- Industrial chain manufacturer Renold booked a 71% rise in first-half profit after it was able to pass through higher raw material costs and increase prices.

Pre-tax profit for the six months through September rose to £4.1m, as revenue grew 4.5% to £99.7m.

'I am pleased to report that we have made good progress in addressing the short-term issues encountered last year,; chief executive Robert Purcell said.

'The improvement is most pronounced in the Chain division, where we are seeing benefits from the many actions implemented.'

'Our strategy is delivering a more robust, higher margin business and we look forward to continuing current momentum into the second half of the year.'

At 9:24am: [LON:RNO] Renold PLC share price was +2.05p at 36.65p

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