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11 Apr 2019 07:01
Renold plc
("Renold", "the Company" or "the Group")
Period End Trading Update
11 April 2019
Renold, a leading international supplier of industrial chains and related power transmission products, today issues a period end trading update covering the year ending 31 March 2019 (the 'year') ahead of announcing preliminary results on 28 May 2019.
Trading in the year has been in line with the Board's expectations. Group revenue in the year grew by 5.7% and, on an underlying1 basis, by 6.1% compared to the prior year. Order intake grew by 2.8% on an underlying1 basis or 5.6% adjusted to exclude the large multi-year UK Couplings order from the prior year. Orders were 2.0% ahead of revenue for the period.
Net debt finished the year at £29.8m (2018: £24.3m), reflecting a year of investment, particularly in the new Chinese factory. The move to this new factory is completed, the factory is fully operational and we have exited the legacy site.
The Group expects to report results for the year in line with the Board's expectations.
Robert Purcell, Chief Executive of Renold, said:
"We have continued to see positive momentum through the year with strong performance in the Chain division and continued order growth across both divisions. Our commercial initiatives are a successful element of the strategy we are implementing and they provide the platform for continuing momentum into the new financial year.
"The proposed move to AIM, announced today, will create a more flexible environment to progress the acquisition phase of our strategic plan."
(1) The use of "underlying" excludes the impact of changes in foreign exchange rates by retranslating the prior year comparative figures to the current year exchange rate.
ENQUIRIES:
Renold plc | 0161 498 4500 |
Robert Purcell, Chief Executive |
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Ian Scapens, Group Finance Director |
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Peel Hunt LLP | 020 7418 8900 |
Mike Bell |
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Sam Cann |
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Instinctif Partners | 020 7457 2020 |
Mark Garraway |
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Rosie Driscoll |
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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
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