LONDON (dpa-AFX) - Shares of Renishaw Plc (RSW.L) dropped about 5 percent Wednesday morning as the company said it sees 'tough financial comparators' during the second half and currently expects revenues for the period to be around the prior-year level. The engineering firm reported a higher profit for its first half, as it saw good growth in the Far East.
Geographically, Renishaw experienced good growth in the Far East where revenue surged 59 percent from last year to 78.6 million pounds. In the Americas, revenue declined 1 percent and in Europe, revenue was down 7 percent from last year.
The company, which makes precision metrology and inspection equipment as well as products for the healthcare sector, said its profit before tax in the first half increased to 46.19 million pounds from 31.17 million pounds a year ago. Adjusted profit before tax for the recent period was 43.29 million pounds.
On a per share basis, earnings were 51.9 pence, higher than 34.7 pence per share in the previous year. Adjusted earnings per share 47.9 pence, while the company had posted 34.7 pence per share in the prior year.
Revenues for the period grew 18 percent to 174.23 million pounds.
The company also declared an interim dividend of 11.33 pence per share, up 10 percent from last year, to shareholders of record on March 8, 2013, payable on April 8.
RSW.L is currently trading at 1,868 pence, down 92 pence or 4.69 percent, on a volume of 82,222 shares.
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