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Metrology and healthcare technology group Renishaw said its profits fall sharply in the first quarter, due to lower order numbers and a challenging macroeconomic environment.
Pre-tax profit for the three months through September dropped 85% to £5.1m, while adjusted profit ell 87% to £32.6m.
Revenue fell 19% to £124.6m.
The company said its metrology business had benefited from a large number of orders in the previous corresponding period from end-user manufacturers of consumer electronic products.
'Furthermore, we have experienced reduced demand for our products as a result of the challenging global macroeconomic environment,' it added.
Revenue in the healthcare business fell due to the timing of additive manufacturing machine sales into the healthcare market.
'As indicated at the time of our full year results in July, trading conditions are expected to remain challenging through the remainder of this financial year driven by the global macroeconomic environment,' Renishaw said.
'The board believes that the structural demand drivers in our end-markets remain intact.'
'The group is in a strong financial position and remains committed to our long-term strategy of delivering growth through the development and introduction of innovative and patented products.'
'However, as previously indicated, we are focussed on improving productivity and we are committed to undertaking further initiatives to reduce the group's cost base.'