Renold on target to double operating profits

INDUSTRIAL chain maker Renold has said that it remains on track to achieve its stated target of doubling operating profits within its current financial year.

The Wythenshawe-based company said that in the six months to September its underlying revenues were up 13%, and that the increased sales “continue to deliver strong conversion to operating profit”.

New orders also exceeded sales, which means its order book is 3% ahead of last year, and its forward order visibility for its third quarter to December is also up on 2010.

The company said that double digit sales had been achieved across all of its main operating regions.

However, it added that given the current economic instability it planned to bring forward a series of cost-cutting measures.

“These actions will help to protect the full year result against unforeseen reductions in revenue growth in the second half,” it said.