Renishaw third quarter profit jumps as revenue in Asia soars

13th May 2015 08:44

Metrology group Renishaw reported a jump in third quarter profit, on the back of strong revenue growth in all of its markets.The FTSE 250 group said revenue for the three months to 31 March surged 72.6% year-on-year to £145.9m, while cumulative revenue for the nine months to March was up 49% from the corresponding period in 2014 to £248.5m.Profit before tax for the third quarter jumped from £14.4m to £53.2m, while cumulative profit for the previous nine months jumped from £40m to £109.8m."Once again results are driven by a very strong Far Eastern performance. The magnitude of these orders in the fourth quarter will be key to near-term movements, although underlying organic growth remains sector leading and encouraging for 2016," UBS analysts said in a note.In a statement released on Wednesday, Renishaw said that revenue from the Asia-Pacific region rose 124% year-on-year for the nine months to March, while the Americas and the UK grew 14% and 7% respectively.Renishaw, which has gained 28% since the turn of the year, reiterated its full year guidance for revenue and profit before tax, with the former expected to be in the £480m and £510m range and the latter expected to be between £130m and £150m.Renishaw shares were up 3.07% to 2,587.00p at 08:56 on Wednesday.