Shares in Renishaw have increased by over 5% after the firm increased its revenue and profit guidance for the current financial year.

The engineering firm recorded a 7.1% in revenue in its H1 results, which were published in February.

However, the FTSE 250 company has stated that since its H1 results announcement, it has seen "particularly strong demand" from customers in the semiconductor and electronics manufacturing equipment, and the aerospace and defence sectors.

Renishaw said it has also recorded a substantial expansion in its order book.

As a result, it now expects its full-year revenue to range between £775m and £805m, while its adjusted profit before tax is set to reach between £145m and £165m.

The group stated that it is actively managing the challenges and increasing cost imposed by ongoing economic and geopolitical uncertainties and supply chain pressures.

Renishaw confirmed it will provide an update on its revenue performance to 31 March, as planned, on 6 May.

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