By Caroline Jouan
Date: Tuesday 27 May 2014
LONDON (ShareCast) - - Loss before tax halved
- Bredbury chain factory closure costs 7.2m pounds
- Pushing ahead with turnaround plan
Renold, an international supplier of industrial chains and related power transmission products, said it halved full-year pre-tax losses as it continues to execute its strategic turnaround plan.
Loss before tax reduced to £5.9m from £11.9m the year before while underlying revenue slipped to £184.0m from £187.0m.
"The group is making excellent progress in the first phase of our strategic plan. The successful delivery of the complex capacity reduction project in the Chain division is a major milestone in significantly lowering our breakeven point," it said in a company statement.
Adjusted earnings per share increased 129% to 3.2p while underlying adjusted operating profit increased 56% to £11.1m.
Renold said it self-financed the £7.2m current year cash cost of the closure of its Bredbury chain factory.
Chief Executive Robert Purcell said: "The increase in adjusted operating profit and adjusted earnings per share, without the benefit of sales growth, emphasises the value accessible through self-help measures.
"We remain focused on creating a continuous improvement culture in all of our locations and activities to deliver intelligent and sustainable reductions in our cost base. Towards the end of the new financial year we expect to turn our attention to the second phase of our strategic plan, the Organic Growth phase."
CJ
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Currency | UK Pounds |
Share Price | 55.80p |
Change Today | -0.20p |
% Change | -0.36 % |
52 Week High | 57.00p |
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Volume | 780,606 |
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RiskGrade | 260 |
Value |
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