Renishaw FY guidance unchanged

7th Dec 2009 07:28

Engineer Renishaw said it expects first half and full year results to remain unchanged from previous guidance as the group's performance continues to improve.The group, which sells high-end engineering products such as calibration and neurological equipment, confirmed in September that a surge in orders meant that it could relax the 20% voluntary reduction in salaries that had been brought in at the start of 2009. In today's company update, Renishaw said, "The Board has restored retrospectively the remaining 10% voluntary reduction in salaries with effect from 1 October 2009 and will make a partial payment in respect of the reduction for September 2009. With effect from 1st January 2010, salaries will be paid in full." Payment of the restored amount, totalling £2.3m, will be made in the December 2009 payroll, the group explained and the additional costs will not impact the group's financial performance.In September the group confirmed that revenues rose by around 15% as economic conditions improve.