ONE of the county’s biggest employers has announced it achieved record revenue of more than half a billion pounds over the last year.

Wotton-under-Edge-based Renishaw has also announced that its profits over the year almost doubled – from £61.7million in 2016 to £117.1million over the past 12 months.

The firm has released its full-year results for the year ending June 30 to the London Stock Exchange today which showed revenue growth to £536.8m.

In a statement with the results, Renishaw chairman and chief executive Sir David McMurtry said that they were confident of future growth.

He 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 underperforming business areas resulting in our discontinuing the activities of Renishaw Diagnostics Ltd and the spatial measurement business.

"In spite of the potential headwinds brought about by the uncertainty of Brexit, we remain confident of future growth due to our innovative product base, extensive global sales and marketing presence, and relevance to high value manufacturing."

The workforce at Renishaw has also grown by 244 people over the past year, which includes 91 graduates and apprentices.

The results also show the company’s strong balance sheet with cash of £51.9million compared to £21.3million in 2016.

Revenue grew in each of the regions around the world in which Renishaw operates although growth was slowest in Europe.