Renishaw shares fall 10 per cent after profit plunges 97 per cent
Shares in Ftse 250 engineering company Renishaw fell 10 per cent today after it said profit collapsed and revenue fell which it blamed on poor macroeconomic conditions and the coronavirus pandemic.
Renishaw said statutory profit fell 97 per cent to £3.2m compared with £109.9m last year
The company said revenue fell 11 per cent to £510.2m in the year to 30 June.
Renishaw’s shares fell 10 per cent to 4,750p this morning.
“Revenue was lower in all regions, with the challenging global macroeconomic conditions throughout the year and the covid-19 pandemic impacting most product lines,” the company said.
Executive chairman Sir David McMurtry said: “It has been a particularly challenging year for the group and we are extremely proud of the commitment our employees have shown during these exceptional times.
“Looking ahead, there are many exciting opportunities to grow our business, due to our new product pipeline, excellent manufacturing and commercial operations, and highly skilled people.”