Renishaw, the Gloucestershire based hi-tech engineering group, has revealed better than predicted results in a trading update.

The Wotton-under-Edge based company reported its revenue for the third quarter ending 31st March 2017 was £141.7m compared to £109.6m over the same period in 2016.

Cumulative revenue for the nine months to 31st March was £382.2m compared to £308.1m for the corresponding period last year.

This represents a nine months' revenue represents an increase of 24 per cent with a 10.5 per cent currency benefit and underlying growth of 13.5 per cent. Profit before tax for the third quarter was £33.6m (2016: £21.8m restated) and cumulative profit before tax was £69.3m, compared with a restated £50.4m last year.

Cumulative profit before tax benefitted by £15.2m when compared to last year's exchange rates. Cash balances at the end of March 2017 were £53.6m (2016: £48.8m).

Renishaw's chairman and chief executive Sir David McMurtry (pictured) said: "We continue to manage our cost base and evaluate investment in new business areas. In our half year trading update, we forecast full year revenue to be in the range of £500m to £530m and profit before tax to be in the range of £85m to £105m.

"We are now anticipating revenue to be in the range of £520m to £535m and profit before tax to be in the range of £99m to £108m."

Renishaw is a world leader in areas of engineering such as metrology, health care products and 3D printing. It employs 2,200 people in Gloucestershire and 4,300 worldwide.

Renishaw will hold its fourth annual Investor Day tomorrow May 11 aimed at current and potential shareholders, analysts, brokers and financial advisors.

The event will be held at Renishaw's headquarters site near Wotton-under-Edge from 10.15am to 4pm and there will be a range of presentations.