LONDON (Alliance News) - Renold PLC Tuesday said it expects its annual results to be in line with market expectations because of "good progress" in the turnaround phase of its strategic growth plan.
In a trading update ahead of results for the year ended March 31, the power transmission products firm said trading across both its divisions, as well as its net debt, have continued in line with its expectations for the full-year.
Renold said closure of its Bredbury facility and the transfer of production to other Renold sites remains on schedule and within budget.
There have been no other significant changes since its last trading update in February, Renold said.
Renold is to report full-year results on May 27.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Renold (RNO)