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Renold PLC - manufacturer of chains, gears and couplings - Says its performance in the first half was "resilient", despite its markets being significantly impacted by the Covid-19 pandemic. Sales revenue down 17% year on year at GBP82 million. Says it remained profitable in the six months to September 30, with net debt falling to GBP26.4 million from GBP36.6 million six months earlier. Order intake down 21% year on year to GBP76 million.
"The group continued to benefit from a combination of improvement in the strategic cost base and the productivity gains made in recent years, together with tactical short term cost saving measures. These enabled the group to achieve a positive operating margin for the period," Renold added.
Current stock price: 11.59 pence
Year-to-date change: down 34%
By Paul McGowan; paulmcgowan@alliancenews.com
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