Renishaw has reported weaker numbers than we expected for H1, with a decline in PBT from Q1 to Q2, but reaffirmed guidance for sales of £440-465m and PBT of £85-105m (N+1Se £92.2m). On the one hand investors can take comfort from management’s confidence that underlying growth will improve during H2, and the stock build presumably indicates visibility of orders with deliveries expected to be made during H2. On the other hand, H1 saw declining performance from Q1 to Q2 and H1 PBT of just £26.1m le ....