Renold (RNO)

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Renold RNO Logo

A leading international supplier of industrial chains and related power transmission products.

14-Nov-2017 – 46.75p – £103.1m – PER 8.33

Interim results For The 6 Months To End September 2017 – Even from a high numbers level they’ve managed to provide a most confusing update here. My reading between the lines is Revenue is flat and PBT is down about 40% from £4.0m to £2.4m.

Not only do I not like the confusing update, I don’t like my interpretation of what I think is what they meant to day (should have said). There is also a huge pension deficit here around the £100m mark (100% of the Mkt Cap).

29-May-2018 – 22.8p – £51.4m – PER 4.53

Preliminary Results For The 12 Months To End March 2018 – Revenue up slightly to £191.6m, Adjusted Operating Profit down slightly too (to £14.2m) with Adjusted EPS also down slightly at 4.5p. Outlook seems so so.

Pension still circa £100m mark (200% of the Mkt Cap), Dividend stopped – Remains on my Avoid list.

18-Jul-2018 – 29.25p – £65.9m – PER 5.89

AGM Statement – In-line.

Nothing to excite me enough to take this off my Avoid list.

11-Oct-2018 – 36.5p – £82.3m – PER 7.17

Trading Update For The 6 Months To End September 2018 – In-line.

This was on my Avoid list but if this is to be in-line it could well be worth a look. Going Neutral here and will keep an eye out for the Actuals.

14-Nov-2018 – 34.6p – £78.0m – PER 6.73

Interim Results For The 6 Months To End September 2018 – Revenue up 6.3%, Underlying Adjusted Operating Profit up 36.7% – Looking forward to continuing momentum into H2.

I remain Neutral but will keep an eye out for Broker updates as this is starting to look more attractive given the current valuation.

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