UK's Renishaw raises annual revenue forecast, shares rise

July 17 (Reuters) - Renishaw Plc RSW.L 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)

((Yadarisa.Shabong@thomsonreuters.com; Twitter: https://twitter.com/Yadarisa; +919742735150;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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