Q1 sales slip 3.5% at Renold

RENOLD, the industrial chains and power transmission manufacturer, saw first quarter sales slip, but at a slower rate than last year.

In a statement ahead of the annual general meeting, the company said first quarter revenues was down 3.5%.

It made underlying overhead reductions of around £1m in the first three months which has helped to improve operating margins.
 
Average net debt in the quarter was also improved and the group’s results for the quarter were in line with the board’s expectations.

Chief executive Robert Purcell said: “We have made good progress in improving a number of basic operational processes within the business and have continued to deliver year-on-year reductions in overheads. We are at an advanced stage in developing options to lower the group’s breakeven point further and we will be providing an update on the associated action plans as soon as they are finalised.”