Renold continuing to make progress

RENOLD, the international supplier of industrial chains and power transmission products, says it is on track to meet half year targets.

The group, which has its headquarters in south Manchester but has recently closed its manufacturing plant at Bredbury near Stockport, said in a brief trading update for the six months September 30, it was making “good progress” on the turnaround phase of its plan to improve performance.

It added: “Further planned improvements in operating margins in both divisions were successfully delivered during the period. The board’s expectations for the full year adjusted operating profit therefore remain in line with current market forecasts, despite the adverse impact of foreign exchange movements being currently higher than anticipated in May.”

The firm said it expects to file half year results on November 25.