Renishaw profit surges

Renishaw’s full-year adjusted pre-tax profit has almost tripled, helped by strong growth in China, and the British precision engineer said it expects its current progress to continue. The company, which makes and sells precision metrology and inspection equipment and products for the healthcare sector, said it posted a 61 per cent growth in its Far East markets. The FTSE 250 company said it would pay a final dividend of 24.7p, amounting to a total dividend of 35p, up from 17.6p in 2010. For the year to the end of June, the company reported an adjusted pre-tax profit of £80.4m, compared with £28.7m a year ago. Revenue rose 59 per cent to £288.7m. Despite the figures, shares slumped 10.4 per cent to 196p.