Renishaw is looking an attractive proposition for potential buyers after reporting strong growth in revenue and profit for the last nine months.

In a trading update the precision engineering group, based near Wotton-under-Edge, reported a four per cent rise in total revenue for the nine months to March 31 - up from £389.9million to £407.4million.

Growth in machine tool products plus optical and laser encoders drove a four per cent rise in the metrology business, continuing strong demand in semiconductors and consumer electronics taking revenue to £379million.

Revenue in the healthcare business rose 18 per cent from £24million to £28.4million.

The growth in revenue and reduced operating costs following restructuring last year helped lift adjusted profit before tax by 165 per cent - up from £31.8million to £84.4million.

The company statement predicted revenue for the full year from £540-570million with profit before tax of £105-125million, which remains unchanged from the last trading update.

One of Gloucestershire's biggest companies, Renishaw launched a formal sales process last month after executive chairman Sir David McMurtry and non-executive deputy chairman John Deer - who founded the company together in 1973 - opted to sell their combined 53 per cent holding.