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Renold cuts debt levels but profit falls 16%
StockMarketWire.com
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Industrial company Renold hailed 'resilient' performance over the six months to the end of September after it generated an operating profit of £5.3 million.
The figure - which covers the first half of the company's financial year - marked a 16% fall on the same period in 2019.
Revenue for the period was £81.5 million, down from £98.2 million in 2019.
The company also reported a reduction in its net debt, from £34.2 million at the end of September 2019 to £26.4 million a year later.
Renold said the impact of the Covid-19 pandemic on revenue had been partly mitigated by improved efficiency and productivity from recent years' capital investments and operational improvements.
In addition, trends through the period end suggested 'a continued modest improvement, albeit at levels below the prior year in the near term', the company said.
At 8:54am: (LON:RNO) Renold PLC share price was +0.25p at 11.15p
Story provided by StockMarketWire.com
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