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March 4, 1994

DESPITE JAPAN, GERMANY, RENISHAW SEES MODEST RISE IN SALES; PROFITS OFF 8.5%

By CBR Staff Writer

Renishaw Plc of Wotton-under-Edge, Gloucestershire, the scientific measurement and optoelectronic specialist, saw a rise in turnover of 5.7% to UKP23.3m for the six months to December 31, while net profit dropped 10.2% to UKP1.9m. Profit before tax was also down, by 8.5% to UKP2.8m, and estimated taxation was UKP880,000 including a UKP590,000 charge in respect of overseas taxation. Operating profit was up 11% to UKP2.2m after a UKP183,000 charge for costs relating primarily to early retirement and voluntary redundancies. The firm is continuing to increase pressure on overhead expenditure. Sales in Japan and Germany fell 30% on the comparable period last time, which was offset by increased sales elsewhere, notably the US and UK and parts of the Far East. The Far East is the latest focus for the company with representative offices now set up in Singapore and Peking, supported by the firm’s subsidiary in Hong Kong. Revenue was also boosted by the increased sales of the new scanning and Raman products. The Italian and Spanish subsidiaries have moved to new premises in Torino and Barcelona respectively, to both reduce costs and provide better demonstration facilities. The group is increasing investment in new product development and marketing and a new distribution network is in the process of being formed in Germany to boost sales there as the company’s new products come onto the market. The new manufacturing facility at New Mills in the UK is now finished and will be fully operational by the end of this month. Earnings per share were down 9.1% at 4.0 pence and the firm is paying a maintained interim dividend of 2.5 pence.

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