11th May 2016 07:12
LONDON (Alliance News) - Renishaw PLC Wednesday said revenue, profit and its cash balances fell in the first nine months of its current financial year, but said it still expects to deliver results in line with its guidance.
The British engineering company said revenue in the first nine months of the financial year ending June 30 dropped to GBP308.1 million from GBP369.7 million the corresponding period a year earlier, dragging the company's pretax profit down to GBP46.3 million from GBP109.8 million.
Despite the decreases, Renishaw said it still expects to deliver full-year revenue in the range of GBP420.0 to GBP440.0 million and a pretax profit of GBP67.0 to GBP83.0 million.
Cash balances at the end of March stood at GBP48.8 million, falling from GBP74.0 million a year earlier.
Looking specifically at the most recent quarter that ran until the end of March, Renishaw generated GBP109.6 million of revenue compared to GBP145.9 million a year earlier and a pretax profit of GBP20.2 million compared with GBP53.2 million a year earlier.
Renishaw shares were up 0.6% to 1,877.0 pence per share on Monday.
By Joshua Warner; [email protected]; @JoshAlliance
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