Renishaw (www.renishaw.com), the global engineering business based in Gloucestershire, has posted record revenues of £536.8 million for the year to 30 June, with underlying growth of 14%.

The company said this was down to strong progress in encoder, measurement and automation, calibration and coordinate measuring machine product lines in its metrology business.

Sir David McMurtry (pictured), chairman and chief executive, said: “Renishaw is a long-term business, and we remain committed to strategic investments and R&D.

In addition, over the past year, we have focused on under-performing business areas, which resulting in our discontinuing the activities of Renishaw Diagnostics Ltd and the spatial measurement business.

“We are confident of future growth due to our innovative product base, extensive global sales and marketing presence, and relevance to high-value manufacturing.”

The group’s adjusted profits before tax for 2016-2017 were £109.1 million, a year-on-year increase of 25 % (on £87.5 million last year).

Its statutory profits before tax were £117.1 million (compared to £61.7 million last time).