Renishaw PLC
19 November 1999
At the annual general meeting of the Company held today, the Chairman made the
following statement:
'As you know, last January we reorganised our business into divisions and
recruited R&D and marketing staff in order to prepare for our next phase of
expansion.
I am delighted to report that the reorganisation has gone extremely well. We
have appointed very talented directors and general managers to head up each
division and I am pleased to say that they are having the positive effect we
had hoped for. You may be surprised to learn that some are in their late 20s
and early 30s and are people who have come through the ranks of the Company.
Each divisional director and general manager has a highly capable focused
team, better equipped to expand their product range at a much faster rate.
This gives the main board confidence to make significant investment into each
of these divisions in order to capitalise on and take advantage of the
opportunities available to us worldwide.
I am pleased to tell you that turnover has picked up after a slow start and is
up on the comparable period last year. The effect of additional recruitment I
previously mentioned is likely to hold back half year profits a little below
expectations, before the results begin to flow through. However, we continue
to view the long term with enthusiasm and great confidence.'
Allen Roberts
Group Finance Director & Company Secretary
Registered office: New Mills, Wotton-under-Edge, Gloucestershire. GL12 8JR
Telephone number: 01453 524524