StockMarketWire.com - Renold, the Manchester-based machine industry company, has announced a £24.1 million decrease in revenues for its financial year ending 31 March 2021.

The company reported £165.3 million in revenue for the year, compared to £189.4 million the year before.

Profit before tax was at £5.9 million, compared to £4.9 million last year. Robert Purcell, chief executive, said: ‘Throughout the year the business performance has been on an improving trend and I am pleased to report that our order books have continued to grow in the early part of the new financial year.'

'Whilst there remain considerable Covid-19-related challenges in some parts of the world, with supply chain issues and rising costs, we are well placed to deal with these and our performance over the last 12 months gives me confidence that we will return to growth in the new financial year.’

The company reported a reduction in net debt of 50% to £18.4 million, compared to £36.6 million for the year 2020.

Revenue was down 12.7%.

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