Renishaw has issued a statement that it expects its full-year revenue to be in the range of £595-£620 million with adjusted pre-tax profit to be in a range of £117- £135 million. Renishaw warned that its full-year results will miss the group’s previous guidance as a slow-down in demand in Asia, flagged with its interim report issued in January, has continued.
In its half-year results announcement on 31 January 2019, Renishaw stated its expected revenue range for the full-year to be £635-£665 million with an expected adjusted pre-tax profit range of £140- £160 million. The company had stated then that it had experienced a slow-down in demand in Asia for its encoder products and from large end-user manufacturers of consumer electronic products.
In its latest comments the company added that, “based on recent order trends and customer feedback, the group now expect these conditions to continue through the remainder of the financial year.”
Renishaw made nearly half of its revenue from the Far East, including Australasia, in 2018, with its metrology business accounting for more than 90 percent of total sales.
Renishaw is considered the bellwether of the metrology capital equipment industry.
For more information: www.renishaw.com