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(Alliance News) - Renishaw PLC on Friday warned it will miss its annual pretax profit estimate due to GBP46 million in charges, but remains focused on cash preservation due to the Covid-19 pandemic.
The company, which makes dental scanning products and precision measurement equipment, in May, had guided pretax profit for the year to June 30, to be in the range of GBP31 million and GBP41 million.
The Gloucestershire, England-based company predicted revenue for financial 2020 to be around GBP510 million and adjusted pretax profit of roughly GBP50 million. It anticipates GBP24 million in restructuring costs and GBP22 million of fair value losses of financial instruments in financial 2020.
In financial 2019, the company recorded pretax profit of GBP109.9 million on a revenue of GBP574.0 million. Adjusted pretax profit had totalled GBP103.9 million.
Renishaw is scheduled to release its financial 2020 results on August 13.
Shares in the company were up 3.8% at 4,600.14 pence each on Friday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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