UK Scientific measurement and opto-electronic specialist Renishaw Plc has had another successful year. Revenue increased in all product sectors at the Wotton-under-Edge, Gloucestershire-based group, and chairman David McMurtry said the company had plans for a 15m British pound redevelopment program. The venture is to be funded from the group’s existing resources – and with 26m pounds in the bank at July 1, there is plenty of available cash. Work will be carried out over the next two to three years. Plans include new offices for Renishaw SA in Paris and Renishaw Inc in Chicago and new research and manufacturing facilities in the UK. For the 12 months to June 30, Renishaw turned in pre-tax profits that rose by 49% to 20.1m pounds on revenue of 77.1m pounds, up 23% on last time. After deducting continuing legal costs of 936,000 pounds in connection with patent infringement actions Renishaw has taken against Marposs SpA in the US, which are scheduled for trial in December, operating profits rose by 49% to 17.6m pounds. Over 90% of the group’s business is derived from overseas activities. The US accounts for about 32% of revenue. In the UK assistant chief executive officer Ben Taylor said the company’s more aggressive stance had helped increase revenue by 38%. The company continues to invest heavily in research and development. Spending here increased by 17% to 5.4m pounds. According to the Department of Trade & Industry, Renishaw is ranked twenty-fourth in absolute expenditure within the UK engineering sector and fifth as a percentage of revenue. And although success has little to do with the sheer amount a company spends, but rather how it is spent, Renishaw’s strategy appears to work. The company picked up a string of des ign, innovation and manufacturing awards during the period, which provided a hugh boost to company moral, said Taylor. A new subsidiary was formed in Brazil and a liaison office is in the process of being established in India. Trading in the first q uarter of the current fiscal is ahead of the previous year, but Renishaw receives orders on a monthly basis, so it is difficult to predict trading for the year ahead said Taylor. Nevertheless, the company is confident of continued growth throughout the current fiscal year. A dividend of 5.76 pence brings the total for the year to 8.65 pence, for an increase for the year of 35%.
