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Renold expects second-half operating profit similar to first
StockMarketWire.com
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Industrial chain supplier Renold said it expected its second-half profit to be flat compared to the first half amid a continued improvement in sales.
Renold said both revenue and order intake had continued to recover since it announced its half-year results on 11 November.
Consequently, annual adjusted operating profit in the second half was expected to be 'broadly similar' to the first.
Net debt had fallen 37% from the start of the financial year to £23.0 million.
'Whilst considerable market uncertainty remains, Renold benefits from significant geographic, customer and sector diversification,' the company said.
'The group's ongoing focus on cost control, operational efficiency, productivity, and cash management is helping to offset continuing volatility in the company's markets.'
Story provided by StockMarketWire.com
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