28th Apr 2021 09:07
(Alliance News) - Renishaw PLC on Wednesday said year-to-date profit is up four-fold and the engineering and scientific technology firm backed its annual revenue forecast.
Pretax profit in the nine months to March 31 was GBP106.3 million, up sharply from GBP19.7 million a year earlier.
In March, the FTSE 100 constituent said it expects annual profit to more than double.
During the nine-month period, revenue rose 4.5% year-on-year to GBP407.4 million from GBP389.9 million. Metrology revenue was 3.6% higher at GBP379.0 million, while Healthcare revenue climbed 18% to GBP28.4 million.
"This growth was most notable in our machine tool product line and our optical and laser encoder product lines, driven by continuing strong demand in the semiconductor capital equipment and consumer electronics markets," Renishaw explained.
Renishaw expects annual revenue to land in the range of GBP540 million and GBP570 million, at least a 5.8% rise from GBP510.2 million. Adjusted pretax profit is expected GBP105 million and GBP125 million, more than doubled from GBP48.6 million from a year earlier.
Renishaw shares were 0.1% higher at 6,428.86 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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