Renold PLC Trading Update (8335V)
11 April 2019 - 4:01PM
UK Regulatory
TIDMRNO
RNS Number : 8335V
Renold PLC
11 April 2019
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
underlying(1) basis, by 6.1% compared to the prior year. Order
intake grew by 2.8% on an underlying(1) 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 GBP29.8m (2018: GBP24.3m),
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
Ian Scapens, Group Finance Director
Peel Hunt LLP 020 7418 8900
Mike Bell
Sam Cann
Instinctif Partners 020 7457 2020
Mark Garraway
Rosie Driscoll
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTLFFFISLIILIA
(END) Dow Jones Newswires
April 11, 2019 02:01 ET (06:01 GMT)
Renold (LSE:RNO)
Historical Stock Chart
From Apr 2024 to May 2024
Renold (LSE:RNO)
Historical Stock Chart
From May 2023 to May 2024