Renishaw announces record £355m revenues

UK machine tools giant Renishaw has announced record turnover of over £355m for the year up to the end of June.

The company, headquartered in the Gloucestershire town of Wotton-under-Edge, saw revenues rise by two per cent in the year to 30 June 2014.

This was a rise on last year’s sales of £346.9m, while the company also saw record turnover in its final quarter of £107m and pre-tax profits reach £96.3m compared to 2013’s £82m.

Renishaw chairman and chief executive Sir David R McMurtry, credits a rise in “unpredictable” revenue from customers in the Far East.

“This and recent years have been characterised by large unpredictable revenue both in timing and value from certain Far East customers,” he said.

“If adjusted, this would result in underlying revenue growth of 8 per cent for this year.”

Over the course of the last year, Renishaw has also invested heavily in its workforce, with the company recruiting over 250 employees to drive R&D, operations and production.

Renishaw also took on 43 apprentices and 59 graduates in the UK which it said was part of its commitment to train and develop skilled workers.

McMurtry also predicted further success in the year ahead for Renishaw after a strong start to the new financial year.

“The new financial year has started well and, with the ever growing range of products, processes and applications and our skilled and experienced employees, the directors remain confident in the prospects for the group,” he added.