Renishaw profits slip 18%

A DOWNTURN in worldwide manufacturing activity hit profits at Renishaw, which makes scientific measuring equipment for industry, writes Russell Hotten.

Taxable profits for the year to 30 June fell 18 per cent from pounds 11.1m to pounds 9.1m, on turnover down 3.5 per cent to pounds 44m.

Nine-tenths of its turnover is overseas, earning Renishaw a Queens Award for Export this year, so the company expects to gain from sterling's devaluation. But current trading remains depressed, and David McMurty, the chairman and chief executive, said there was no sign of any economic upturn. Turnover in the UK, Italy and Japan was significantly down, he said.

The company slightly increased its spending on research and development to pounds 3.7m, and launched several new products during the year.

Earnings are 13.1p (16.1p), and a final dividend of 4p makes 6.5p for the year (6p). Shares closed up 3p at 283p.