Renishaw sees record revenues but suffers a dent to earnings

BRITISH engineers Renishaw said yesterday it enjoyed revenue growth of 11 per cent during the half of 2011 compared with last year.

The company said its total revenue of £147m for the period is a half-year record.

Renishaw also said it is expecting recovery in the electronics sector, while global investment in production systems in automotive, civil aviation, agriculture and energy looks “increasingly favourable”.

However, the company saw interim pre-tax profits drop from £35m in 2010 to £31m in 2011. Renishaw attributed the drop in profitability was due to significant investments in staff and infrastructure to support growth.

The company has maintained its interim dividend payment at 10.3p per share.