Attempts by Renold’s (RNO) management to nurse the engineering group back to health have previously been thwarted by raw material price increases and machine breakdowns at a German manufacturing facility. However, with adjusted half-year operating profit up 36.7 per cent to £8.2m on the back of a 180-basis point increase in the underlying margin, it appears as if the remedial initiatives undertaken are having the desired effect.
IC TIP:
Buy
at
38p