Renishaw shares dive after second profit warning
Renishaw shares crashed more than seven per cent this morning after it unveiled its second profit warning in two months.
The Ftse 250 healthcare technology group said adjusted profit before tax in the nine months to 31 March was down 18 per cent at £79.6m.
Read more: Renishaw shares plummet as it issues profit warning
Shares fell 7.6 per cent to 3,818p in early trading.
Statutory profit before tax fell to £84.8m in the first three quarters from £104.4m in the same period in 2018.
For the full year the company said it expected its adjusted profit before tax to be in the range of £105m to £120m and statutory profit before tax to be in the range of £111m to £126m.
Last year adjusted profit before tax was £145.1m and statutory profit before tax was £155.2m.
Read more: Unilever: Why there's lots to like about this FTSE 100 star
Revenue for the first three quarters of the financial year was £431.1m, up 0.3 per cent of £429.8m last year.
It had previously warned on profits in March, blaming weak demand in Asia.
The company said it based its full-year projection on “recent order trends and customer feedback”.
Looking forward it said: “Notwithstanding the current economic uncertainties, the board remains confident in the future prospects of the group.”