North West industrial chains manufacturer Renold has reported a drop in half-year revenues and profits.
The Wythenshawe-headquartered group reported revenue decreased to £81.5m for the six months to September 30, down from £98.2m for the same period the previous year.
Pre-tax profit also fell from to £2.8m in the same period, down from £3.5m.
The group said its performance had been “resilient, despite the impact of the Covid-19 pandemic”.
Renold Plc Chief executive Robert Purcell said the measures it has taken in response to the coronavirus pandemic have resulted in a “more resilient business” and “better placed to overcome today’s challenges”.
He said: “Renold reacted quickly to the sharp decline in order intake arising from the pandemic and, as a result, delivered a robust operating margin and substantial reduction in net debt.
“I would like to thank all employees for their commitment and outstanding efforts in keeping our facilities open and serving our customers during this time.
“The tight focus on cost and cash management in the first half has created a platform from which we can manage through short-term disruption.
“We are focused on ensuring Renold can respond strongly as markets recover.”
