Stock Market News
Renishaw upgrades full-year forecasts after strong nine months
Renishaw upgraded its forecasts for annual results after the engineering group reported a 39% increase in profit for the first nine months of 2018.
Adjusted pre-tax profit for the nine months to the end of March jumped to £97.6m from £70.1m a year earlier as revenue rose 12% to £429.9m.
Statutory pre-tax profit rose 50% to £104.4m. Stripping out currency swings, revenue rose 17%. The trading statement sent Renishaw's shares up 10% to 5,228p at 10:10 BST.
Revenue growth was driven by Renishaw's metrology business, which makes precision measuring devices for industrial use. The division's revenue rose 12.5%, or 17% at constant exchange rates, to £406.6m.
In its update the company strengthened its forecast for annual revenue to £585m-£610m from £575-£605m. Adjusted pre-tax profit is now expected to be £135m-£150m, up from an earlier prediction of £127m-£147m. Renishaw reports full-year results on 30 June.
"Notwithstanding current economic uncertainties, the board remains confident in the future prospects of the group," Renishaw said.
Renishaw's strong performance carried on a trend established in the first half. Goldman Sachs predicted in April that the company would join the FTSE 100, driven partly by demand in China which is trying to shift to high value-add manufacturing.
Adjusted pre-tax profit for the nine months to the end of March jumped to £97.6m from £70.1m a year earlier as revenue rose 12% to £429.9m.
Statutory pre-tax profit rose 50% to £104.4m. Stripping out currency swings, revenue rose 17%. The trading statement sent Renishaw's shares up 10% to 5,228p at 10:10 BST.
Revenue growth was driven by Renishaw's metrology business, which makes precision measuring devices for industrial use. The division's revenue rose 12.5%, or 17% at constant exchange rates, to £406.6m.
In its update the company strengthened its forecast for annual revenue to £585m-£610m from £575-£605m. Adjusted pre-tax profit is now expected to be £135m-£150m, up from an earlier prediction of £127m-£147m. Renishaw reports full-year results on 30 June.
"Notwithstanding current economic uncertainties, the board remains confident in the future prospects of the group," Renishaw said.
Renishaw's strong performance carried on a trend established in the first half. Goldman Sachs predicted in April that the company would join the FTSE 100, driven partly by demand in China which is trying to shift to high value-add manufacturing.
Related share prices |
---|
Renishaw (RSW) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price