- Full-year profit seen high end
- Finance director to step down
- Shares lead FTSE 250
British engineering firm Renishaw (RSW) said it expected annual profit to be at the upper end of market forecasts, sending the shares up 8% and topping the mid-cap gainers.
The shares are down 4% year-to-date compared with a 6% gain in the FTSE 250 index and have struggled since German industrial giant Siemens (SIE:ETR) walked away from making a bid for the 52-year old company in April 2024.
This followed the decision by majority shareholders and co-founders David McMurtry and John Deer to withdraw their intention to sell the company after considering the impact on the local community and employees.
FULL YEAR PROFIT UPGRADE
The provider of manufacturing technologies, analytical instruments and medical devices said it now expects revenue for the year to June to be around the middle of the £700 million to £720 million range with adjusted pre-tax profit towards the top of the £109 million to £127 million range.
This could reflect the company’s decision, communicated in an 8 May trading update, to pass on potential tariff impacts by introducing a surcharge on affected goods.
Renishaw has identified around 20% of its global revenues relating to imported aluminum and steel may be at risk of being hit with reciprocal tariffs.
GROUP FINANCE DIRECTOR STEPS DOWN
After more than 46 years with the company, group finance director Allen Roberts announced his intention to step down at the end of the calendar year.
John Deer, co-founder and non-executive director, commented: ‘Allen has been a huge part of the Renishaw success story. From the first interactions Sir David McMurtry and I had with him in 1974, it was clear that when the time was right for us to recruit our first Finance Director.
‘The company owes him an enormous debt of gratitude for helping to navigate its financial and strategic development over the past 46 years, notably in establishing its overseas subsidiaries.’
