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Renishaw posted a fall in full-year revenue and profit amid 'challenging economic conditions', including US-China trade tensions and Brexit, and said it expected market conditions to remain difficult.
Revenue dropped 7% at constant exchange rates to £574m while adjusted pre-tax profit slumped 28% to £103.9m as weakness in the APAC region outweighed revenue growth in the Americas and EMEA areas.
'The Group is in a strong financial position, despite a challenging year, and continues to invest in the development of new products and applications, along with targeted investment in production, and sales and marketing facilities around the world. With the ongoing uncertainty surrounding Brexit, weaker economic indicators, exchange rate volatility and trade tensions between the USA and China, we expect market conditions to remain difficult throughout this financial year,' said chief executive Will Lee.
The company said it had recommended a final dividend of 46p per share with a total dividend for the year of 60p, flat with 2018 levels.
At 9:08am: (LON:RSW) Renishaw PLC share price was -176p at 3678p