Renishaw reports rising results
- Credit: Archant
Renishaw has reported a record first quarter revenue of £101 million, outstripping the £79 million first quarter revenue of the previous year, with good growth in the Far East.
The trend is expected to continue into the second quarter. More information on the first quarter’s trading will be given in the Interim Management Statement to be released on 16th October prior to the company’s AGM to be held that day.
Renishaw established in 1973 by David McMurtry (now Sir David McMurtry), Chairman and Chief Executive, and John Deer, now Deputy Chairman saw the company’s first product, the touch-trigger probe invented by Sir David to solve a specific inspection requirement for the Olympus engines used on the supersonic Concorde aircraft. This innovative product led to a revolution in three-dimensional co-ordinate measurement, enabling the accurate measurement of machined components and finished assemblies. Throughout their history Renishaw has made a significant commitment to research and development (R&D), with around 15 to 18% of annual sales invested in R&D and engineering. The majority of the R&D and manufacturing is carried out in the UK, primarily in Gloucestershire, where the company headquarters are based. Internationally they also have assembly facilities located near to Dublin, Ireland and in Pune, India. In 2011 they acquired the former Bosch manufacturing facility at Miskin, near Cardiff, in South Wales; manufacturing commenced there in May 2012. With a strong global presence, and more than 60 offices in 32 countries over 94% of sales are made outside the UK.