Renishaw to smash profit forecasts

14th May 2010 07:25

Improving activity levels and order book at Renishaw has put the precision tool maker on course to top last year's annual revenue figure and for profits to be "significantly" higher than expectations.Chiefs said the positive trend in order intake reported at January's interim results continued during the third quarter, lifting the order book to £24.1m by the end of April from £9.7m at the start of the financial year.Revenue for the latest three months was up 28% on a year ago, though the nine-month figure is still down 13% on the £139.4m reported last time.Cost savings helped profit before tax for the nine months to March rise 47% to £15.5m from a pre-exceptional £10.6m last year. At constant currency, revenue benefited by £5.1m and profit by £4.3m. "Good growth has been experienced in the Far East and we are seeing an improving position in all other regions, compared with the comparable period last year," the firm said.