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9 Apr 2015 07:00
Renold plc
("Renold" or "the Company" or "the Group")
Trading update
Renold, a leading international supplier of industrial chains and related power transmission products, is today issuing a trading update ahead of reporting results for the year ended 31 March 2015, on 26 May 2015.
The Group has continued to deliver margin enhancing initiatives across both operating divisions and reduced transitional costs associated with the Bredbury closure project. Modest underlying(1) sales growth has continued in the Chain division with Torque Transmission also delivering underlying sales growth in the second half.
The Group therefore expects to report adjusted(2) operating profit for the full year above the upper end of current market expectations. Net debt has reduced to approximately £20.0m, due primarily to strong operating cash flows.
There have been no other significant changes in the position of the Company since the publication of the Interim Results Statement in November 2014.
9 April 2015
ENQUIRIES:
Renold plc | 0161 498 4500 |
Robert Purcell, Chief Executive | |
Brian Tenner, Finance Director | |
Instinctif Partners | 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 the website at: www.renold.com
(1) Underlying adjusts prior year results to the current year exchange rates to give a like for like comparison
(2) Adjusted figures exclude the impact of exceptional items, pension financing and administration costs, and any tax thereon
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