Self-help boosts Renold

Chains and gearbox maker Renold (RNO) was again been hit by the strong pound in the first half - sales actually rose 1 per cent year-on-year in constant currency terms. But self-help efforts are making a big difference. Cost savings, especially from the closure of Renold's Bedbury facility, helped underlying pre-tax profit jump over two-thirds to £7.5m, while the operating margin improved 3.3 percentage points to 8.3 per cent.