Renishaw profit rises but shares slump

27th Jul 2011 12:53

Shares of precision tool maker Renishaw slumped 11% despite it reporting a rise in full-year pre-tax profits and higher revenue and raising its annual dividend.For the year ended 30 June, total group revenue surges 59% to £288.7m, including £8.9m revenue from acquisitions during the year, up from £181.6m for last year.Renishaw reported growth of 64% in Europe, 57% in the Americas and 61% in the Far East, particularly in China, which has become the group's largest market.The company reported profit before tax of £80.4m, excluding exceptional items, compared with £28.7m, a year earlier.Renishaw said it will pay a total of 35p a share, compared with 17.6p for last year. The dividend will be paid on 16 September.Shares of the company were trading 10% lower at 1,681p in London.AR