Renishaw wage cut partly restored

29th Sep 2009 08:20

Staff at Renishaw cheered today as the engineer said an improvement in order intake since the year-end means it can restore half the voluntary 20% cut in wages in force since February.Workers at the engineer will get the extra money between 1 October and 31 December and be back on full wages at the start of next year, if not before.'Provision will be made for further payment, which may take employees back up to full salary for part of the period, depending upon group performance up to 31 December 2009,' explained chairman and chief executive David McMurtry. 'This provision will be paid within the January 2010 payroll.'Renishaw said order intake is currently running ahead of sales output, and anticipated revenue for September of £12m is about 15% ahead of the average run rate for the last five months. Order backlog has risen and currently stands at between five and six weeks of planned shipments. There'll be more news at the company's AGM on 15 October.