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Big orders in Asia send shares in engineer Renishaw skyrocketing
ENGINEERING firm Renishaw saw its share price surge over 20 per cent yesterday, after unveiling record full-year revenue on higher demand from Asia in the fourth quarter.
The FTSE 250 company, which generates 90 per cent of its revenue outside the UK, said that “large unpredictable revenue… from certain Far East customers” had offset the negative effects of a strong pound.
Full-year revenue rose two per cent to £355.5m, including a record fourth-quarter turnover of £107m.
Despite currency headwinds, pre-tax profit fell by 11 per cent to £70.1m, beating analysts’ forecasts.