Last checked at 15 Feb 2012 07:00
Renold plc
("Renold" or "the Company")
Interim Management Statement
Renold, a leading international supplier of industrial chains and related power transmission products, today issues its Interim Management Statement covering the period from 1 October 2011 to the current date.
The Company will announce full year results on Tuesday 29 May 2012.
On 15 November 2011 Renold announced strong growth in its results for the half year ended 30 September 2011. Since that date, growth in year on year underlying order intake and underlying sales has been consistent with expectations.
Both the Torque Transmission and Chain divisions are delivering sales growth. North America and Australasia have continued to show double digit underlying growth. Early indications in the current fourth quarter show the European businesses returning to double digit year on year underlying sales growth.
In the third quarter, operational gearing and the conversion of incremental revenue into additional profitability continued the encouraging trend of the first half.
The Company also noted at its Interim results that proactive measures were being taken to reduce costs in order to protect against the impact of ongoing macro-economic uncertainty on revenues. The restructuring of the European back office support functions is progressing with the most of the remaining changes being delivered in the new financial year.
There have been no other significant changes in the position of the Company since the publication in November 2011 of its half year statement for the six month period ended 30 September 2011.
\* The use of "underlying" excludes the impact of changes in foreign exchange rates.
15 February 2012
ENQUIRIES:
Renold plc | 0161 498 4500 |
Bob Davies, Chief Executive | |
Brian Tenner, Finance Director | |
College Hill | 020 7457 2020 |
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 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 their website at: www.renold.com