Renold posts FY operating profit

31st May 2011 07:20

Industrial chain maker Renold moved into a full year operating profit and pared back pre-tax losses as it looks to emerging markets for fresh sales momentum.Operating profit came in at £4.3m in the year ended 31 March 2011 compared to a loss of £4.8m previously. Pre-tax loss narrowed to £1.3m from a loss of £13.6m before. Revenue for the year increased to £191m from £156.1m. Renold said its order book is 13% stronger at end of year than at start.Chairman Matthew Peacock said, "This is a robust set of full year results with excellent growth in order intake and sales being converted strongly into operating profit and a firm move into cash generation.""We have now created a solid platform from which Renold can take advantage of opportunities for growth in both existing and new markets across the world. We therefore look forward to the future with confidence."No dividend payment has been recommended. CJ