Renishaw upgrades full-year profit, revenue guidance

FTSE 250 engineering company Renishaw upgraded its full-year guidance on Friday as it pointed to "good momentum" in the business.

In a brief update for the year to 30 June 2021, the company highlighted "particularly strong" demand in the semiconductor capital equipment and consumer electronics markets.

"With a record order book, we currently anticipate that revenue for the full year will be between £540m and £570m, and adjusted profit before tax will be between £105m and £125m," it said.

In its half-year report in February, Renishaw had said it was expecting revenue of between £515m and £545m and profit of £85m to £105m.

Shares shot higher on the news and by 1255 GMT, were trading up 2.9% at 5,945.00p.