Company Announcements

Trading Update

Source: RNS
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 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.

 

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.

 

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