Last checked at 24 Jul 2020 07:00
24 July 2020
Renold plc
("Renold", "the Company" or "the Group")
AGM Statement
Renold, a leading international supplier of industrial chains and related power transmission products, issues the following statement ahead of its Annual General Meeting to be held at 11:00am today. The statement provides an update on the Group's first quarter of the financial year ending 31 March 2021 ('the Quarter').
Group performance during the first Quarter has remained in line with the Company's Results Statement issued for the year ended 31 March 2020. Renold has been profitable and cash generative in each month of the first Quarter of the new financial year. Whilst Group order intake has reflected the challenging market conditions, gradual improvements have been seen since April 2020.
It is still too early to give specific guidance for the year ahead. However, with the strategic actions and cost saving measures taken to date, the Board is confident that the Company can manage through the current period of disruption. Renold is well positioned to benefit as markets stabilise and demand recovers.
Robert Purcell, Chief Executive of Renold, said:
"Whilst the market environment continues to be challenging, I am pleased that the Group remains profitable and our cash position is healthy.
"The strategic programme that has been undertaken over the past years has resulted in a more resilient business that is better placed to overcome today's challenges. We are focused on ensuring Renold can respond strongly as markets recover."
Enquiries:
Renold plc | 0161 498 4500 |
Robert Purcell, Chief Executive | |
Peel Hunt | 020 7418 8900 |
Mike Bell | |
Ed Allsopp | |
Instinctif Partners | 020 7457 2020 |
Mark Garraway | 07771 860 938 |
Rosie Driscoll | 07891 564 641 |