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Renishaw Plc Q1 Profit, Revenues Down; Warns On Challenging Trading Conditions

Renishaw plc (RSW.L), a high-precision metrology and healthcare products manufacturer, reported Tuesday that its first-quarter statutory profit before tax plunged to 5.1 million pounds from 33.5 million pounds last year.

Adjusted profit before tax was 4.3 million pounds, compared to 32.6 million pounds last year.

Adjusted profit before tax includes restructuring provisions of 2 million pounds following the decision to close additive manufacturing facility at Stone, Staffordshire and relocate the activities to Headquarters site at Wotton-Under-Edge, Gloucestershire and its site at Miskin near Cardiff, South Wales.

Revenue for the first quarter was 124.6 million pounds, down from 154 million pounds last year.

In metrology business, revenue amounted to 119.7 million pounds, compared to 147.4 million pounds last year.

Revenue in healthcare business was 4.9 million pounds, compared with 6.6 million pounds last year, due to the timing of additive manufacturing machine sales into the healthcare market.

Regarding the outlook, the company noted that trading conditions, as expected, would remain challenging through the remainder of this financial year driven by the global macroeconomic environment.

The results for the half year ending December 31 will be released on January 30.

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