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Renishaw Cuts FY19 Earnings, Revenue Outlook On Weak Asian Demand- Quick Facts

High-precision metrology and healthcare products manufacturer Renishaw Plc (RSW.L) Thursday said it now expects fiscal 2019 statutory profit before tax to be in the range of 123 million pounds to 141 million pounds and adjusted profit before tax to be in the range of 117 million pounds to 135 million pounds. .

Full-year revenue is expected to be in the range of 595 million pounds to 620 million pounds.

While announcing half year results in January, the company had said that annual profit before tax was expected to be in the range of 146 million pounds to 166 million pounds, adjusted profit before tax in the range of 140 million pounds to 160 million pounds and revenues in the range of 635 million pounds to 665 million pounds.

The company noted that it experienced a slow down in demand in Asia for encoder products and from large end-user manufacturers of consumer electronic products. Based on recent order trends and customer feedback, the company now expects these conditions to continue through the remainder of this financial year.

Notwithstanding current economic uncertainties, the Board remains confident in the future prospects of the Group.

The trading statement for the nine months to March 31 will be released on May 14.

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