UK's Renishaw raises annual revenue forecast, shares rise

Renishaw Plc downgraded its annual statutory pretax profit forecast on Friday due to restructuring charges, though the British engineering group raised revenue estimates to 510 million pounds ($640.20 million), sending its shares higher. Shares rose 2.3% after the company raised its revenue forecast, hitting their highest level since Feb. 2019. ($1 = 0.7966 pounds)

Renishaw Plc downgraded its annual statutory pretax profit forecast on Friday due to restructuring charges, though the British engineering group raised revenue estimates to 510 million pounds ($640.20 million), sending its shares higher. The company, which canceled its dividend last month, said annual statutory pretax profit was expected to come in at 4 million pounds, compared with an earlier forecast of 31 million-41 million pounds.

Revenue was previously expected at the range of 490 million pounds to 505 million pounds. Shares rose 2.3% after the company raised its revenue forecast, hitting its highest level since Feb. 2019.

($1 = 0.7966 pounds)