Renold (RNO)

Sector:

Engineering

Index:

FTSE AIM All-Share

 17.50p
   
  • Change Today:
      0.000p
  • 52 Week High: 35.50
  • 52 Week Low: 17.20
  • Currency: UK Pounds
  • Shares Issued: 225.42m
  • Volume: 4,465
  • Market Cap: £39.45m
  • RiskGrade: 164

Renold investigation finds 'intentional' mis-statement of accounts

By Michele Maatouk

Date: Tuesday 27 Aug 2019

LONDON (ShareCast) - (Sharecast News) - Industrial chains supplier Renold said on Tuesday that it had completed the investigation into historical accounting issues at its gears business, which found that there had been an "intentional misstatement of results at a local level".
The company said the issues were confined to its gears business and the overstatement was broadly in line with the guidance given back in July. Renold, which did not say who was responsible for the misstatement, said it comprised "many adjustments across a number of balance sheet categories".

The cumulative effect resulted in net assets at 31 March 2019 being overstated by £2.5m, while adjusted operating profit was overstated by £1m.

Chief executive Robert Purcell said: "These events are frustrating and deeply disappointing but the board, in conjunction with the Audit Committee, have acted swiftly to fully investigate all matters.

"We are working closely with Deloitte, the group's auditor, to ensure that recommended improvements to the internal control environment are quickly and effectively implemented.

"With the investigation and audit of the revised accounts completed, we can refocus our efforts on operational improvement and generating value for shareholders."

Renold was forced to postpone its annual general meeting in July after identifying the accounting mistakes that led to an overstatement of profits.

At 0930 BST, Renold shares were up 6.4% at 24.10p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Renold Market Data

Currency UK Pounds
Share Price 17.50p
Change Today 0.000p
% Change 0.00 %
52 Week High 35.50
52 Week Low 17.20
Volume 4,465
Shares Issued 225.42m
Market Cap £39.45m
RiskGrade 164

Renold Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
20.75% above the market average20.75% above the market average20.75% above the market average20.75% above the market average20.75% above the market average
24.32% above the sector average24.32% above the sector average24.32% above the sector average24.32% above the sector average24.32% above the sector average
Price Trend
83.85% below the market average83.85% below the market average83.85% below the market average83.85% below the market average83.85% below the market average
85.37% below the sector average85.37% below the sector average85.37% below the sector average85.37% below the sector average85.37% below the sector average
Income Not Available
Growth
39.33% above the market average39.33% above the market average39.33% above the market average39.33% above the market average39.33% above the market average
5.26% above the sector average5.26% above the sector average5.26% above the sector average5.26% above the sector average5.26% above the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 2
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Renold Dividends

No dividends found

Trades for 29-Jan-2020

Time Volume / Share Price
15:48 465 @ 17.20p
11:05 4,000 @ 17.20p

Renold Key Personnel

CEO Robert Purcell

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