PROFITS still remain down for Renishaw as the company announces its third quarter results.

The Wotton-under-Edge based precision engineering firm has reported that profit before tax for the third quarter, January 1 to March 31, is £21.4 million - £3.8 million down on the same period last year.

For the nine months to March 31 overall profit before tax is £52.6 million, compared with the £60.5 million from last year for the same period.

In January Renishaw announced a £4 million drop in profits for the first six months of its financial year and the company has said the on-going fall in profits is because of a continued investment in staff and infrastructure.

Since January Renishaw has bought a new subsidiary in Mexico, an engineering company in Canada, and just last month announced the acquisition of a US supplier.

Renishaw has also finished refurbishing a site in South Wales ready for additional manufacturing.

However, despite the continued drop in profits Renishaw has reported a four per cent rise in revenue for the third quarter to £81.6 million compared with the same period last year. Cumulative revenue for the nine months to March 31 was £228.8 million – nine per cent ahead of last year.

Chief executive Sir David McMurtry said the company was expected to recover its year-to-date shortfall in profit by the year end results on June 30.

He said: "The final quarter has started well with activity levels in April ahead of the comparable period last year.

He added: "The board continues to view the future with confidence."