Renold PLC Trading Update for the year ended 31 March 2021 (3662V)
14 Abril 2021 - 1:00AM
UK Regulatory
TIDMRNO
RNS Number : 3662V
Renold PLC
14 April 2021
14 April 2021
Renold plc
("Renold", the "Company" or the "Group")
Trading Update for the year ended 31 March 2021
Renold, a leading international supplier of industrial chains
and related power transmission products, today issues a trading
update covering the year ended 31 March 2021 (the "Year"), ahead of
the preliminary results announcement for the Year on 8 June 2021,
together with the completion of a small bolt on acquisition in the
UK.
Trading Update
The recovery in both order intake and revenues has continued and
trading for the Year has been in line with the Board's revised
expectations, as announced in the Company's trading update on 13
January 2021.
Group order intake in the Year fell to GBP170.0m, down 7.4%
compared to the prior year. At constant exchange rates the
reduction was 6.6%. Encouragingly, Group order intake in Q4 was
10.2% ahead of the equivalent prior year period, and the order book
at 31 March 2021 of GBP53.6m was 3.6% ahead of the prior year
figure (9.3% at constant exchange rates).
Group revenue in the Year fell to GBP165.3m, down 12.7% compared
to the prior year, as the Group experienced the impact of the
Covid-19 pandemic across many of the Group's key end markets,
particularly in the first half. At constant exchange rates the
reduction was 11.9%. Trading improved in the latter part of the
Year and Group revenue in Q4 was behind the prior year by 8.3%
(5.6% at constant exchange rates), being held back in the short
term by constraints on global supply chains emerging from the
pandemic.
During the Year, cash generation outperformed initial
expectations, as a strong focus on cash management resulted in a
c.50% reduction of net debt to GBP18.4m (2020: GBP36.6m).
The Company will provide a further update on trading at the time
of release of its preliminary results for the Year on 8 June
2021.
Acquisition
On the 8 April 2021 Renold completed the acquisition of the
conveyor chain business of Brooks Ltd in Manchester, UK, for a
total consideration of GBP0.6m, including GBP0.3m of deferred
consideration. In the current year the business is expected to
generate additional sales for the Group of c. GBP1.0m, and add c.
GBP0.2m to Group operating profit. The business will be integrated
into the Renold UK Service centre in Manchester.
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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