Renishaw (LON:RSW) , the FTSE 250 group that makes sophisticated electronic measuring systems, gave investors more reason to cheer today with news that full year profits are expected to be ahead of expectations. Renishaw’s shares have enjoyed a steady climb from a 52-week low of 350p last July and were today trading up by nearly 6% at 722p.

Reporting on its performance since the start of January, the company that orders had increased and that it was currently sitting on an order book worth £24.1m – up from £9.7m at the start of the financial year in July 2009. Revenue for the third quarter was 28% ahead of the comparable period last year; with revenue for the nine months to March 2010 standing at £121.1m – down 13%.

Nevertheless, the company said strict cost control was set to push pre-tax profits in the nine months to March to £15.5m, up 47% year-on-year. Renishaw pointed out that revenues had benefited by £5.1m when calculated at the prior year's exchange rates and the pre-tax profit by £4.3m.

Elsewhere, the company is seeing good growth in the Far East and an improving position in all other regions, compared with the comparable period last year. It said it was continuing to invest strongly in research and development programmes in both the Metrology and Healthcare sectors and a number of new products have been launched in this financial year.

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