Renishaw sees better than expected FY

17th May 2011 07:55

Precision tool maker Renishaw reported a 60% surge in third quarter revenue following a particularly strong March and expects full year profit to be ahead of expectations. Revenue for the third quarter rose to £75.6m, after revenue of £32.0m in March 2011. Overall revenue for the 9 months to 31 March 2011 rose 69% to £204.9m, compared to £121.1m the same time a year earlier. Nearly all sales came from overseas customers. Profit before tax for the 9 months rose to £60.3m compared with £15.5m last year. "Significant growth has been experienced in the Far East, particularly in China, and we have seen good growth in all regions, compared with the comparable period last year," Renishaw explained. The impact on its operations following Japan's earthquake was minimal. Neither sales to customers nor Renishaw's own supply chain has been significantly affected, the group said. Looking ahead Renishaw commented, "Current activity levels remain strong and broadly in line with the run-rate for the year to date.""On this basis, the Board looks forward to record results and anticipates that pre-tax profits for the year will be ahead of current market expectations, which have a consensus of around £75m for pre-tax profits." CJ