The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRenold Regulatory News (RNO)

Share Price Information for Renold (RNO)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 56.60
Bid: 56.20
Ask: 57.80
Change: 0.00 (0.00%)
Spread: 1.60 (2.847%)
Open: 56.60
High: 0.00
Low: 0.00
Prev. Close: 56.60
RNO Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

AGM Statement

19 Jul 2017 07:00

RNS Number : 4311L
Renold PLC
19 July 2017
 

Renold plc

("Renold", "the Company" or "the Group")

 

AGM Statement

 

19 July 2017

 

Renold, a leading international supplier of industrial chains and related power transmission products, is today issuing, ahead of its Annual General Meeting to be held at 11:00am, the following statement in respect of the first quarter of the financial year ending 31 March 2018 ('the Quarter').

 

Improving order intake in the final quarter of the previous year was converted into growth in underlying1 revenue in the first quarter of the new financial year of 6.6%, largely as a result of an 8.2% revenue increase delivered in the Chain division. As expected, underlying revenue in the Torque Transmission division was more stable, with growth in the quarter of 0.5%.

 

The Group has experienced sustained increases in raw material costs during the first quarter primarily in respect of steel. Sales price increases have been implemented in response and will help to mitigate the effect on operating margin once orders at the new prices have been delivered.

 

Order intake in the Quarter was 11.4% ahead of revenue in the same period (book to bill ratio), benefitting from a major project win in UK Couplings, which will deliver total revenue of approximately £5.4m over several years, including circa £1.5m in the current financial year. Excluding the value of orders on this project which generate revenue beyond the current financial year, order intake was 4.7% ahead of revenue (or 1.6% ahead excluding the all orders from this project).

 

Progress continues to be made on implementing the STEP 2020 strategy, with the final stage of the UK Couplings consolidation, being the sale of the Halifax property, and the closure of a small Torque Transmission manufacturing site in China, being completed in the quarter. The planning and preparation for the relocation of the Chinese chain manufacturing facility continues on plan with the land purchase completed in June 2017 and the construction phase due to commence next month.

 

The Group remains on track to deliver a result for the full year in line with the Board's expectations.

 

Robert Purcell, Chief Executive of Renold, said:

"As expected, the improving order intake in the Chain division in the latter part of the prior year has converted into strong revenue growth in the first quarter of the current year. The implementation of sales price increases, to help offset the impact of higher raw material prices are combining with volume growth across all major chain territories.

 

"For Torque Transmission, revenues in the Quarter have increased slightly. The major project win builds on our specialist UK Couplings product line and will deliver revenue over a number of years, utilising the greater manufacturing capability at the consolidated UK Couplings facility in Cardiff."

 

 

(1) The use of "underlying" excludes the impact of changes in foreign exchange rates by retranslating the prior year comparative figures to the current year exchange rate.

 

 

 

ENQUIRIES:

 

Renold plc

0161 498 4500

Robert Purcell, Chief Executive

 

Ian Scapens, Group Finance Director

 

 

 

Arden Partners

020 7614 5917

Chris Hardie

 

 

 

 

 

Instinctif Partners

020 7457 2020

Mark Garraway

 

Helen Tarbet

 

Rosie Driscoll

 

 

 

 

 

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

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
AGMSFWFMAFWSESW
Date   Source Headline
5th Feb 202112:26 pmRNSHolding(s) in Company
29th Jan 20217:00 amRNSHolding(s) in Company
13th Jan 20217:00 amRNSTrading Update
17th Dec 20207:00 amRNSBlock listing Interim Review
26th Nov 20207:00 amRNSPreference Stock Dividend
23rd Nov 20204:15 pmRNSHolding(s) in Company
20th Nov 20207:00 amRNSAppointment of Non-Executive Director
18th Nov 20204:15 pmRNSHolding(s) in Company
16th Nov 20207:00 amRNSGrant of Awards – Performance Share Plan
11th Nov 20207:00 amRNSHalf-year Report
16th Oct 20207:00 amRNSTrading Update
1st Oct 20208:41 amRNSGrant of Awards - Performance Share Plan
24th Sep 20207:00 amRNSRe: Directorate Change
22nd Sep 20203:20 pmRNSDirector/PDMR Shareholding
18th Sep 20203:50 pmRNSDirector/PDMR Shareholding
11th Aug 20207:00 amRNSPDMR/Directorate Change
24th Jul 20201:23 pmRNSResult of AGM
24th Jul 20207:00 amRNSAGM Statement
26th Jun 20202:57 pmRNSAnnual Report and Accounts
24th Jun 20204:41 pmRNSSecond Price Monitoring Extn
24th Jun 20204:37 pmRNSPrice Monitoring Extension
18th Jun 202010:37 amRNSDirector/PDMR Shareholding
18th Jun 20208:00 amRNSBlock listing Interim Review
17th Jun 202011:12 amRNSDirector/PDMR Shareholding
16th Jun 20207:00 amRNSFinal Results
28th May 20203:41 pmRNSHolding(s) in Company
27th May 20207:00 amRNSPreference Stock Dividend
12th May 20207:00 amRNSDirectorate Change
10th Mar 20207:00 amRNSDirector/PDMR Shareholding
2nd Mar 20202:21 pmRNSDirector/PDMR Shareholding
28th Feb 20207:00 amRNSTrading Update and Impact of Coronavirus
18th Dec 20197:00 amRNSBlock listing Interim Review
27th Nov 20197:00 amRNSPreference Stock Dividend
22nd Nov 20193:00 pmRNSGrant of Award - Performance Share Plan
18th Nov 20199:27 amRNSHolding(s) in Company
13th Nov 20197:00 amRNSDirectorate Changes
13th Nov 20197:00 amRNSHalf-year Report
30th Oct 201912:07 pmRNSSecond Price Monitoring Extn
30th Oct 201912:02 pmRNSPrice Monitoring Extension
14th Oct 20197:00 amRNSTrading Update
20th Sep 20194:58 pmRNSResult of AGM (replacement)
20th Sep 20192:07 pmRNSResult of AGM
27th Aug 20194:05 pmRNSRevised 2019 Annual Report and Accounts
27th Aug 20197:00 amRNSCompletion of investigation
21st Aug 201912:04 pmRNSHolding(s) in Company
17th Jul 20191:23 pmRNSAdjournment of Annual General Meeting 2019
12th Jul 20199:30 amRNSHolding(s) in Company
10th Jul 20199:10 amRNSDirector/PDMR Shareholding
9th Jul 20197:00 amRNSPostponement of Annual General Meeting
19th Jun 20197:00 amRNSBlock Listing Application

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.