Renold PLC Trading Update (6513D)
October 11 2018 - 1:00AM
UK Regulatory
TIDMRNO
RNS Number : 6513D
Renold PLC
11 October 2018
Renold plc
("Renold", "the Company" or "the Group")
Period End Trading Update
11 October 2018
Renold, a leading international supplier of industrial chains
and related power transmission products, today issues a period end
trading update covering the six months ending 30 September 2018
(the 'period') ahead of announcing interim results on 14 November
2018.
Trading in the period has been in line with expectations. Group
revenue in the period grew by 4.5% and, on an underlying(1) basis,
by 6.4% compared to the first half of the prior year. Order intake
in the period grew by 1.7% on an underlying(1) basis or 7.4%
adjusted to exclude the large multi-year UK Couplings order from
the prior year. Orders were 3.4% ahead of revenue for the
period.
The Chain division is making good progress in recovering from
the specific issues which affected performance in the prior year.
The rate of raw material price increases has moderated in most
geographies, and we have had success in passing these through to
customers, resulting in margin recovery. Output from our Einbeck,
Germany facility has been stronger in the period and is supporting
improvement in levels of customer service.
As expected, revenue for Torque Transmission division reflected
strong growth in our US markets. This growth was partially off-set
by lower revenue in UK Couplings as a result of the phasing of the
large multi-year contract.
The Group remains on track to deliver a result for the full year
in line with the Board's expectations.
Robert Purcell, Chief Executive of Renold, said:
"It is pleasing to see that we have made good progress in
addressing the short-term issues encountered during the previous
year. The strategic plan continues to improve the underlying
business and the impact is starting to become visible in the
trading results."
(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
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END
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