Gloucestershire engineering giant Renishaw has exceeded its predictions of a strong recovery with full-year results showing profits up by 146 per cent to £119.7 milllion.
Revenue for the full-year to 30 June 2021 increased by 11 per cent to £565.6 million, with the balance sheet at the Wotton-under-Edge headquartered global business described as ‘strong’.
Bank deposits stood at £215.0m at 30 June 2021, compared with £120.4m at 30 June 2020, with demand coming back significantly in a number of its markets (from machine tool products to medical devices) following the impact from the coronavirus pandemic.
Sir David McMurtry, executive chairman and co-founder of Renishaw, said: ‘We have recovered well and our employees have shown great resilience in maintaining supply and excellent levels of support to our customers around the world.
‘I am excited about our new products in development and the opportunities presented by global market trends.’
Just six months previously the business was announcing half-year results showing a fall in revenue from £259.4 million to £255.1 million for the six months to 31 December 2020.
Although even then signs of a recovery were already in place with profit for that half year up from £7.3 million for the same period in 2019/20, to £52.4 million (a 600 per cent plus increase).
At the time, Sir David predicted full year revenue to be in the range of £515 million to £545 million. It just published full-year results show the firm has exceeded even its most optimistic forecasts.
By Andrew Merrell
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