Last checked at 23 Jul 2013 07:00
Renold plc
("Renold", "the Company" or "the Group")
AGM Statement and Interim Management Statement
The following is a statement that will be made by the Chairman at the AGM of the Company which is being held at 11 am today, providing an update of the Group`s trading position.
Renold, a leading international supplier of industrial chains and related power transmission products, is today issuing its interim management statement covering the period from 1 April 2013 to the current date.
Group revenue in the first quarter was 3.5% below the same period in the prior year. This represents a moderation in the rate of decline experienced in the three preceding quarters in most of our regions. The book to bill ratio during the first quarter was 99.5%.
Underlying* overhead reductions of approximately £1.0m were delivered in the first quarter compared to the same period in the prior year and this is assisting the improvement in Group operating margins.
Average net debt in the quarter was also an improvement on the same period in the prior year and, overall, the Group's results for the quarter were in line with the Board's expectations.
There have been no other significant changes in the position of the Company over the period since the publication of the full year results for the year ended 31 March 2013.
Robert Purcell, Chief Executive of Renold, said:
"We have made good progress in improving a number of basic operational processes within the business and have continued to deliver year on year reductions in overheads. We are at an advanced stage in developing options to lower the Group's breakeven point further and we will be providing an update on the associated action plans as soon as they are finalised."
23 July 2013
\* The use of "underlying" excludes the impact of changes in foreign exchange rates.
ENQUIRIES:
Renold plc | 0161 498 4500 |
Robert Purcell, Chief Executive | |
Brian Tenner, Finance Director | |
Arden Partners | 020 7614 5917 |
Chris Hardie | |
College Hill | 020 7457 2020 |
Mark Garraway | |
Helen Tarbet |
NOTES FOR EDITORS
Renold is a global leader in the manufacture of industrial chains and also manufactures a range of torque transmission products which are sold throughout the world to a broad range of original equipment manufacturers and distributors. The Company has a well deserved reputation for quality that is recognised worldwide. Its products are used in a wide variety of industries including manufacturing, transportation, energy, steel and mining.
Further information about Renold can be found on the website at: www.renold.com