Renishaw is very capable of making long term decisions and investments. We don’t have to ask for loans because we generate enough of our own cash flow for what we need.

“We made investments long before a normal company would because we don’t need to justify where we spend.

“Another thing that benefits the company is that we don’t have any of our products handled elsewhere. We do everything ourselves on-site, which a lot of people don’t know.”

He continued: “If you look at the make-up of the board of directors at Renishaw you’ll see that it’s different to many others.

“Many were involved long before the company was as successful as it is today, and still are involved.

“I’ve been on the board for 27 and a half years. It’s not made up of people sticking around for three to four years, which again gives us that ability to make long term decisions.”

To learn more about Renishaw visit www.renishaw.com.