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The price of shares in AIM-listed industrial chain manufacturer Renold (LON:RNO) has dropped by 4.68% to 21.21p (as of 10:20 BST) after it said that underlying revenues for the quarter ended 30th September dropped by 3.2%. Management said that the focus on operational efficiency was helping to offset the impact of challenging market conditions.
CEO Robert Purcel commented: “Our ongoing focus on delivering improvements in the underlying business structure and operations has helped to mitigate the impact of volatile market conditions. The sale of our South African business unit to management secures a continued route to market for the Group’s products in the region permitting us to focus our capital investment in other markets with greater opportunities.
“Whilst market conditions remain challenging in the near term, we are encouraged by the positive impact of our ongoing strategic initiatives and this underpins our confidence in the long term opportunity for Renold“.