Renishaw bucks the recessionary trend

Encoder manufacturer Renishaw has turned in record results for the year ended 30 June, despite the difficult trading conditions. Turnover grew by 19% to £125.3m, operating profits rose by 9% to £27.9m, and pretax profits grew from £28.3m to £30.8m.

But the slowdown in the US economy started to take its toll in the final quarter which generated sales below expectations - although still ahead of those for the previous year.

Renishaw demonstrated its confidence in the future by investing £18.4m in research and development during the year - a 25% increase on the figure for 2000.