Last checked at 14 Aug 2009 07:00
Renold plc
("Renold", or the "Company")
Interim Management Statement
Renold is pleased to present its Interim Management Statement for the period from 1 April 2009.
On 14 July 2009 the Company announced its results for the year ended 31 March 2009 and commented that sales for the first quarter showed a 25% year on year decrease and that it had taken decisive action to resize the business to the new demand levels. These actions have partially mitigated the impact of the reduced contributions resulting from lower sales revenues.
Since that date, trading has progressed in line with the Board's expectations. Sales declines appear to have stabilised and, although we have no expectation of customers restocking in the short term, there are indications that in some areas destocking may be abating. The Company has continued to reduce the cost base.
On 14 July 2009 the Company also announced that it had reached agreement, subject to the completion of full documentation, to enter into a new three year bank facility. That documentation has now been completed and the Company's principal bank facility will now expire on 30 June 2012. Credit and ancillary facilities are similar to the size of the previous facility. Drawings on that facility are in line with the Company's expectations.
There have been no other significant changes in the position of the Company over the period since the publication of its report and accounts for the year ended 31 March 2009.
14 August 2009
ENQUIRIES:
| Renold plc | Tel: 0161 498 4500 |
| Bob Davies, Chief Executive | |
| Peter Bream, Finance Director | |
| College Hill | Tel: 020 7457 2020 |
| Mark Garraway |