Renold to keep cutting its costs

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Industrial chains manufacturer Renold is to keep cutting costs after swinging to a hefty loss in its last financial year.

The group saw turnover of £190.3 million for the year to 31 March, 2013, down from £205.5m, and fell to a pre-tax loss of £7.7m, compared to a £7.6m profit.

Chairman Mark Harper admitted the results were disappointing, and said they were “due as much to long-standing inefficient business processes within the group as they are to very challenging end markets”.

He said the firm was focused on removing excess capacity and implementing “smarter working practices”.

The group said the measures would help deliver improved performance in the medium term without the need for substantial sales growth. Shares in Renold closed up 0.5p at 22.5p.