13th Jan 2021 10:29
(Alliance News) - Renold PLC on Wednesday reported a robust trading performance in the third quarter of its financial year, despite continued disruption from the Covid-19 pandemic.
During the three months to the end of December, the manufacturer of chains, gears and couplings noted a continued recovery in revenue and order intake.
Should there be no further disruption in the final quarter of the year, Renold expects adjusted operating profit for the second half of the financial year ending March 31 to be mostly similar to the GBP7.7 million figure reported for the first half ended September 30.
"Whilst considerable market uncertainty remains, Renold 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 continuing volatility in the company's markets," the group stated.
Shares in Renold were up 11% at 13.90 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
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