Renold PLC AGM Statement (9479T)
July 24 2020 - 2:00AM
UK Regulatory
TIDMRNO
RNS Number : 9479T
Renold PLC
24 July 2020
24 July 2020
Renold plc
("Renold", "the Company" or "the Group")
AGM Statement
Renold, a leading international supplier of industrial chains
and related power transmission products, issues the following
statement ahead of its Annual General Meeting to be held at 11:00am
today. The statement provides an update on the Group's first
quarter of the financial year ending 31 March 2021 ('the
Quarter').
Group performance during the first Quarter has remained in line
with the Company's Results Statement issued for the year ended 31
March 2020. Renold has been profitable and cash generative in each
month of the first Quarter of the new financial year. Whilst Group
order intake has reflected the challenging market conditions,
gradual improvements have been seen since April 2020.
It is still too early to give specific guidance for the year
ahead. However, with the strategic actions and cost saving measures
taken to date, the Board is confident that the Company can manage
through the current period of disruption. Renold is well positioned
to benefit as markets stabilise and demand recovers.
Robert Purcell, Chief Executive of Renold, said:
"Whilst the market environment continues to be challenging, I am
pleased that the Group remains profitable and our cash position is
healthy.
"The strategic programme that has been undertaken over the past
years has resulted in a more resilient business that is better
placed to overcome today's challenges. We are focused on ensuring
Renold can respond strongly as markets recover."
Enquiries:
Renold plc 0161 498 4500
Robert Purcell, Chief Executive
Peel Hunt 020 7418 8900
Mike Bell
Ed Allsopp
Instinctif Partners 020 7457 2020
Mark Garraway 07771 860 938
Rosie Driscoll 07891 564 641
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END
AGMSEIFADESSESW
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