logo-loader
viewRenold PLC

Renold stays in the black despite the coronavirus pandemic hitting sales

Order intake in the half-year period was down 21% year-on-year but the power transmission products maker expects order intake will continue to slowly improve

Renold PLC -

Renold PLC (LON:RNO), the maker of industrial chains, said it remained profitable in the six months to the end of September 2020 despite the coronavirus pandemic.

Sales were down 17% on the same period of 2019 at £82mln, while order intake tumbled 21% to £76mln, but the group still managed to reduce net debt to £26.4mln from £36.6mln at the beginning of the reporting period.

While considerable uncertainty remains, Renold said it benefits from significant geographic, customer and sector diversification.

“The group's ongoing focus on cost control, operational efficiency, productivity, and cash management is helping to offset the subdued demand and should enable the group to make continued strategic progress in the second half,” it told shareholders in a trading statement.

Quick facts: Renold PLC

Price: 10.55 GBX

LSE:RNO
Market: LSE
Market Cap: £22.77 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Perma-Fix Environmental Services uses expertise to clean up dirty...

Perma-Fix Environmental Services (NASDAQ: PESI) CEO Mark Duff joined Steve Darling from Proactive to provide viewers with some insight on the important work they do cleaning up some of the dirtiest radioactive waste from important institutions like a hospital, research labs, and of course for...

18 hours, 8 minutes ago

2 min read