Renold hires a new chief

INDUSTRIAL chain supplier Renold yesterday appointed a new chief executive as it reported falling revenue and profits.

Robert Purcell will take the role of chief executive from 1 May, following the retirement of Bob Davies at the end of the year.

Underlying revenue fell six per cent to £96.7m over the six months to September, down from £105.5m in the previous half year, as the firm was hurt by falling demand from Europe.

Pre-tax profit fell to £2.1m from £3.7m.