Britain's Renishaw slashes annual profit forecast

British engineering group Renishaw Plc trimmed its full-year profit forecast on Tuesday as it struggles with weak market conditions in its automotive and aerospace sectors.

The company, part of a consortium to produce ventilators to help the National Health Service cope with the coronavirus outbreak, said it now expects an adjusted pretax profit of between 45 million pounds ($55.41 million) and 55 million pounds, from an earlier forecast of 50 million-70 million pounds. ($1 = 0.8121 pounds)