UK engineer Renishaw (RSW) was the day’s standout performance among FTSE 350 companies after surging nearly 20% to £41.06 following first half results. The next best FTSE 350 performer was oil group BP (BP.), up around 6%.

Grabbing the market’s attention were comments from chief executive William Lee that point to a much-improved operating performance in the second half of the year, which runs to 30 June 2024.

‘We expect an improvement in our trading performance in the second half of the financial year as market conditions improve, and as we continue to pursue a range of growth opportunities’, Lee told investors. ‘To support our through-cycle growth strategy, we are continuing to focus on productivity and to make targeted investments in our people, our production facilities, and our new product pipeline.’

WHAT THE NUMBERS LOOKED LIKE

The Gloucestershire, England-based provider of precision measuring and analytical instruments and medical technology devices forecast annual adjusted pre-tax profit in the range of £122 million to £147 million, a nudge above current consensus projections. It owns hundreds if not thousands of industrial patents that make its equipment unique and best in class.

Renishaw reported a £141 million pre-tax profit in the previous year, after adjustments for one-off factors. The company reported a 23% fall in adjusted profits to £56.5 million in the first half (to 31 Dec).

It also resisted any temptation to lower shareholder dividends, with the payout remaining unchanged at 16.8p per share for the half year.

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