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LONDON (Alliance News) - Engineering company Renold PLC said Thursday its first half trading has been in line with expectations.
Shares in Renold were down 9.6% in morning trading at 33.00 pence each.
On an underlying basis, Renold expects revenue for the six months ended September to increase by 4.5%, down from 6.4% revenue growth in the first half last year.
The company's order intake increased by 1.7% in the first half, on an underlying basis. Adjusted to exclude the company's "large" multi-year UK Couplings order, intake increased by 7.4%.
Renold said orders were 3.4% ahead of revenue in the period.
"It is pleasing to see that we have made good progress in addressing the short-term issues encountered during the previous year. The strategic plan continues to improve the underlying business and the impact is starting to become visible in the trading results," said Chief Executive Robert Purcell.
Renold said it remains on track to meet full year management forecasts.
The industrial chain supplier said its Chain business is making "good progress" in recovering from "specific" issued that affected performance last year.
Renold's "margin recovery" improved in the first half as the rate of raw material prices increases moderated in "most" geographies.
The company's Torque Transmission division had "strong" revenue growth in the half, as expected, reflected by its growth in US markets.