Renold’s year end trading update guided to a stronger performance than had been expected at the time of the February profit warning, despite ongoing volatility in its markets. This was driven by a slightly lower decline in underlying sales, along with further self-help and cost saving measures, primarily in the larger Chain division. Consequently the group has maintained its adjusted operating margin at c.8.6%, which we view as a significant achievement given its normal operational gearing. We h ....
