Renold PLC AGM Trading Update (3909J)
August 23 2021 - 2:00AM
UK Regulatory
TIDMRNO
RNS Number : 3909J
Renold PLC
23 August 2021
23 August 2021
Renold plc
("Renold", the "Company" or the "Group")
AGM Trading Update
Renold, a leading international supplier of industrial chains
and related power transmission products, issues a trading update
covering the four months ended 31 July 2021 (the "period") ahead of
the Company's Annual General Meeting ("AGM") being held at 10 am
today.
The Board is pleased to report that the strong momentum
experienced in the fourth quarter of the last financial year has
been maintained in the new financial year , resulting in the
continued recovery of both revenues and order intake.
Order intake for the period was GBP79.7m, an increase of 61.3%
over the prior year equivalent period or 69.3% at constant exchange
rates. Excluding the recently announced GBP11.0m long term military
contract, order intake for the period increased by 39.1% or 46.7%
at constant exchange rates. Current order books at GBP70.5m
represent a record high for the Group.
Sales revenue for the period, at GBP62.5m, represents an
increase of 13.6% on the prior year equivalent period or 19.9% at
constant exchange rates.
Net debt remained stable during the period and totalled GBP18.5m
as at 31 July 2021, despite an increase in working capital due to
the improved activity levels and much lengthened supply chains,
compared to GBP18.4m on 31 March 2021.
Renold benefits from significant geographic, customer and sector
diversification. Consequently, and despite uncertainty caused by
considerable raw material and transport cost inflation and
continuing supply chain disruption, the Board now expects adjusted
operating profit for both the first half and full year of FY22 to
be higher than both market expectations and the equivalent prior
year period.
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014 as it forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018
("UK MAR")) prior to its release as part of this announcement and
is disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
ENQUIRIES:
Renold plc 0161 498 4500
Robert Purcell, Chief Executive
Jim Haughey, Group Finance
Director
Peel Hunt LLP 020 7418 8900
Mike Bell
Ed Allsopp
IFC Advisory Limited 020 3934 6630
Tim Metcalfe renold@investor-focus.co.uk
Graham Herring
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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