According to Sir David McMurtry, Chairman and Chief Executive of the Renishaw Group, the company has continued the strong performance reported in their interim results throughout the third quarter of this financial year.
In addition to substantial increase in revenues, Renishaw has experienced strong and sustained growth in various regions. Organisational development has also resulted in the recruitment of new personnel.
The impact of Japan’s earthquake on Renishaw’s operations has been minimal with no damage to the Tokyo office or any effect on sales or the supply chain.
Among new product launches, Renishaw Diagnostics Limited released the RenDx RUO multiplex assay system, a research only machine, which allows precious research samples to be screened for 10 or more targets from a single sample. RDL is preparing to apply for approval of the RenDx multiplex assay system as a medical device.
Renishaw also acquired 100% shareholding in MTT Investments Limited (MTT), a business that designs, develops and manufactures additive manufacturing and rapid prototyping systems, including selective laser melting, metal casting, and vacuum casting machines and processes.
MTT’s products are complementary to Renishaw’s existing technologies and business.
Highlights of Renishaw Group’s performance:
- Revenue for the third quarter was £75.6m, 60% higher than the comparable period last year
- Strong revenue of £32.0m in March 2011
- Cumulative revenue for the 9 months to 31st March 2011 of £204.9m, 69% ahead of the comparable period figure of £121.1m from last year
- Metrology revenue for the 9 months was £190.6m, compared with £108.4m last year with an increase of 76%
- Healthcare revenue was £14.3m, compared with £12.7m last year, an increase of 13%
- Profit before tax for the 9 months to 31st March 2011 amounted to £60.3m, compared with £15.5m last year
- Pre-tax profits for the year will be ahead of current market expectations, which have a consensus of around £75m
- Significant growth in the Far East, particularly in China
- Taken on 285 new personnel since 1st July 2010
- New investments in research and development programmes in the Metrology and Healthcare sectors
- New product launches include Equator, a radical new alternative to traditional dedicated gauging, RoLin component level encoders and RenDx RUO multiplex assay system
- Acquisitions include an increase in shareholding in Measurement Devices Limited, remaining minority shareholding in PulseTeq Limited and 100% shareholding in MTT Investments Limited
- Working capital investment include an increase in inventories of £11.2m over the 9 months to meet customer demands
- Investment of £11.4m in capital expenditure mainly to expand Renishaw’s manufacturing facilities
- Net cash balances of £35.3m at 31st March 2011, compared with £31.1m at 30th June 2010