Engineering firm looks at new Ireland site
ONE of Gloucestershire’s biggest employers has revealed it is preparing for Brexit by setting up a new facility in Ireland.
Engineering firm Renishaw, based at Wotton-under-edge, confirmed the move in its interim report for 2019 which revealed that while its revenue had grown, its profit had dropped.
Under a section of the report headed ‘Continued investment for long-term growth,’ it said: “We are well advanced in establishing a new European distribution facility at our existing Irish location to address the potential implications of the UK leaving the European Union.”
The company’s half-year results for the period ending December 31 2018 have just been released to the London Stock Exchange.
These are the highlights:
Revenue of £296.7million (2018: £279.5million). Revenue growth of six per cent; four per cent at constant exchange rates. Metrology revenue increase of five per cent - strong growth in additive manufacturing and measurement and automation product lines; slow down in demand for encoder products and from large end-user manufacturers of consumer electronic products. Healthcare revenue increase of 25 per cent - strong growth in spectroscopy product line.
Adjusted profit before tax of £59.6million (2018: £62.3million).
Statutory profit before tax of £61.6million (2018: £66.2million).
Strong balance sheet, with net cash of £100.5million at the end of the period (June 2018: £103.8million)
Dividend of 14.0 pence per share (2018: 14.0p).
The company was bullish about its prospects, going forward.
It said: “Notwithstanding current economic uncertainties, the board remains confident in the future prospects of the group.”
In June of last year, Renishaw came in at number 10 in the top 100 businesses in Gloucestershire.
Then, it had 2,357 staff in Gloucestershire, with a further 2,400 employed at other sites in UK and globally.