Renold plays catch-up on pricing

Full-year results from Renold (RNO) were littered with qualifications as the small-cap engineer sought to explain how a 3.8 per cent rise in constant-currency revenues gave way to an earnings loss. Management pointed to a marked step up in restructuring costs and it’s clear that an “improving economic backdrop” proved insufficient to mitigate the impact of “significant price inflation for basic raw materials”.