Healthcare technology group Renishaw (LON:RSW) saw shares rise nearly 7 percent at market open on Wednesday, after reporting a positive trading update for the first nine months of the year.
Revenue from continuing operations for the first three quarters of the current financial year came in at £429.9 million, up 11.9 percent on the same period last year. Underlying growth at constant exchange rates stood at 16.4 percent, with the group seeing strong growth in all regions.
Revenue in Renishaw’s healthcare business increased by 5.9 percent at constant exchange rates, hitting £23.3 million. The group’s overall balance sheet remains strong, with net cash balances of £91.2 million as at 31st March 2018.
Adjusted profit before tax from continuing operations rose for the first three quarters to £97.6 million, with a restated adjusted profit before tax of £70.1 million for the corresponding period last year.
Despite giving a nod to the current uncertain economic conditions, the Board said it remains confident in the future prospects of the group. Full year revenue is likely to be between £575 million and £605 million and adjusted profit before tax between £127 million and £147 million.
Renishaw shares are currently trading up 6.669 percent at 5,070.00 (0836GMT).
