Renishaw lowers profit forecast on economic uncertainties
By Frank Prenesti
Date: Tuesday 10 May 2022
(Sharecast News) - UK engineering firm Renishaw cut full-year profit forecasts on Tuesday, citing economic uncertainties, and also warned of a of a possible hit from Covid-19 lockdowns in China.
The company said it now expected annual adjusted pre-tax profit of £155m - £170m, compared with its previous forecast of £157m to £181m. Revenue was expected to be in the range of £665m - £675m.
In a trading update for the first nine months of the fiscal year, Renishaw posted a 47% rise in adjusted pre-tax profit to £124m, with revenue up by a fifth to £492.4m.
"While we continue to monitor the impact of Covid-19 on our people and our business, and retain some measures designed to minimise the risk of in-company transmission, most of our operations are now operating on a more normalised basis," the company said.
"We are closely monitoring the current lockdowns in China and are taking mitigating actions where possible against potential business disruption. This uncertain position makes trading levels in China in the remainder of this financial year difficult to predict."
Reporting b y Frank Prenesti.
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