Probably the county's biggest engineering firm and one of its major employers has announced a rise in revenue and revealed it remains confident of more growth despite challenges ahead.

Renishaw plc, the global high-precision metrology and healthcare technology group, published its trading update for the three months ended September 30 this morning (October 18).

Revenue for the first quarter of the Wotton-under-Edge financial year was £154m, a growth of eight per cent over the £142.3m for the same period last year.

And no, that was not a result of a favourable exchange rate either. Taking any currency fluctuations into account growth was still seven per cent.

"Despite the potential impacts of Brexit and economic uncertainties in Asia the Board remains confident in the future prospects of the group and of growth in both revenue and profit in this financial year," said the statement.

In Renishaw's metrology business revenue amounted to £147.4m compared to £137.1m last year, with growth at constant exchange rates of seven per cent.

Revenue in its healthcare business was £6.6m compared with £5.2m last year, a growth of 25 per cent at constant exchange rates.

Profit before tax for the first quarter was down from £32.6m compared with £35.8m last year and the statutory profit before tax amounted to £33.5m (2018: £36.9m).

The firm, which employs more than 2,000 staff in Gloucestershire, said it had invested in people and infrastructure "to support growth opportunities and are now well placed to benefit from these investments."

"We anticipate the rate of investment in additional resources will reduce in the remainder of the current financial year as we continue to monitor the group's cost base," said the firm.

According to the company its group balance sheet "remains strong" with net cash balances of £115.3m as at 30th September 2018 compared to £103.8m at 30th June 2018.