Renishaw issues profit warning over Asian downturn

A downturn in Asian demand led to Renishaw issuing a profit warning to the market on Thursday morning.

The FTSE 250 engineering firm said in a trading statement that revenue last year benefited from a number of large orders in the Far East, which had not been repeated to the same extent in the current year.

Renishaw’s board said it had now received information indicating it was unlikely to achieve the trading levels previously anticipated in its half-year report in January.

“We are continuing to experience underlying growth (after adjusting for the large orders) and now expect full year revenue to be in the range of £420m-£440m and a profit before tax in the range of £67m-£83m,” the board explained.