Renold Share News (RNO)

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.----------FTSE 100 - WINNERS----------Smiths Group, up 3.3%. The engineering firm confirmed over the weekend it is in "very early stage" talks over merging its medical unit with Nasdaq-listed ICU Medical. Smiths said there is no certainty a deal will be reached. ICU Medical, which is based in California, has a market capitalisation of around USD5.60 billion. The stock hit an all time high of 1,803.00 pence in early trade. ----------FTSE 100 - LOSERS----------Royal Bank of Scotland, down 4.0% at 278.00 pence. The UK government is likely to sell a multi-billion pound stake in the lender as soon as this week, Sky News reported Monday, citing "banking sources". The government currently owns a 70.5% stake in the Edinburgh-based lender. According to the news agency, the stake sale would be subject to wider stock market conditions and ministers' ability to demonstrate that the taxpayer was getting value for money, which could cause delays in the sale. Sky News, citing a city analyst, reported that a disposal could target proceeds of more than GBP3.00 billion, equating to roughly a 10% stake in the bank. RBS was rescued from collapse with capital injections from the Treasury totalling GBP45.50 billion at an average share price of 502 pence per share.----------Rolls-Royce Holdings, down 2.5%. The jet engine maker said it has launched a new engine family for business aviation, Pearl. The Pearl 15 is the first of the engine family, and marks the sixth new civil aerospace engine introduced by Rolls-Royce in the past 10 years. The engine has been purpose-built and will be the sole engine for Bombardier's latest business jets, the Global 5500 aircraft and the Global 6500 aircraft. "Its pioneering technology, combined with outstanding performance, will support Bombardier's successful Global family of aircraft in reaching new standards in the ultra-long-range corporate jet market," said Rolls-Royce.----------FTSE 250 - WINNERS----------IWG, up 2.1%. Prime Opportunities Investment Group said it approached the office provider regarding a possible cash takeover bid, which was rejected. Prime Opportunities did not provide any financial details of its offer but said it will continue to "actively" consider the possibility of making a new offer for IWG. However, it emphasised that there is no certainty such an offer would be made. In mid-May, IGW said it was evaluating three possible cash takeover bids from Lone Star Europe Acquisitions, Starwood Capital European Operations and TDR Capital, after Brookfield Asset Management and Onex Corp had earlier in the year decided not make an offer.----------FTSE 250 - LOSERS----------Dixons Carphone, down 21%. The mobile phone and electrical goods retailer said annual profit is set to fall in both its recently ended financial year as well as the one just begun. Dixons Carphone attributed this to declining market conditions, reduced profit margins, and expensive network contracts in the UK. For the year to April 28, the group said it expects to report pretax profit for the year that ended April 28 of approximately GBP382 million, down 24% from GBP501 million the year before. For the year ahead, headline pretax profit is expected to decline to "around" GBP300 million. This fall includes "early, necessary action" to correct recent under investment in its customer proposition, with market and contractual pressures in UK Mobile to be partially offset by cost improvements.----------Vedanta Resources, down 4.0%. The Indian copper miner said its Vedanta Ltd unit has now received a copy of an order from an Indian state to permanently close the Tuticorin copper smelter plant. The order was issued by the government of Tamil Nadu directing the Tamil Nadu Pollution Control Board to seal Vedanta's Copper Smelter Plant 1 located in the Thoothukkudi district of the state and to close the plant permanently. The company on Thursday last week said Tamil Nadu Pollution Control Board disconnected the electricity supply to the smelter plant and ordered the closure of the plant due to pollution concerns. Vedanta, however, emphasised that the plant had not been operating since March 27.----------OTHER MAIN MARKET AND AIM - WINNERS----------Renold, up 16%. The industrial chains and power transmission products maker said it has returned to its first organic revenue growth "in a number of years" in its recently ended financial year though profitability struggled in its first half. Renold's revenue rose to GBP191.6 million from GBP183.4 million for the 12 months to March 31, and, on underlying basis, it rose to the same figure from GBP184.6 million. In its prior year, revenue also grew 11% but this was due to acquisitions, with underlying revenue falling 0.7%. Going back another year, Renold's revenue fell 8.9% year-on-year. Statutory pretax profit came in at GBP1.4 million, compared to GBP6.7 million a year prior. Looking forward, Renold expects growth in its newly-begun financial year as macroeconomic conditions improve, and it believes its 2020 plan will create a "more robust, higher margin" business. ----------OTHER MAIN MARKET AND AIM - LOSERS----------Richoux Group, down 18%. The restaurant operator said revenue dropped 17% in 2017, but its loss narrowed following restaurant closures. The operator of the Richoux, Friendly Phil's and Broadwick chains - as well as a group of Italian restaurants, said its loss narrowed in 2017 to GBP4.5 million from GBP6.7 million the year earlier, despite a fall in revenue to GBP11.0 million from GBP13.3 million. Richoux said it currently operates 17 restaurants, after some restaurants were rebranded or closed. The company said it booked a GBP2.7 million property impairment in the recent year, down from GBP5.0 million reported the year before. ----------