Renishaw lifts full-year profit and revenue guidance

FTSE 250 engineer Renishaw lifted its full-year pre-tax profit and revenue forecasts on Wednesday as it reported a rise in third-quarter profit and revenue.

Revenue in the quarter to the end of March came in at £141.7m from £109.6m the year before, while cumulative revenue for the nine months rose to £382.2m from £308.1m. Meanwhile, pre-tax profit came in at £33.6m, up from £21.8m and cumulative pre-tax profit to 31 March was £69.3m compared with a restated £50.4m last year.

The company said it now expects full-year revenue to be in the range of £520m to £535m, up from a previous forecast of between £500m and £530m. Pre-tax profit is seen coming in at £99m to £108m, up from a forecast of £85m to £105 at the half-year trading update.

"We continue to manage our cost base and evaluate investment in new business areas," it said.

At 0917 BST, the shares were down 1.8% to 3,542.79p.