26th Mar 2021 12:57
(Alliance News) - Renishaw PLC on Friday said it expects annual profit to more than double on strong revenue growth.
The engineering and scientific technology firm said it has seen "good momentum" recently. It flagged strong demand in the semiconductor capital equipment and consumer electronics markets.
Renishaw expects annual revenue to land between GBP540 million and GBP570 million in the year ending June, potentially up 12% from GBP510.2 million.
Adjusted pretax profit is expected to come in between GBP105 million and GBP125 million, more than doubled from GBP48.6 million.
The recent FTSE 100 entrant earlier in March put itself up for sale. Executive Chair David McMurtry and Non-Executive Deputy Chair John Deer, the company's founders, said they intend to sell their "very substantial" shareholdings in Renishaw. Together, the founders own around 53% of the group, and have expressed a preference for the disposal of their entire combined shareholding.
The board said that, having mulled over various options with its advisers, it unanimously decided to investigate the sale of the company.
Renishaw joined London's group of large-cap stocks on Monday, following a promotion in an index review earlier in March.
Shares in the company were 2.9% higher at 5,945.00 pence each in London on Friday afternoon.
By Eric Cunha; [email protected]
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