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Renold annual revenue slips 7.4%, though on an improving trend
StockMarketWire.com
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Industrial chain maker Renold said its annual revenue had fallen 13%, though trading had improved in the latter part of the year.
Revenue for the year through March had slipped to £165.3 million, while order intake had declined 7.4% to £170.0 million.
Fourth-quarter order intake rose 10% year-on-year, though revenue fell 8.3%, being held back by constraints on global supply chains emerging from the pandemic.
Renold said cash generation outperformed initial expectations, resulting in an around 50% reduction of net debt to £18.4 million.
The company also announced that it had acquired conveyor chain business Brooks in Manchester for £0.6 million, including £0.3 million of deferred consideration.
Story provided by StockMarketWire.com
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