Thanks to Apple products, UK’s Renishaw sees big jump in revenue, profit

“British precision engineering company Renishaw Plc forecast a 20-25 percent jump in full-year revenue and a 35-50 percent jump in adjusted pretax profit as it continued to see strong demand across its product lines,” Roshni Menon reports for Reuters. “Renishaw’s shares rose as much as 11 percent to rank among the top gainers on the London Stock Exchange on Tuesday morning.”

“The company, which makes machine tool probes and gauges, had reported strong fourth-quarter and first-quarter results on the back of large orders from a customer in the Asia-Pacific region, which analysts linked to the launch of new products from Apple Inc.,” Menon reports. “Contract manufacturers are believed to use Renishaw’s tools, including precision measurement and calibration systems, to make Apple products. Analysts say the slew of new launches from the tech giant has increased demand for precision manufacturing tools such as those from Renishaw.”

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