Renishaw

Ticker RSW

Today's data summary

Market open
% change
-0.78%
Price Pence
3816.00
Change
-30.00
As of 17:11 11 Dec 2019
Market cap. Pound sterling
2,777.61 million
As of 17:11 11 Dec 2019

Latest updates

Renishaw down 15%

gadget
Renishaw

Shares in engineering company Renishaw have dropped 15%.

That is after it announced its first quarter profit had fallen 85% to £5.1m.

Engineer warns on profits

Simulation of conformal cooling channels T
Renishaw

Shares in engineering company Renishaw are around 14% lower after it warned about its full-year profits.

It now expect full year revenue to be in the range of £595m to £620m and adjusted profit before tax to be in the range of £117m to £135m. Statutory profit before tax is expected to be in the range of £123m to £141m.

That compares with a range for the year of £635m to £665m for revenue and an expected adjusted profit before tax range of £140m to £160m. Statutory profit before tax was expected to be in the range of £146m to £166m.

"As reported in the half year results, we experienced a slow down in demand in Asia for our encoder products and from large end-user manufacturers of consumer electronic products. Based on recent order trends and customer feedback, we now expect these conditions to continue through the remainder of this financial year," it said.