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LONDON (Alliance News) - Engineering company Renishaw PLC said Wednesday its revenue for the nine months ended March 31 was up 12% as it raised its revenue and profit expectations for the full year.
Renishaw's revenue from continuing operations for the first three quarters of the current financial year was up 12% to GBP429.9 million from GBP384.3 million in the same period last year.
Its metrology business was the standout performer with revenue growth of 13% to GBP406.6 million from GBP361.4 million.
Adjusted pretax profit was GBP97.6 million, a 39% increase from GBP70.1 million in the same period last year.
Renishaw is increasing its full-year revenue and profit forecast given in its half-year interim report. It now expects full-year revenue to be in the range of GBP585 million to GBP610 million, up from GBP575 million to GBP605 million.
Adjusted pretax profit is expected to be in the range of GBP135 million to GBP150 million, up from the half year forecast of GBP127 million to GBP147 million. Statutory pretax profit is expected to be in the range of GBP145 million to GBP160 million.
The company has cash balances of GBP91.2 million at March 31.
Shares in Renishaw were up 9.6% Wednesday morning at 5,210.00 pence each.
