Renishaw lowers upper end of FY revenue, profit guidance

8th May 2024 07:09

(Sharecast News) - Technical instruments maker Renishaw on Wednesday lowered the upper end of full-year guidance amid what it described as "mixed" markets as earnings fell over the first nine months of its financial year.

In a trading update, the company said it now expects revenue to be in the range of £680m to £700m and adjusted profit before tax of £122m to £135m. This compares with the £675m - £715m and £122m - £147m forecast at Renishaw's interim results in February.

Adjusted pre-tax profit in the nine months to March 31 fell 22% to £86.8m.

"We have continued to deliver a solid performance in mixed market conditions, with growth from capital goods products and the early signs of recovering demand from semiconductor equipment builders," Renishaw said.

"We expect the recent improvement in our trading performance to strengthen in the remainder of the financial year, as market conditions improve and as we continue to realise the benefits from a range of targeted growth opportunities."

Reporting by Frank Prenesti for Sharecast.com