Shares in Renishaw PLC (LSE:RSW) reversed 7.8% to 3,300p as the engineer reported lower interim profits than expected.
First-half profit before tax came in at £57.5 million, up 2%, on revenue up 3% to £341.4 million.
The consensus PBT forecast was for £66.5 million.
Second-quarter profit was down sequentially on the first, disappointing given hopes of a recovery trend, with the company blaming "less favourable currency contracts, adverse product mix, and one-off supply chain costs".
For the full year, initial PBT guidance was for £105-135 million on revenue of £695-735 million.
Order intake recently improved, Renishaw said, so "steady" revenue growth is expected to continue in the second half.
Analysts at Peel Hunt said the first half numbers were below their estimates of £64 million PBT and £349 million revenue.
The range for the full year is "wide", they noted, with the top end requiring a 16% increase in revenue and a 18% increase on the second half last year.