LONDON (ShareCast) - (ShareCast News) - Engineering firm Renishaw reported a 44% slump in full-year pre-tax profit as revenue fell due to a drop in Asian orders.
For the year ended 30 June, pre-tax profit came in at £80m from £144.2m the year before on revenue of £436.6m, down from £494.7m.

The FTSE 250 group pointed out that during the previous year, it benefited from large orders from Far East customers in the consumer electronics markets which generated exceptional growth in its metrology business sector.

Renishaw said that adjusting for these large orders and restating revenue at last year's exchange rates resulted in an underlying revenue growth of 4% for the year and 6% at actual exchange rates.

Revenue in the Far East this year was £195.3m compared to £257.7m in 2015.

The company expressed confidence over the outlook. "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.

"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."

At 0817 BST, Renishaw shares were up 0.5% to 2,432p.

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