LONDON (dpa-AFX) - Engineering company Renishaw plc (RSW.L) Wednesday said its Board has unanimously decided to conclude its formal sales process. The Board reviewed a number of proposals but no one met the objectives.
Further, David McMurtry, Executive Chairman of Renishaw, and John Deer, Non-Executive Deputy Chairman, indicated their commitment to Renishaw and said they have no intention of selling their shares on the market for the foreseeable future.
Regarding the current trading, the company said it now expects fiscal 2021 adjusted profit before tax to be in the range of 116 million pounds to 121 million pounds. Revenue for the year is now expected to be in the range of 562 million pounds to 567 million pounds.
The company previously expected full-year adjusted profit before tax between 105 million pounds and 125 million pounds, and revenue between 540 million pounds and 570 million pounds.
The company reported strong trading performance in the final quarter and finished the year with a record order book.
Regarding the formal sales process, McMurtry and Deer said, 'At the start of this process we made it very clear that, with the Board, we were focused on ensuring that we find the right new owner for our business. Whilst the formal sale process did not result in a new owner for Renishaw, we are satisfied that it ensured a thorough and rigorous process that enabled us to evaluate a wide range of potential buyers.'
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