Trading activity

Revenue from continuing operations for the first three quarters of the current financial year was £429.9m, an increase of 11.9% compared with £384.3m for the corresponding period last year. We experienced underlying growth at constant exchange rates of 16.4%, with growth in all regions.

In our metrology business revenue amounted to £406.6m compared with £361.4m for the same period last year, with an underlying growth at constant exchange rates of 16.9%. Revenue in our healthcare business was £23.3m compared with £22.9m for the same period last year, an increase of 5.9% at constant exchange rates.

Adjusted* profit before tax from continuing operations for the first three quarters amounted to £97.6m compared with a restated adjusted* profit before tax of £70.1m for the corresponding period last year.

Financial position 

The Group balance sheet remains strong with net cash balances of £91.2m as at 31st March 2018 (30th June 2017: £51.9m).

Outlook

Notwithstanding current economic uncertainties, the Board remains confident in the future prospects of the Group. In our half year interim report, we forecast full year revenue to be in the range of £575m to £605m and adjusted profit before tax to be in the range of £127m to £147m.  We continue to expect growth in both revenue and profit for this financial year and now expect full year revenue to be in the range of £585m to £610m and adjusted profit before tax to be in the range of £135m to £150m. Statutory profit before tax is expected to be in the range of £145m to £160m.

The preliminary full year results for the year ending 30th June 2018 will be released on 26th July 2018.