Renishaw has reported Q3 sales and PBT which are in line with its reduced guidance from March, although down materially vs last year due to the non-repeat of large irregular orders. Underlying sales growth is reported to be 5%, unchanged from the interims. Management has reiterated its range of expectations for the full year for sales of £420- 440m and PBT of £67-83m. We view the results to date as likely to emerge towards the bottom of this range, as already reflected in most market forecasts.
