Renishaw plc (LON:RSW) today announced Trading update 21st March 2019
In our half year results announcement released on 31st January 2019, we reported an expected revenue range for the year of £635m to £665m and an expected adjusted profit before tax range of £140m to £160m. Statutory profit before tax was expected to be in the range of £146m to £166m.
As reported in the half year results, we experienced a slow down in demand in Asia for our encoder products and from large end-user manufacturers of consumer electronic products. Based on recent order trends and customer feedback, we now expect these conditions to continue through the remainder of this financial year.
We now expect full year revenue to be in the range of £595m to £620m and adjusted profit before tax to be in the range of £117m to £135m. Statutory profit before tax is expected to be in the range of £123m to £141m.
Notwithstanding current economic uncertainties, the Board remains confident in the future prospects of the Group.
The trading statement for the nine months to 31st March 2019 will be released on 14th May 2019.