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Trading statements

Renold warns on FY sales, adj. operating profit

10 February 2016 09:37

Renold (RNO) said underlying FY sales are seen down 10% on the year, with directors expecting the impact on adjusted operating profit to be limited to a fall of about GBP2.0m, or 13%, compared to the prior year.

CEO Robert Purcell commented:

"The fact that international industrial end markets are volatile has been widely reported.

"We are continuing to do the right things to protect capital and revenue investment in projects to support the medium term delivery of the STEP 2020 Strategic Plan rather than simply cost cutting to deliver short term gains at the expense of the Group's future development.

"Our focus remains on getting the business into the right shape to withstand the current volatility and to deliver growth in the longer term."

At 9:37am: (LON:RNO) Renold PLC share price was -11.75p at 31p

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