14th May 2019 09:07
LONDON (Alliance News) - Renishaw PLC on Tuesday reported a steep fall in nine-month profit, leading to a cut in guidance for both annual profit and revenue.
Renishaw, which makes high-precision products for the metrology and healthcare markets, reported a 19% fall in pretax profit for the nine months to March, at GBP84.8 million. The adjusted figure dipped 18% to GBP79.6 million.
Revenue in the period was GBP431.1 million, up 0.3% year-on-year, with the core Metrology unit falling 0.5% to GBP404.5 million. Healthcare revenue climbed 14% from a much smaller base to GBP26.6 million.
As a result, Renishaw now expects pretax profit in the range of GBP111 million to GBP126 million for its year ending June, and adjusted pretax profit between GBP105 million to GBP120 million.
In March, Renishaw guided for a pretax profit of GBP123 million to GBP141 million, and the adjusted figure GBP117 million to GBP135 million.
Renishaw's pretax profit was GBP155.2 million in its year ended June 2018, and adjusted GBP145.1 million.
Renishaw has guided for revenue of between GBP580 million to GBP600 million. This is reduced from prior guidance of between GBP595 million to GBP620 million, which itself was a cut from previous guidance.
"Notwithstanding the current economic uncertainties, the board remains confident in the future prospects of the group," said Renishaw.
Renishaw will release the results for its financial year ending June on August 1.
Shares were 5.2% lower on Tuesday morning at 3,922.00 pence each.
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