Shares in world-leading metrology company Renishaw (LSE: RSW)were up 3% in early trading today after the company reported continuing revenue growth.
Earlier this month, management reported record Q1 revenue of 101m, up 28% on the same period last year. Today, management reiterated that revenue should continue to grow into the second half of the 2014.
Q1 profits nearly doubled to 21m, driven by 60% growth in the Far East, 10% in the Amerias and 4% in Europe when compared to the same period last year.
The precision tool manufacturer has invested significant sums to provide the infrastructure for growth, spending 21m on property and 18m on plant, equipment and vehicles in 2013. The company also took on 257 employees over the year, bringing the total headcount at the firm to 3,492. In spite of this, the company has no long-term debt and sits on a healthy 42m cash pile, a strong balance sheet position to fuel future growth.
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Zach Coffell has no position in any shares mentioned. The Motley Fool UK recommendsshares of Renishaw. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.