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Renishaw Group Profit Up 7%

July 26, 2012
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GLOUCESTERSHIRE, UK-Renishaw Plc said Wednesday that profit for the year increased from last year, as revenues climbed 15% helped by demand from the Far East, sending the engineering firm's shares up by over 6% in morning trade.

The company, which makes precision metrology and inspection equipment as well as products for the healthcare sector, said pre-tax profit increased to 86.05 million pounds ($135 million) from last year's 82.08 million pounds ($129 million).

Profit attributable to equity shareholders of the parent company grew to 69.56 million pounds ($109 million) from 66.12 million pounds ($104 million).

Revenue climbed to 331.89 million pounds ($521 million) from 288.75 million pounds ($453 million) in the previous year.

All geographic areas saw good progress in revenue, benefiting from a full year's trading from acquisitions.

Revenue from the metrology business climbed 15% to 305.8 million pounds (&480 million) with all product lines, except encoder products, reporting growth.

The Americas saw an 18% increase at 76.8 million pounds ($121 million), and the Far East saw a 14% growth at 130.2 million pounds ($204 million). Revenue increased 12% in Europe to 95.7 million pounds ($150 million). In the Far East, a strong recovery was seen in the final quarter due mainly to revenue from China.

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