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Trading statements

Lower revenue from Far East hits Renishaw

15 October 2015 11:07

Renishaw, the high-precision metrology and healthcare manufacturer, has published a trading update for the three months ended 30th September 2015.

It showed that revenue for the first quarter of the current financial year was £98.2m, which was marginally lower than the £101.4m achieved last year. Whilst the company experienced growth in most regions, its Far East revenue was £43.2m compared with £48.8m last year.

The Group's cost base has grown, reflecting targeted investment opportunities in research and development programmes to accelerate the time to market for new products. Additionally there is significant investment in expanding its international marketing activities to support the introduction of new products planned for this year.

Profit before tax for the first quarter amounted to £16.3m compared with £21.3m last year.

The Board says it remains confident in the continued development of the Group and its long-term prospects. It now anticipates that revenue for this financial year will be in the range of £440m to £465m and profit before tax will remain in the range of £85m to £105m.

At 11:07am: (LON:RSW) Renishaw PLC share price was -9.5p at 1880.5p

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