Renishaw profits more than double in first quarter

16th Oct 2014 10:42

Engineer Renishaw revealed a strong start to the year, with first quarter profits more than doubled to £21.3m.Earlier in the month the company revealed that revenues rose 28% to £101.4m.This is in part thanks to underlying revenue growth of 14% at its metrology business.Management believe the trend in revenue growth will carry on into the second quarter, although there may be some unpredictability in the size and timing of orders, but was still "confidently look[ing] forward to a successful year".The company will continue to invest in production systems and processes, especially in research and development, production, marketing and distribution infrastructure.Net cash stood at £44.3m, even after capital expenditure of £10.5m in the first quarter.This included the purchase of an additional 57,000 sq ft premises for its Irish subsidiary and the continuing construction of a 153,000 sq ft multi-functional facility at its Gloucestershire headquarters, due for completion by the end of this December.