Renishaw results drag down shares

Shares in FTSE 250 engineering company Renishaw (LON:RSW) dropped by 10.02% to 4,760p (as of 11:00 BST) after the company reported that revenues fell by 11% during the year ended 30th June. Sales declined across all regi0ns and most product lines in the face of macroeconomic pressures and statutory profits before tax were down by 97%.

Executive Chairman Sir David McMurtry commented: “It has been a particularly challenging year for the Group and we are extremely proud of the commitment our employees have shown during these exceptional times. Looking ahead, there are many exciting opportunities to grow our business, due to our new product pipeline, excellent manufacturing and commercial operations, and highly skilled people“.