Renold sees signs of recovery

1st Feb 2010 07:48

Industrial chain maker Renold's trading has continued to stabilise since November with early signs of recovery now starting to come through.Business since November has been in line with expectations, it said today. "We continue to see increasing stabilisation and some early evidence of recovery and the group is maintaining its position of managing both costs and cash to ensure that the business remains competitive in the prevailing environment". In November, Renold commented that customer destocking was coming to an end in parts of Europe and was expected to finish in the USA by the first quarter of 2010/11.