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Renold profitable in second half even as sales drop 17%
StockMarketWire.com
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Industrial chain manufacturer Renold said it remained profitable in the first half of its financial year, despite revenue dropping 17% to £82 million.
'Renold delivered a resilient performance in the first half despite its markets being significantly impacted by the Covid-19 pandemic,' the company said in a trading update.
Renold said its net debt had fallen by £10.2 million down to £26.4 million by the end of September.
It said it had continued to benefit from a combination of improvement in its strategic cost base and productivity gains made in recent years, together with tactical short-term cost saving measures.
Order intake over the period was down 21% to £76 million, which Renold said reflected the impact of global shutdowns and weaker demand.
'However, trends through the period end suggest that order intake should continue to slowly improve, albeit at levels below the prior year in the near term,' it added.
Story provided by StockMarketWire.com
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