Renishaw PLC on Wednesday said revenue in the third quarter improved upon the first two quarters of its financial year, but nine-month revenue and profit were both down on a year before.

Renishaw lowered its full-year guidance in response.

Shares were down 2.8% at 4,040.00 pence each in London on Wednesday morning.

Renishaw is a Gloucestershire, England-based provider of manufacturing technologies, analytical instruments and medical devices.

Revenue rose by 3.9% to £172.4 million in the three months that ended March 31 from £166.0 million in the quarter that ended December 31. It also was up from £164.5 million in the first quarter.

However, this still left revenue for the nine months down 3.7% at £502.9 million from £522.0 million a year before.

Statutory pretax profit in the nine months to March 31 fell 26% to £86.8 million from £117.3 million a year earlier, while on an adjusted basis, it fell 22% to £86.8 million from £111.8 million.

Looking ahead, Renishaw said it expects full-year revenue in the range of £680 million to £700 million, narrowed and mostly lower compared to previous guidance of £675 million to £715 million. It expects adjusted pretax profit in the range of £122 million to £135 million, down from previous guidance of £122 million to £147 million.

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