Renishaw, the global Gloucestershire-based engineering business, remains committed to growth and investment, despite "challenging" times.

Its latest trading statement ahead of this month's AGM and trading update the Wotton-under-Edge headquartered business reveals the impact of those tough conditions.

The unaudited information for the three months to September 30 covers what the firm calls its first quarter, and the period since and underline its focus on reducing cost and increasing productivity.

"Revenue for the first quarter of the current financial year was £124.6m, compared to £154.0m for the corresponding period last year," said the statement, signed by Sir David McMurtry (pictured), executive chairman, and William Lee, the firm's chief executive.

"In our metrology business revenue amounted to £119.7m compared to £147.4m last year.

"The first quarter of 2019 benefitted from a number of large orders from end-user manufacturers of consumer electronic products in the APAC region which have not been repeated this year.

"Furthermore, we have experienced reduced demand for our products as a result of the challenging global macroeconomic environment.

"Revenue in our healthcare business was £4.9m compared with £6.6m last year, due to the timing of additive manufacturing machine sales into the healthcare market.

"Adjusted* profit before tax for the first quarter amounted to £4.3m compared with £32.6m last year and the statutory profit before tax amounted to £5.1m (2019: £33.5m).

"Adjusted profit before tax includes restructuring provisions of £2m following the decision to close our additive manufacturing facility at Stone, Staffordshire and relocate the activities to our headquarters site at Wotton-Under-Edge, Gloucestershire and our site at Miskin near Cardiff, South Wales."

The group said its balance sheet "remains strong" with net cash balances of £98.5m as at September 30 2019 compared to £106.8m at June 30 2019.

"As indicated at the time of our full year results in July, trading conditions are expected to remain challenging through the remainder of this financial year driven by the global macroeconomic environment.

"The board believes that the structural demand drivers in our end-markets remain intact. The group is in a strong financial position and remains committed to our long-term strategy of delivering growth through the development and introduction of innovative and patented products.

"However, as previously indicated, we are focussed on improving productivity and we are committed to undertaking further initiatives to reduce the group's cost base."