Renishaw shares slip as profits fail to measure up

FTSE 250 precision engineering firm Renishaw (LON:RSW) has seen its share price fall by 5.90% to 3,890p (as of 13:15 BST) after it announced results for the nine months to 31st March. Revenues for the period grew by just 0.3% as the metrology division slipped backwards. Pre-tax profits sank by 18.8%.

Management now believe that revenues for the full year will be in the region of £580-600 million with pre-tax profits of between £111 and 126 million. Results for the year ending 30th June will be published at the start of August.