Renold plc announced financial results for the second half and full year ended March 31, 2013. Group underlying second half revenue was 4% lower than the first half.  The impact of the revenue reduction in the second half was fully offset by management action to reduce ongoing overheads.  As a result, adjusted operating profit in the second half was in line with the first half. Working capital and capital expenditure were closely managed during the second half.  This resulted in net cash generation in the second half. For the full year, underlying revenue was down 7% compared to the prior year. The full year adjusted operating profit is therefore in line with market expectations. At the year end net debt closed below the position at the start of the year.

Renold plc reported interim management statement covering the four month period from October 1, 2012 to January 31, 2013. Underlying Group revenue in the Period was 8.7% down compared to the same four months last year. The financial year to date shows a reduction of 6.9% in underlying revenues compared to the prior year. The deterioration in revenue performance in the Period versus the first half of the year was due to weakness in Torque Transmission and in the Chain Division North American business.

Renold plc confirmed that the new Chief Executive Robert Purcell has joined the Board of Directors and commenced his executive duties. As a result, Chairman Mark Harper has relinquished his executive role and will continue as Non-Executive Chairman. John Allkins, who joined the Renold Board of Directors in April 2008, is appointed to the role of the Senior Independent Director.