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UPDATE 1-Engineering co Renishaw profit up on Far East demand
July 25, 2012 / 9:06 AM / 5 years ago

UPDATE 1-Engineering co Renishaw profit up on Far East demand

* FY pretax profit up 5 pct at 86 mln stg

* Revenue up 15 pct at 331.9 mln stg

* Raises final dividend 15 pct to 28.2 pence per share

July 25 (Reuters) - British engineering company Renishaw Plc’s full-year profit rose as demand for its precision measuring devices grew in manufacturing hubs like the Far East, particularly China.

Shares in the company rose 7 percent on Wednesday, making the stock one of the biggest percentage gainers on the FTSE 250 index. They were up 6 percent at 1345 pence at 0900 GMT.

Renishaw, which makes measuring and inspection equipment for the metrology and healthcare industries, reported revenue of 103.1 million pounds ($160.08 million) for the fourth quarter --its highest ever quarterly revenue -- driven largely by China.

“What was really helpful for us was consumer products because the metrology products can be used in production systems for things like flat panels,” Assistant Chief Executive Ben Taylor told Reuters.

Renishaw’s metrology business makes tools used in production systems in the automotive, civil aviation, agriculture, energy and consumer electronics industries.

Revenue for the year ended June 30 increased 15 percent to 331.9 million pounds, with all its markets -- the Far East, Americas, Europe and the UK reporting double-digit growth.

Revenue from the Far East market rose 14 percent.

Revenue from its metrology business, which accounts for 92 percent of total revenue, grew about 15 percent.

Pretax profit rose 5 percent to 86 million pounds. ($1 = 0.6441 British pounds) (Reporting by Karen Rebelo in Bangalore; Editing by Don Sebastian)

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