US and Australia provide strong links for Renold

CHAIN maker Renold has said that growth since October has remained “consistent with expectations”, after posting strong results in the first half when sales grew 13% to £105.5m.

The company said that sales had increased in both its Torque Transmission and Chain divisions, with double digit growth being recorded both in North America and Australia.

It added that lower operational gearing and the conversion of extra cash into profits had also continued its encouraging trend – in the first half operating profits doubled to £6.3m.

It added that a restructuring of its European back office functions announced at the time of its interim reports as part of a cost-cutting exercise was ongoing, and that most of the remaining changes that need to be made will take place in its next financial year starting in April.