Slowdown at Renishaw

A stunning start to the year meant an impressive first half for precision engineer Renishaw (RSW) - but the second quarter was less buoyant, while a notoriously short order book means management has little idea what will happen in a month's time. Still, even it admits second-half sales are unlikely to be any better than last year. That's not good enough, and these highly-rated shares have been rightly punished.

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