Renishaw cuts loss forecast

15th May 2009 07:33

Renishaw says cost cutting will offset the impact of tough market conditions and claims an operating loss for the second half is expected to be "somewhat less" than the £10m flagged in March.The company, which supplies microscopes, scanning probes and other devices, has already announced 500 redundancies and voluntary pay cuts.It said today that its order book visibility still remains short, but that it had received early interest in its newly launched new dental product range. Net cash balances at the end of April were £14m."The group's strength in its key markets and its continued investment in the business ensures that it is well-positioned to benefit from the eventual improvement in demand and the board remains confident of the group's long-term prospects," it said Friday.