One of Gloucestershire's most celebrated engineering firms which has grown from a back bedroom to a world-wide success story has announced another record turnover.

Regular followers of business news in Gloucestershire will know that means one of less than a handful of firms and those really on the ball will have guessed we are talking about the mighty Wotton-under-Edge-based Renishaw.

Turnover grew 18 per cent from £536.8 million last year to £611.5 million, there was growth in all of its metrology product lines, in its healthcare product lines, and a record adjusted profit before tax of £145.1million (up 33 per cent).

"I am pleased to report our 2018 annual results. We achieved a record turnover for the second successive year of £611.5m (2017: £536.8m) with revenue growth of 18 per cent at constant exchange rates," said executive chairman and co-founder Sir David McMurtry, in the firm's preliminary results statement for the year ended June 30 2018'

"We are also reporting a record adjusted profit before tax of £145.1m (2017: £109.1m), an increase of 33 per cent. Our total shareholder return during the year was 48 per cent, ranking Renishaw 18th in the FTSE 250."

A number of changes to key roles were highlighted, including the appointment of a former Tesco and Genus plc Group HR Director, Catherine Glickman, who becomes an independent non-executive director from August 1.

Kath Durrant is stepping down from the company's board from the end of this month (July), having joined the firm in 2015 and served as chairman of its renumeration board.

Sir David also praised the "significant leadership capabilities" of Will Lee who took over his role as chief executive of the company in February 2018.

And he revealed a new focus for himself - group innovation and product strategy.

Breaking down its growth figures (at constant exchange rates) show a 19 per cent rise in revenue in the Far East, including Australasia, 17 per cent in continental Europe, 19 per cent in North, South and Central America, 11 per cent in the UK and Ireland and 16 per cent in what it called "other regions".

Its growth was reflected in staff figures which saw total headcount rise to 4,862, from 4,530 last year, an additional 122 apprentices and graduates and 105 new paid industrial and summer placements.

Sir David said: "The group is in a strong financial position and continues to invest in the development of new products and applications, along with targeted investment in production, and sales and marketing facilities around the world.

"We have experienced strong growth in 2018 and, whilst noting ongoing uncertainty surrounding Brexit and currency exchange rate volatility, your directors remain confident in the long-term prospects for the group due to our innovative product base, extensive global sales and marketing presence and relevance to high-value manufacturing.

"At this early stage in the year, we anticipate growth in both revenue and profits in the current financial year."