Renold halves full-year loss

 
Suzie Neuwirth
RENOLD, the industrial chain supplier, yesterday showed that its streamlining efforts had paid off, as it halved its full-year losses.

The London-listed firm posted a pre-tax loss of £5.9m last year, saving £3.2m from a project to reduce excess manufacturing capacity.

“The successful delivery of the complex capacity reduction project in the chain division is a major milestone in significantly lowering our breakeven point,” said chairman Mark Harper.

Underlying revenue slipped to £184m from £187m the prior year.