BRITISH machine manufacturing giant Renishaw continued to struggle in the second half of last year, following a profit warning in the first half.

The FTSE 250 listed company reported a six per cent decline in revenue for the six months to December 31, as its profits dropped to £56.5m from £73.5m.

Despite this, its shares closed up 16 per cent after a strong day of trading.

It cited a slowdown in the manufacturing of technologies, down six per cent and "weak demand" for encoders for semiconductor equipment.

Renishaw said it wasn't all bad news however, with production of analytical instruments and medical devices up 16 per cent.

William Lee, the firm's chief executive said it has "achieved a solid performance in challenging market conditions, with growth from Industrial Metrology products.. being offset by continued weak demand from some key sectors, most notably semiconductor equipment."

(c) 2024 City A.M., source Newspaper