Renishaw dented by China orders

Engineering company Renishaw yesterday reported a 65 per cent fall in first-half profit after its China division failed to better its last year’s stellar performance. Pre-tax profit fell to £25.6m in the six months to the end of December from a restated £42.2m a year earlier. However, the company said it was expecting an improvement in trading activities and revenue in the second half. Total revenue fell six per cent to £164m while revenue from the Far East division fell 25 per cent to £59.1m. The FTSE-250 company’s shares rose over four per cent.