Renishaw has suspended its dividend among the uncertain economic outlook caused by the coronavirus pandemic.

The precision engineering group, based near Wotton-under-Edge, said it would not pay the final dividend for its financial year to the end of June.

Directors had previously waived their rights an interim dividend which was expected to result in a payment of £5.1million.

It plans to reinstate the payout as soon as it is appropriate and will review the situation for 2021,

In its latest figures, Renishaw's adjusted profits before tax for the nine months up to the end of March were £31.8million - down from £79.6million last year.

Revenue in the same period was £389.9million, down from £431.1million, while in the metrology section of the business that figure was £365.9million, compared with £404.5million the year before.

For the company's healthcare arm, revenue fell from £26.6million to £24million.

The group's net cash balance at March 31 was £94million.

Full year revenue is predicted to be in the range of £490-505million with adjusted profit after tax of £45-55million.

Renishaw employs nearly 5,000 people in 35 countries with 3,000 of them in the UK.