Measurement technology leader, Renishaw, have issued an interim management statement for the period 1st July to 30th September 2008 which shows a revenue increase of 24% to £53 million for the first 3 months of the current financial year - up from £42.7m last year (an increase of 14% at constant exchange rates).
Unaudited profit before tax amounted to £9.8m, compared with £5.6m last year. In addition to strong trading results, profits have been assisted by the weakness of Sterling to the extent of profit before tax increasing by £2.9m due to favourable exchange rate movements relative to the comparable period last year.
Sir David McMurtry, chairman and chief executive, commented, "It is still very early in our financial year and worldwide economic conditions are extremely uncertain. Notwithstanding this present situation, we are encouraged by the continuing strength of our order book and the increasing market opportunities for the application of our technologies. The Board remains confident of the Company's prospects for the current year."
Renishaw Centre for manufacturing productivity opened in Medway
The second UK Renishaw Centre for Manufacturing Productivity was opened on 22 October 2008 at the University of Greenwich, Medway. Jonathan Shaw, Minister for the South East, opened the regional training centre within the School of Engineering.
Marc Saunders, UK General Manager for Renishaw, shown here with the minister and Professor Tom Barnes of Greenwich University, outlined the company's core business strategy of investment in innovation. Renishaw is ranked 5th in the 2007 R&D Scorecard for FTSE 100 and FTSE 250 companies published by UKTI, with over 17% of its gross turnover invested in research, development and engineering.
Marc Saunders said, "Innovation isn't just about investment and a long-term management perspective. It's also about skills. Renishaw is an end-to-end business, carrying out its own R&D, manufacturing, sales and support, and unusually in this day and age, we retain the majority of our manufacturing, including all of our machining, here in the UK. Over the last few years, Renishaw has distilled this accumulated knowledge into a model that we call the Productive Process Pyramid. This provides a systematic approach to the identification, minimisation and control of variation in machining processes, enabling companies to develop the robust, automated processes that they will need to be globally competitive.
We have realised the value of these skills to the wider manufacturing community and we are now working with several universities to extend our original 2-day course upwards to produce Foundation Degree modules, as well as downward to provide NVQ-accredited introductory education aimed at school leavers and Engineering Diploma students. Our courses will also mesh with the NPL's Metrology training framework.
To reach a wider UK manufacturing audience with this education programme and to allow students to tap into government funding for skills, we need experienced partners. The Renishaw Productivity Centres are a network of established education providers, able to pass on really practical and contemporary skills to manufacturers in their region. Our selection criteria are that they must have the facilities, the skilled staff and, most importantly, the passion to support UK manufacturing.
Of course, in the current climate, training budgets are under pressure. That's why we were delighted to reach an agreement last week with SEMTA - the Sector Skills Council for Science, Engineering and Manufacturing Technology - that the 2-day Pyramid course will be added to the portfolio of Academy training, providing access to the £65 million Sector Compact funding through the RPC network. This is excellent news for SMEs across the country."