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RNO to acquire assets, business of Aventics Tooth Chain

17 November 2015 07:54

Renold has agreed to acquire the business and trading assets of Aventics Tooth Chain (Aventics TC), an operating division of Aventics Gmbh based in Germany, for up to 6.3m euros cash.

Renold also posted an H1 pretax profit of GBP4.6m, from GBP4.4m. Revenue was at GBP84.5m, from GBP90.5m.

H1 highlights:

- Underlying adjusted operating profit up 2.6%

- Adjusted EPS up 8.7% to 2.5p

- Challenging markets resulted in underlying sales down 6.8%

- Significant increase in attractive capital investments to £5.2m

- New five year borrowing agreement with accordion facility delivering lower financing costs

- Leverage ratio (net debt : adjusted EBITDA) maintained below 1.0x, the lowest margin ratchet

Story provided by StockMarketWire.com

Related Company: RNO

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