Precision tool maker Renishaw carved out a sharp increase in half yearly earnings, after it was boosted by a string of large consumer electronics orders in China, but cautioned it faces tough financial comparators in the second half.

Adjusted pre-tax profit rose to £43.3m in the six months to December 31st from
£31.2m the same time a year earlier. Revenue for the period was up 18% to £174.2m.

"In the first quarter the group benefited from a number of large orders in China in the consumer electronics market. Such irregular orders produce a distorting effect when comparisons are made between periods."

Rensiahw said it was difficult to predict with certainty the size and timing of forthcoming orders and added that it faces tough financial comparators during the second half, particularly after its strong fourth quarter last year.

The group therefore currently expect that revenue in the second half will be around the level in the second half of last year.

An interim dividend of 11.33p will be offered compared to 10.3p last year.



Iron ore pellet producer Ferrexpo saw profits plunge in the first nine months of the year as both prices and demand fell, while costs went up.

In the nine months to the end of September, the Ukraine-focused firm reported turnover of $1.08bn, down from $1.31bn the year before.

Pre-tax profits came in at $228.8m, a 57% drop from the $533.6m it reported over the same period in 2011.

The firm said benchmark iron fines price had fallen from $177 per tonne to $131 per tonnes, while sales fell from 7.2m tonnes in 2011 to 7.0m tonnes.

It added that costs, which rose from $49.4 per tonne to $59.9, were impacted by a stable exchange rate between Ukrainian hryvnia and US dollar, as well as local inflation including electricity tariff and gas price increases.

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