July 17, 2020 / 7:33 AM / a month ago

UK's Renishaw raises annual revenue forecast, shares rise

July 17 (Reuters) - Renishaw Plc downgraded its annual statutory pretax profit forecast on Friday due to restructuring charges, though the British engineering group raised revenue estimates to 510 million pounds ($640.20 million), sending its shares higher.

The company, which cancelled its dividend last month, said annual statutory pretax profit was expected to come in at 4 million pounds, compared with an earlier forecast of 31 million-41 million pounds.

Revenue was previously expected at the range of 490 million punds to 505 million pounds.

Shares rose 2.3% after the company raised its revenue forecast, hitting their highest level since Feb. 2019.

$1 = 0.7966 pounds Reporting by Yadarisa Shabong in Bengaluru, Editing by Sherry Jacob-Phillips

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