Shares of Shares of Manchester industrial chain firm Renold plc rose about 10% on Wednesday after it issued a trading update covering the three months ended December 31, 2020, saying it “continued to deliver a robust trading performance despite the ongoing impact of the Covid-19 pandemic on its markets.”
Renold said: “Since the announcement of its results for the half year ended 30 September 2020, on 11 November 2020, the recovery in both revenues and order intake has continued.
“Consequently, and subject to no material disruption in the final quarter of the year, the board now expects adjusted operating profit for the second half of FY21 to be broadly similar to that of the first half.
“Net Debt continued to fall during the period and at the end of December was £23.0m, a reduction of £13.6m (37%) from the start of the financial year.
“Whilst considerable market uncertainty remains, Renold benefits from significant geographic, customer and sector diversification.
“The group’s ongoing focus on cost control, operational efficiency, productivity, and cash management is helping to offset continuing volatility in the company’s markets.”