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Renold halves full-year loss
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.