Three-fold profit rise at Renishaw

28th Jul 2010 08:38

Engineer Renishaw tripled full year profit after strong demand in the Far East as it starts the new financial year with a record order book of £23.3m.The precision tool maker said for the year to end June the group posted an adjusted pretax profit of £28.7m compared to £8.8m a year ago. Revenue increased 6% to £181.6m.Turnover in continental Europe and the UK declined from the same time a year ago. There was modest growth in the Americas but particularly strong growth was seen in the Far East, largely China, and other territories, including India, the group said. "Our particular optimism for further developments in the expanding range of healthcare offerings, together with our continued investment in new products in our traditional markets, underpins our confidence in future growth," said chief executive David McMurtry in a company statement.Its order book at the start of the new year stood at £23.3m compared with £9.7m a year earlier. A final dividend of 13.6p has been offered, bringing the total dividend to 17.6p, up from 7.76p the year before.