LONDON (ShareCast) - Chain maker Renold is on track to hit full-year targets as its turnaround strategy and restructuring moves forward, it said on Tuesday.

Renold said it continued to make good progress in the turnaround phase of its strategic growth plan and therefore expects annual results to match market expectations.

The group, which makes chains for industrial conveyor belts and other uses, is shutting a factory and moving the work there to other plants in an effort to cut costs and improve efficiency.

It said closure of the plant, at Bredbury in north-west England, and transfer of its production to other sites was on schedule and within budget.

"Trading across both divisions, and net debt for the group as a whole, have continued in line with management expectations for the full year," Renold added.

PW

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