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Gloucestershire Business News

Confidence and rising revenues from major employer amidst the Brexit gloom

Revenue rose to £296.7 million for one of the county's biggest employers and world-wide success stories - and it remains "confident" of future prospects.

For those craving some positive news among the swirling black clouds of Brexit results for the last six months for the engineering firm from Gloucestershire are the place to go.

Growth in its core metrology sector was up five per cent and in healthcare up 25 per cent, thanks in a large part to its spectroscopy product line.

Only its profit (adjusted before tax of £59.6m) show a fall - from £62.3m in 2018.

Sir David McMurtry, founder and executive chairman, said: "Notwithstanding current economic uncertainties, the board remains confident in the future prospects of the Group.

"We expect full year revenue to be in the range of £635m to £665m and adjusted profit before tax to be in the range of £140m to £160m. Statutory profit before tax is expected to be in the range of £146m to £166m."

The firm's dividend was 14 pence per share and there was a "strong balance sheet", with net cash of £100.5m (June 2018: £103.8m).

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