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13 Jan 2021 07:00
Renold plc
("Renold", the "Company" or the "Group")
Trading Update
13 January 2021
Renold, a leading international supplier of industrial chains and related power transmission products, today issues a trading update covering the three months ended 31 December 2020 (the "Period").
Renold has continued to deliver a robust trading performance despite the ongoing impact of the Covid-19 pandemic on its markets.
Since the announcement of its results for the half year ended 30 September 2020, on 11 November 2020, the recovery in both revenues and order intake has continued. Consequently, and subject to no material disruption in the final quarter of the year, the Board now expects adjusted operating profit for the second half of FY21 to be broadly similar to that of the first half.
Net Debt continued to fall during the Period and at the end of December was £23.0m, a reduction of £13.6m (37%) from the start of the financial year.
Whilst considerable market uncertainty remains, Renold benefits from significant geographic, customer and sector diversification. The Group's ongoing focus on cost control, operational efficiency, productivity, and cash management is helping to offset continuing volatility in the Company's markets.
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
ENQUIRIES:
Renold plc | 0161 498 4500 |
Robert Purcell, Chief Executive | |
Jim Haughey, Group Finance Director | |
Peel Hunt LLP | 020 7418 8900 |
Mike Bell | |
Ed Allsopp | |
Instinctif Partners | 020 7457 2020 |
Mark Garraway | |
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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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