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Pre-close Trading Update

14 Apr 2011 07:00

RNS Number : 8968E
Renold PLC
14 April 2011
 



Renold plc

("Renold" or "the Company")

 

Pre-close Trading Update

 

Renold, a leading international supplier of industrial chains and related power transmission products, will be announcing results for the year ended 31 March 2011 on 31st May 2011 and, accordingly, is today issuing a pre-close trading update.

 

The continuation of previously announced growth trends has resulted in profit ahead of the Board's expectations.

 

Underlying sales growth momentum continued in the second half. Full year sales finished 19% ahead of the prior year at constant exchange rates. Order intake was ahead by 23%. Underlying order books closed the year 13% ahead.

 

Full year Chain division sales finished 26% ahead following first half growth of 31%. All Chain regions saw double digit sales growth with China, the Americas and Europe being particularly strong.

 

Torque transmission grew 11% in the second half, reversing the fall in the first half that followed the completion of a multi-year contract.

 

The second half also saw a return to cash generation driven by improved operating results and improvements in working capital management. As a result, net debt has improved by almost 20% since September 2010 even after allowing for UK pension deficit payments in the third quarter of £2.4m.

 

Opening order books give robust visibility for the first quarter and absolute growth is expected to continue even as rates of growth moderate.

 

14 April 2011

 

ENQUIRIES:

 

Renold plc

0161 498 4500

Bob Davies, Chief Executive

Brian Tenner, Finance Director

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 their website at: www.renold.com

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTLIFSESIISLIL
Date   Source Headline
23rd Jan 20091:43 pmRNSNotification of transactions
20th Jan 200910:18 amRNSDirector's purchase of shares
16th Jan 20097:00 amRNSInterim Management Statement
18th Nov 20087:00 amRNSInterim Results
3rd Nov 200811:14 amRNSNotice of Results
30th Oct 200812:37 pmRNSChange of Adviser Name
8th Oct 200812:21 pmRNSDirector Declaration
30th Sep 20087:00 amRNSCompletion of Indian Acquisition
25th Sep 20083:49 pmRNSAdditional Non Executive Directorship
29th Aug 20089:48 amRNSTotal Voting Rights
18th Aug 200811:24 amRNSHolding(s) in Company
18th Aug 200811:16 amRNSHolding(s) in Company
13th Aug 20087:00 amRNSMitsubishi Contract Win
11th Aug 20082:38 pmRNSTotal Voting Rights
4th Aug 20088:00 amRNSUpdate on acquisition and pla
31st Jul 200811:54 amRNSTotal Voting Rights
31st Jul 200811:50 amRNSSavings Related Share Option
31st Jul 200811:46 amRNSRenold Executive Share Option
30th Jul 20082:51 pmRNSDetails of AGM
30th Jul 20087:00 amRNSInterim Management Statement
16th Jul 20082:53 pmRNSAnnual Information Update
2nd Jul 20083:36 pmRNSAnnual Report and Accounts
1st Jul 20089:49 amRNSTotal Voting Rights
30th Jun 20086:11 pmRNSDirector/PDMR Shareholding -
30th Jun 20085:35 pmRNSDirector/PDMR Shareholding
25th Jun 20087:02 amRNSPlacing of Shares
25th Jun 20087:00 amRNSFinal Results
19th Jun 200810:22 amRNSDirector Declaration
10th Jun 20083:49 pmRNSDirector Declaration
9th Jun 20087:00 amRNSPotential Acquisition
30th May 20089:13 amRNSTotal Voting Rights
30th Apr 20082:39 pmRNSTotal Voting Rights
18th Apr 20082:21 pmRNSDirector Declaration
18th Apr 20082:17 pmRNSDirectorate Change
1st Apr 200812:58 pmRNSGrant of Options
31st Mar 200812:28 pmRNSTotal Voting Rights
27th Mar 200812:10 pmRNSResult of General Meeting
12th Mar 20082:47 pmRNSEmployee Incentive changes
5th Mar 20083:53 pmRNSTotal Voting Rights
20th Feb 20085:19 pmRNSMajor Interest in shares
20th Feb 20085:04 pmRNSMajor interest in shares
13th Feb 20087:00 amRNSInterim Management Statement
5th Feb 20081:26 pmRNSBlocklisting and Voting Right
7th Jan 20087:00 amRNSSale of Burton site completed
2nd Jan 200810:45 amRNSDirector/PDMR Shareholding
31st Dec 20077:00 amRNSTotal Voting Rights
28th Nov 20077:00 amRNSGrant of Options
27th Nov 20073:28 pmRNSDirector's purchase of shares
26th Nov 20073:03 pmRNSDirector/PDMR Shareholding
20th Nov 20077:01 amRNSHalf Year Results

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