11 Apr 2019 07:01
Renold plc
("Renold", "the Company" or "the Group")
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Period End Trading Update
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11 April 2019
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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.
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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.
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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.
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The Group expects to report results for the year in line with the Board's expectations.
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Robert Purcell, Chief Executive of Renold, said:
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"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.
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"The proposed move to AIM, announced today, will create a more flexible environment to progress the acquisition phase of our strategic plan."
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(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.
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ENQUIRIES:
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Renold plc | 0161 498 4500 |
Robert Purcell, Chief Executive | Â |
Ian Scapens, Group Finance Director | Â |
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Peel Hunt LLP | 020 7418 8900 |
Mike Bell | Â |
Sam Cann | Â |
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Instinctif Partners | 020 7457 2020 |
Mark Garraway | Â |
Rosie Driscoll | Â |
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NOTES FOR EDITORS
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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.
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Further information about Renold can be found on the website at: www.renold.com
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