Renishaw falls as profits drop

SHARES in engineering group Renishaw fell yesterday after it said first-quarter pre-tax profit dropped 10 per cent due to a slowdown in one of its product lines sold to the electronics industry.

The FTSE 250 company, which makes and sells precision and inspection products for the healthcare and metrology businesses, also said it was reviewing its healthcare division.

July-September pre-tax profit fell to £13.6m from £15.1m a year ago. Sales rose 15 per cent to £70.5m, but fell short of the company’s expectations.