Renishaw Plc, scientific measurement and opto-electronic specialist, has reported record financial results for the first half of the year as a reult of growth in all product sectors. The UK-based company saw a 22.0% increase in profit to 7.9m pounds, 1.9m pounds of which came from the sale of the company’s Cwmbran factory in July, while revenues rose 11.3% to 39.7m pounds, 90% coming from overseas markets. However, Renishaw said that its revenues have suffered as a result of the strength of sterling in foreign markets. When the company reported its end-of-year results in September, it announced plans for a 15m pound redevelopment program (CI No 3,008) intending to open offices in Paris and Chicago. Renishaw hopes that construction on land acquired in the six-month period in France will be ready for occupation by the end of April. It has also submitted a planning application to extend its UK research and manufacturing divisions at Wotton-under-Edge, and is in the process of purchasing land in the US and Ireland. The past six months has also seen the company turning its attention to other markets, with a 26% increase in investment for research and development. Assistant chief executive Ben Taylor said the company was experiencing change and moving into new areas. We feel that out strategy isn’t just about doing what we do well, but about moving into other areas where we understand the technology and the market before we invest, he said. Renishaw had expected a patent infringement suit against Marposs SpA in the US to go ahead in December, but it has been delayed and should be heard in March. Taylor said he was extremely pleased with the results and confident about what the future holds for the company. Renishaw will pay an interim dividend of 2.89 pence, a 20% increase on the adjusted figure of 2.41 pence this time last year.
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