StockMarketWire.com - Metrology and healthcare technology group Renishaw warned that it expected to post a large drop in annual profit after its sales slipped and it incurred restructuring costs.

Pre-tax profit for the year through June was expected to fall to £4m, which compared to £109.9m posted a year earlier and was below a £31m-to-£41m guidance range published in May.

Renishaw said it would post restructuring costs of about £24m following the reorganisation of certain operations, particularly related to its additive manufacturing business.

Revenue was seen slipping to around £510m, down from £574.0m, while adjusted pre-tax profit would be around £50m, down from £103.9m.

'In light of the pandemic, the board has focused on cash preservation and the group balance sheet remains strong,' the company said.

At 8:50am: [LON:RSW] Renishaw PLC share price was +127p at 4557p



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