Renishaw FY profits seen at top end of guidance, finance director to retire

(Sharecast News) - Engineering firm Renishaw said on Thursday that full-year revenue and profits would be towards the middle and top ends of previous guidance, respectively. Renishaw said FY revenues were expected to be somewhere in the middle of its £700m to £720m guidance range, while adjusted pre-tax profits were seen at the top of forecasts of £109m to £127m.

The FTSE 250-listed firm also revealed that group finance director Allen Roberts will not stand for re-election at its upcoming annual general meeting.

Roberts will step down from the board after 46 years with Renishaw on 26 November, but will remain an employee of the group until 31 December. Renishaw added that a process to recruit a chief financial officer had already begun.

Co-founder John Deer said: "Allen has been a huge part of the Renishaw success story. From the first interactions that Sir David McMurtry and I had with him in 1974 it was clear that when the time was right for us to recruit our first finance director, Allen was the person who would help us to shape Renishaw's future.

"The company owes him an enormous debt of gratitude for helping to navigate its financial and strategic development over the past 46 years, notably in establishing its overseas subsidiaries."

As of 0825 BST, Renishaw shares were up 5.55% at 3,140p.

Reporting by Iain Gilbert at Sharecast.com