Renishaw’s interim results for the first six months of the current financial year ending 31st December 2006, reported a revenue increase of 7% to £87.1m (2005: £81.6m), representing growth of 12% at constant exchange rates. There was above average growth in dental, styli, machine tool and encoder products which offset a softening in the market for coordinate measuring machine (CMM) products.
Operating profit for the period was £12.0m (2005: £13.9m).The adverse impact of the strong pound on the profit for the period is estimated to be £3.1m. Profit before tax amounted to £13.5m (2005: £15.3m). Profit after tax was £10.8m resulting in earnings per share of 14.9p (2005: 16.9p).
Chairman & chief executive, Sir David R McMurtry said, “Although we remain very confident for the longer term, at this stage it appears likely that the adverse effects of currency exchange rates, together with the softening of demand for our products in the CMM market (with some development delays in delivering certain of our new and in-demand products, in particular the REVO and GYRO), will result in profits for the full year being below those for last year.”
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