Loss forces Renold to axe payout

Engineering group Renold told shareholders it would not be paying a dividend this year after it swung to an annual loss. The Manchester-based firm, which makes industrial chains used in machinery, said it had made a £7.7m pre-tax loss, compared to a £7.6m loss in the previous year. Chief executive Mark Harper said the loss was down to “long-standing inefficient business processes” and “very challenging end markets”.