Renishaw to beat own guidance after record fourth quarter

(Sharecast News) - Shares in Renishaw surged on Friday after the measurement and manufacturing systems company reported a strong end to the year, with annual profits expected to rise 31%. Growth accelerated throughout the year, the company said, resulting in record quarterly revenues of £243m in the three months to 30 June, up 27% year-on-year and 18% higher than the third quarter.

"Demand remained strong from customers in the semiconductor and electronics manufacturing equipment sector, and from the aerospace and defence sector," the firm said.

As a result, revenues for the year totalled £815m, up 14% over the year before, with all three business segments delivering growth.

As for the bottom line, adjusted pre-tax profit is expected to be around £167m, up from £127m the year before and ahead of the top end of Renishaw's own guidance range of £145m-165m reported in May. Results will be released on 23 September.

The stock was up 8.5% at 5,370p by 0905 BST.

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