9th Apr 2015 07:37
LONDON (Alliance News) - Shares in industrial chains and power transmission products company Renold PLC rose in early trade Thursday after the company said it expects adjusted operating profit for its financial year to beat the top end of market expectations.
Renold shares were up 4.4% to 56.4 pence in early trade, one of the best performers in the FTSE All-Share.
Renold said the group has continued to improve its margins over the year across both of its operating divisions and has cut transitional costs associated with the closure of its facility in Bredbury. It also has seen underlying sales grow in its Chain division, while its Torque Transmission arm delivered underlying sales growth in the second half. The company's underlying results are on a constant currency basis.
As a result of the performance, Renold expects its adjusted operating profit for the year to the end of March to be above the upper end of market expectations. The adjusted figures are pre-exceptional items and pretax.
By Sam Unsted; [email protected]; @SamUAtAlliance
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