The Gloucestershire precision engineering group Renishaw plc has reported that pre-tax profits doubled to £21.3 million in the first quarter of its financial year (ended 30 September), up from £10.6 million a year earlier. First-quarter revenues were up 28% at £101.4 million, compared with £79 million in 2013.

The strong performance in the three months to the end of September was driven by large orders from the Asia-Pacific region, which analysts believe are related to new product launches by Apple Inc such as the iPhone 6, iPhone Plus and the Apple Watch.

Jo Reedman, an analyst at N+1 Singer Capital Market, told the Reuters news agency: “Basically, the contract manufacturers that make the products for Apple buy products from Renishaw that are used to make these products. So, if Apple brings out a new product, it means the contractor of Apple is more likely to buy a whole lot of products from Renishaw.”

Renishaw chief executive Sir David McMurtry said: “The trend in revenue growth is expected to continue in the second quarter. While we may experience unpredictable orders both in terms of size and timing, we expect global investment in production systems and processes to lead to greater demand for the group’s products. We therefore continue to invest in our R&D, production, marketing and distribution infrastructure, and we confidently look forward to a successful year.”