Renishaw trims annual guidance after lower profit in first nine months

(Alliance News) - Renishaw PLC on Wednesday said revenue in the third quarter improved upon the first two quarters of its financial year, but nine-month revenue and profit were both down on a year before.

Renishaw lowered its full-year guidance in response.

Shares were down 2.8% at 4,040.00 pence each in London on Wednesday morning.

Renishaw is a Gloucestershire, England-based provider of manufacturing technologies, analytical instruments and medical devices.

Revenue rose by 3.9% to GBP172.4 million in the three months that ended March 31 from GBP166.0 million in the quarter that ended December 31. It also was up from GBP164.5 million in the first quarter.

However, this still left revenue for the nine months down 3.7% at GBP502.9 million from GBP522.0 million a year before.

Statutory pretax profit in the nine months to March 31 fell 26% to GBP86.8 million from GBP117.3 million a year earlier, while on an adjusted basis, it fell 22% to GBP86.8 million from GBP111.8 million.

Looking ahead, Renishaw said it expects full-year revenue in the range of GBP680 million to GBP700 million, narrowed and mostly lower compared to previous guidance of GBP675 million to GBP715 million. It expects adjusted pretax profit in the range of GBP122 million to GBP135 million, down from previous guidance of GBP122 million to GBP147 million.

By Sabrina Penty, Alliance News reporter

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