Renold sees rise in profit but fall in cash
Industrial chain maker Renold saw a huge rise in pre-tax profit after revenue increased more than £12.5m.
Industrial chain maker Renold saw a huge rise in pre-tax profit after revenue increased more than £12.5m.
Revenue rose from £92.9m to £105.5m leading to pre-tax profit of £3.7m (2010: £0.4m)
Chairman Matthew Peacock said: "Order books remain strong and the outlook for second half sales growth continues despite the well-publicised macro-economic uncertainty in many of the world's economies.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The group is taking proactive measures to accelerate planned cost reduction initiatives in order to protect this year's result should a downturn occur."
The firm recommended that no dividend be paid for the period as it continues to focus on cash generation and debt reduction.
Absolute levels of underlying rolling 12-month sales remain about 15% below the pre-recessionary levels.
Cash fell from £0.4m to £3.8m.
Shares lost 4.2% to 28.5p by 16:21.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Thousands of estates are sitting unclaimed in the UK – is your family name on the list?
More than 5,700 unclaimed estates are on a government list waiting to be found by living relatives. We take a look at the list, and explain how to make a claim
-
420,000 more pensioners to be dragged into paying income tax – how does tax on the state pension work?
Hundreds of thousands more pensioners will need to pay tax on their pension income at the end of this tax year, new HMRC data shows. We look at how taxation on the state pension works.