Shares in world-leading metrology company Renishaw (LSE: RSW) were up 3% in early trading today after the company reported continuing revenue growth.
Earlier this month, management reported record Q1 revenue of £101m, up 28% on the same period last year. Today, management reiterated that revenue should continue to grow into the second half of the 2014.
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Q1 profits nearly doubled to £21m, driven by 60% growth in the Far East, 10% in the Amerias and 4% in Europe when compared to the same period last year.
The precision tool manufacturer has invested significant sums to provide the infrastructure for growth, spending £21m on property and £18m on plant, equipment and vehicles in 2013. The company also took on 257 employees over the year, bringing the total headcount at the firm to 3,492. In spite of this, the company has no long-term debt and sits on a healthy £42m cash pile, a strong balance sheet position to fuel future growth.