Renishaw plc, the Wootton-under-Edge headquartered global high-precision metrology and healthcare technology group has revealed revenue growth of eight per cent for the three months ended September 30, 2018, but it will be following a cautious strategy in response to the potential impact of Brexit and ongoing economic uncertainties in Asia.
Revenue from continuing operations for the first quarter of the current financial year was £154.0 million, over the £142.3 million for the corresponding three month period last year.
Metrology business revenue amounted to £147.4 million compared to £137.1 million last year, with growth at constant exchange rates of seven per cent. Revenue in the healthcare business was £6.6 million compared with £5.2 million last year, a growth of 25 per cent at constant exchange rates.
However, profits have dipped at the Group. The adjusted profit before tax from continuing operations for the first quarter amounted to £32.6 million compared with £35.8 million last year and the statutory profit before tax amounted to £33.5 million (2018: £36.9m).
A company statement said: “Over recent years, we have invested in people and infrastructure to support growth opportunities and are now well placed to benefit from these investments. We anticipate the rate of investment in additional resources will reduce in the remainder of the current financial year as we continue to monitor the Group’s cost base.”
The Group balance sheet remains strong with net cash balances of £115.3m as at 30th September 2018 compared to £103.8m at 30th June 2018.
Despite the potential impacts of Brexit and economic uncertainties in Asia Renishaw says it remains confident in the future prospects of the Group and of growth in both revenue and profit in this financial year.
The results for the half year ending 31st December 2018 will be released on 31st January 2019.