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All long term holders, looks like I sold out to soon. I did not see this price rise coming.
In at 26p so good to see that price is rising on continuing turn-around strategy.
Sold all my holding, made a small profit, my average was 41p I have been holding this a long time. Renold will do well in the future, I just fancy a change.
N+1 Singer upgrades Renold from hold to buy and doubles price target to 44p.
...even on a bad day for the markets in general.This goes hand in hand with globally increasing sales of all sorts of vehicles.Time to buy more.Stach.
and the share price keeps going up.Goo appearance of three months graph eing above.Stach.
...as RNO edging slightly up on an almost daily basis.Stach.
Purcell, if you're reading this, sort it out mate!
"We are pleased with a good improvement in book to bill ratios in the second half versus the prior year," said Chief Executive Robert Purcell. "However, with trading conditions expected to remain challenging, we are developing plans to lower the group's breakeven point and further improve our commercial position, and I look forward to reporting in further detail at the full year results announcement in May."
Renold, which supplies power transmission products, said underlying revenue for the full-year fell seven per cent as challenging market conditions persisted. In a trading update ahead of its results for the year to March 31st, the group reported a drop in sales with the second half 4.0% lower than the first. However, results in the second half were offset by action to reduce ongoing overheads which saw adjusted operating profit meet market expectations for a figure in line with the first half. The company kept a tight rein on working capital costs during the second half, resulting in a net cash generation and a reduction in net debt. In March, Renold agreed a new funding plan and merger of the UK defined benefit pension plans which is expected to reduce annual cash costs by £1.0m. This year the group also wound up the pension fund surplus in South Africa. A pre-tax cash surplus of £1.3m was returned to the group last month with a further £0.1m outstanding.
OK the new CEO has made a start in tackling the pension deficits and cost cutting. Now we need an upturn in trading.
I think...anyone got any more detail on that...key reasoning? ...looks vulnerable to me...but keen to hear others' views
Renold (RNO) Director name: Mr Robert Purcell Amount purchased: 125,000 @ 25.50p Value: �31,875
Can see a steady rise this year. I would value this share at around 40-44p. GLA
at least 4.6
ghy as i said still watching that pattern sln rules dont panic talk soon
to ghy sln soon as i said
Renold (RNO) Director name: Mr Mark Harper Amount purchased: 123,456 @ 20.25p Value: £25,000
How's that! No sooner said than done. Seriously, pity we have to wait for new CEO to take place. In the meantime he can work out how to rationalise the group and sort out the pension deficits.
Congrats to the inept management - shares at 3 year low. About time there was a shakeup of the Board.
The main covenants are the net debt/earnings before interest, tax, depreciation and amortisation (EBITDA) ratio, which has been set at a maximum of 2.5 times until maturity, and EBITDA/interest cover, which is required to be greater than 4 times until maturity. Renold will announce its interim results for the half year ended September 30th 2012 on Tuesday, November 20th 2012. Not surprisingly, broker finnCap expects to change its forecasts for the current year based on the latest trading update, but wants to talk to management before doing so. "As previously signalled, weaker demand conditions in Europe are affecting the group's sales in this area. The Americas continue to see year-on-year growth (although we suspect the growth rate may well be slipping there also)," speculates finnCap's David Buxton. "The group has once again illustrated how cyclical its markets are and furthermore just how operationally geared they are to changes in demand. The shares will clearly see significant weakness on the back of this announcement. The shares have recently been decent performers albeit off a low base. We place our rating under review," Buxton said
Engineering firm Renold is to take the axe to its cost base once again after issuing a profit warning. The board has made a good start with the refinancing of is main bank facilities, which will bring in an immediate reduction in borrowing margins of 1.25 - 1.50 percentage points, with scope for further savings as gearing reduces. However, the net impact of weaker demand has led the board to conclude that adjusted operating profit for the current financial year, ending March 31st 2013, will be "significantly below current market expectations and last year's result". Renold says that despite lower sales, the forecast cash flow for the year is unchanged due to further improvements in working capital ratios and careful management of other cash flows. The new banking facility is for four years, maturing in October 2016 and comprises a £41m multi-currency revolving credit facility with an additional £8m of ancillary loans. They have been provided by a banking group comprising Lloyds TSB and Svenska Handelsbanken.
I admit to having dismissed the comments of critics of the management, but now have to agree. Whilst the new finance arrangements look good, the results update looks awful. How can they simply say that because sales are down by 6% the net result will be substantially worse than last year. Are sales so highly leveraged? What happened to the cost savings?