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Bob Davies, who is retiring from the 148 year-old Manchester business in December, is leaving it leaner and more internationally focused. But neither he nor Mr Purcell can change the global economy.
In a depressed market, first-half sales at Renold’s larger chain division fell 7 per cent year on year, and margins narrowed to 2.5 per cent. Sales at Torque Transmission, which has higher margins, were broadly flat.
Trading on a forward price/earnings ratio of 7.9, the shares fairly reflect the poor performance this year.
|Six months to September 30, 2012||% change|
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