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Renishaw nine-month profit jumps; sticks to annual guidance
StockMarketWire.com
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Metrology and healthcare technology group Renishaw, which put itself up for sale in March, posted a large rise in year-to-date profit.
Pre-tax profit for the nine months through March increased to £106.3 million, up from £19.7 million year-on-year, as revenue climbed 4% to £407.4 million.
Adjusted pre-tax profit more than doubled to £84.4 million, up from £31.8 million.
Renishaw said higher sales of metrology products were most notable in its machine tool and optical and laser encoder product lines, driven by demand in semiconductor equipment and consumer electronics markets.
Profits were also boosted by lower operating costs following restructuring activities initiated last year.
The company had in February announced an interim dividend of 14p per share.
'We continue to see good momentum in our business and with a strong order book we anticipate that revenue for the full year will be between £540 million and £570 million and adjusted profit before tax will be between £105 million and £125 million,' added.
Those ranges were unchanged from a trading update released 26 March.
Story provided by StockMarketWire.com
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