Renold PLC AGM Statement (6000T)
21 July 2015 - 4:00PM
UK Regulatory
TIDMRNO
RNS Number : 6000T
Renold PLC
21 July 2015
Renold plc
("Renold", "the Company" or "the Group")
AGM Statement
Renold, a leading international supplier of industrial chains
and related power transmission products, is today issuing, ahead of
its Annual General Meeting to be held at 11:00am, the following
statement in respect of the first quarter of the financial year
ending 31 March 2016.
The Group continues to make adjusted operating profit and margin
gains as a result of the implementation of the rolling programme of
self-help measures in its STEP 2020 Strategic Plan. This was
achieved despite the headwinds and volatility in the end markets of
both divisions which saw underlying (1) sales for the Group as a
whole down 4.1% or 1.1% excluding the major non-recurring Swiss
project win in the prior year.
The Chain division delivered a growth in underlying sales in the
first quarter of 1.0%, which excludes the impact of the Swiss
project noted above (3.0% fall when included). The rest of Europe,
the Americas and Australasia all contributed to the modest growth.
Underlying sales in Torque Transmission fell by 7.1% with most
units seeing a reduction.
Gains in margins have more than offset the lower underlying
revenues and progress continues to be made on a number of STEP 2020
improvement initiatives. Management continues to implement measures
which are expected to drive future sales growth including,
expanding our footprint in attractive high growth territories,
investing in new capabilities to enhance our service offering, and
improving our commercial focus. As a result, the outlook for full
year adjusted operating profit remains in line with the Board's
expectations.
Robert Purcell, Chief Executive of Renold, said:
"We continue to demonstrate the robustness of our business model
driven by our STEP 2020 Strategic Plan. Further margin gains have
been delivered in the first quarter despite ongoing challenging
conditions in many of our end markets. We remain well placed to
take advantage of further self-help initiatives and opportunities
to grow the business."
21 July 2015
(1) The use of "underlying" excludes the impact of changes in
foreign exchange rates.
ENQUIRIES:
Renold plc 0161 498 4500
Robert Purcell, Chief
Executive
Brian Tenner, Finance
Director
Arden Partners 020 7614 5917
Chris Hardie
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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