Renishaw PLC (LSE:RSW) shares jumped 9% to 3,240p on Thursday after the engineering group said annual earnings would come in at the upper end of its guidance.
The company expects adjusted pre-tax profit for the year to 30 June 2025 to be towards the top of its £109 million to £127 million range, with revenue in the middle of its £700 million to £720 million forecast.
"While we expect consensus to be little changed today, we take this update as positive, given the headwinds it has experienced in its end markets in [2025]," said Panmure Liberum in a note, repeating its 'hold' recommendation.
"There is little other detail in the trading update, but we expect that Renishaw is benefitting from an improvement in the semiconductor outlook as flagged by Spirax and Senior in their interim results earlier this month."
The update came alongside news that Allen Roberts, group finance director, will retire after more than four decades at the company.
Roberts, who has served as finance chief since 1980, will step down from the board in November and remain until year-end to hand over his responsibilities. Renishaw said the search for a new chief financial officer is underway.