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The price of shares in FTSE 250 engineering firm Renishaw (LON:RSW) has fallen by 10.57% to 3,756p (as of 13:15 GMT) after it cut performance forecasts for the current financial year as trading continued to slow down. Management now believes that full-year revenues will be between £595 and £620 million and that pre-tax profits will be within the £123-141 million range.
The board said that it remains confident in the company’s future prospects and that results for the nine months to 31st March will be published in May.