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Renishaw plc (LON:RSW) shares were slapped 9% lower in Tuesday’s early deals after it released an unscheduled profit warning covering its first quarter, its third warning this year.
The engineer blamed the ‘global macroeconomic environment’ and noted its focus on improving profitability as it flagged a 19% decline in revenue to £124.6mln for the first quarter.
According to Renishaw, the structural demand drivers remain intact for end-markets and it said it is in a strong financial position.
READ: Renishaw warns on profits for a second time
Evidently, that was little comfort for investors as Renishaw shares were down 314.36p or 8.83% to change hands at 3,245.64p.
“Management highlighted at the results in July that it thought trading conditions in FY20 were not going to improve and the outlook statement this morning reiterates this view,” said Henry Carver, analyst at broker Peel Hunt, in a note to clients.
He added: “Our first reaction is that we anticipate downgrading profit before tax (PBT) in the region of 15-20%, but expect to see larger cuts to consensus.
“Renishaw has always invested through tougher trading and has a strong balance sheet with which to do that (net cash £99m), and this supports the multiple to a certain extent”.
Peel Hunt repeated a ‘reduce’ rating and a 3,300p target price.
Revenue and profit down in Q1
Renishaw revealed that its metrology business had generated £119.7mln of first quarter review, compared to £147.4mln in same period last year. The group’s healthcare unit meanwhile brought in £4.9mln rather than £6.6mln.
First quarter profit (adjusted, pre-tax) amounted to £4.3mln versus a2018 comparative figure of £32.6mln.
The company noted that it took a £2mln hit to profit due to its decision to close an additive manufacturing facility in Staffordshire, relocating those activities to the headquarters site in Gloucestershire and also its site in South Wales.
It had £98.5mln of cash at the end of September, from £106.8mln at the end of June.