FY 2016 was a very challenging year for Renold, with the significant benefits delivered by the Step 2020 self help programme more than offset by the increased market headwinds, particularly in the second half, leading to forecast downgrades. Underlying revenues declined 8.9% to £165.2m with Chain down 7.6% and Torque Transmission down 16.2% due to its high exposure to resource markets
