Renishaw hit by China slowdown

FTSE 250 manufacturing group Renishaw yesterday posted a fall in quarterly revenue, due to a slowdown in growth in the Far East, specifically China, which is its largest region. Pre-tax profits fell by more than half to £10.6m. However, the firm experienced “good growth” of 18 per cent in the Americas and six per cent in Europe, compared to the same quarter the previous year. “We remain confident for the medium to longer-term prospects for the group,” said the firm.