Salaries restored at Renishaw

In an announcement to shareholders via the London Stock Exchange, Renishaw said it was reinstating some of the salary voluntarily given up by staff following exceptionally adverse trading conditions last year. In a trading update, the company said that following the exceptional adverse trading conditions, it had been monitoring progress closely. Since the year end, order intake has improved and was currently running ahead of sales output. In September, the group expects to achieve revenue of approximately £12 million, some 15% ahead of the average run rate for the last five months. Order backlog has increased and currently stands at between five and six weeks of planned shipments. The statement went on: "In view of the improved performance the Board is restoring half the previously announced voluntary 20% reduction in salaries which has been in force since February 2009. This will take effect from 1 October until 31 December 2009 at which time salaries will be fully restored. Provision will be made for further payment, which may take employees back up to full salary for part of the period, depending upon group performance up to 31 December 2009. This provision will be paid within the January 2010 payroll. Chairman and chief executive Sir David McMurtry (pictured), whose invention of a touch-trigger probe solved a specific inspection requirement for Concorde's Olympus engines underpinned the foundation of the company in 1973, said: "I am pleased to announce these changes as all employees in the Renishaw Group have responded magnificently to all the challenges and hardships they have faced."