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Annual Results

Renishaw's FY pretax profit falls 44%

27 July 2016 07:39

Renishaw's FY pretax profit has fallen 44% to £80m, from £144.2m, but the company hiked its dividend to 48p a share, from 46.5p.

Revenue was £436.6m, from £494.7m.

"The Group continues to invest in the development of new products and applications, along with targeted investment in production, and sales and marketing facilities around the world," the company said.

"Despite current uncertainty surrounding Brexit and significant fluctuations in currency exchange rates, your directors remain confident in the long-term prospects for the Group and currently anticipate growth in both revenue and profits over the next financial year," it said in a statement.

MORE ON BREXIT

"Whilst the full business implications of Brexit remain uncertain, and will do for some time, the Board believes the Group to be well positioned to react to the potential challenges and opportunities ahead.

"The Group has a strong presence in the EU, which this year comprised 23% of our revenue, with a number of subsidiaries performing a range of functions including sales, marketing and distribution, research and development, and manufacturing.

"We believe this infrastructure will assist the Group in its planning for and response to changes in trading arrangements between the UK and the EU.

"Our risk committee will be assessing all potential impacts and putting in place strategies and actions, both in the shorter-term whilst the UK government negotiates the UK's exit from the EU and in the longer-term as the UK's trading arrangements with the EU become clearer."

Story provided by StockMarketWire.com

Related Company: RSW

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