AGM Statement

21 Jul 2005 15:04

Renold PLC21 July 2005 RENOLD plc At today's Annual General Meeting of Renold plc, the chairman Roger Leverton,made the following statement: - "The results for 2004/05 were released 6 weeks ago and since then currencymovements and a plateauing of steel prices give some encouragement for animprovement in performance later in the current year as forward contractsunwind. These improving trends have to be set against market conditions whichstill remain patchy, particularly in mainland Europe. The restructuring of thecore industrial chain business continues apace with completion of the redundancyprogramme at Burton by the end of July. Automotive production performancecontinued to be disappointing over the first quarter with little respite frompricing. As noted in the Annual Report, the Group will report its financial results forthe year ending 31st March 2006 in accordance with IFRS. The conversion processfrom UK GAAP to IFRS is proceeding and it is intended to issue a statementsetting out the changes to the 2005 Accounts prior to the issue of the InterimResults for the half year. As a result of the significant additional workloadarising from this change, the Interim Results for the period to 30th September2005, which will be reported under IFRS, will be published somewhat later thannormal in the first half of December 2005." Enquiries:Robert Davies, Chief Executive 0161 498 4500Tony Brown, Finance Director 0161 498 4500 This information is provided by RNS The company news service from the London Stock Exchange