28th Jan 2016 08:28
LONDON (Alliance News) - Engineer Renishaw PLC on Thursday said its pretax profit and revenue both fell in line with expectations in the first half of its financial year as the series of large orders the group won in Asia last year did not repeat.
The FTSE 250-listed company said pretax profit for the half year to December 31 was down to GBP26.1 million from GBP56.6 million a year earlier, while revenue fell to GBP198.5 million from GBP223.8 million.
Renishaw reiterated the decline in profit and revenue was due to the large orders secured the year earlier not repeating, but it said underlying growth excluding the contribution of those deals was around 5.0% in the half. Europe revenue was up 9.0% in the half, while revenue from Asia rose 10% on an underlying basis, though the lack of the big orders meant total revenue was down 24%.
The company said it will pay an interim dividend of 12.5 pence per share, flat year-on-year.
Renishaw said it expects its underlying growth to improve in the second half and affirmed its revenue and profit guidance for the full year.
Renishaw shares were down 2.1% to 1,746.00p early Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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