Big orders in Asia send shares in engineer Renishaw skyrocketing

 
Suzie Neuwirth
ENGINEERING firm Renishaw saw its share price surge over 20 per cent yesterday, after unveiling record full-year revenue on higher demand from Asia in the fourth quarter.

The FTSE 250 company, which generates 90 per cent of its revenue outside the UK, said that “large un­predictable revenue… from certain Far East customers” had offset the negative effects of a strong pound.

Full-year revenue rose two per cent to £355.5m, including a record fourth-quarter turnover of £107m.

Despite currency headwinds, pre-tax profit fell by 11 per cent to £70.1m, beating analysts’ forecasts.