Reuters logo
Strong pound hits UK engineer Renishaw's annual profit
July 23, 2014 / 6:31 AM / 3 years ago

Strong pound hits UK engineer Renishaw's annual profit

July 23 (Reuters) - British engineering company Renishaw Plc , under pressure from a strong pound, reported an 11 percent fall in adjusted full-year pretax profit.

The company, which generates about 90 percent of its revenue from outside the UK, said adjusted pretax profit fell to 70.1 million pounds ($119.6 million) in the year ended June 30 from 79.2 million pounds a year earlier.

Revenue rose 2 percent to 355.5 million pounds, the Gloucestershire-based company said.

Renishaw, whose products include machine tool probes, spectroscopy devices and 3D metal printing equipment, said its profit would have been 6.8 million pounds higher if the pound’s exchange rate had remained at the previous year’s levels.

The pound rose 12.4 percent against the dollar in the year to June 30.

$1 = 0.5859 British Pounds Reporting by Aashika Jain and Roshni Menon; Editing by Ted Kerr

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below