Renold Plc (LON:RNO), a leading international supplier of industrial chains and related power transmission products, has announced its audited results for the year ended 31 March 2025.
Financial highlights
| £m | 2025 | 2024 | Change | Change (constant currency)1 |
| Revenue | 245.1 | 241.4 | +1.5% | +3.9% |
| Adjusted operating profit2 | 32.2 | 29.7 | +8.4% | +11.4% |
| Return on sales2 | 13.1% | 12.3% | +80bps | +90bps |
| Adjusted profit before tax2 | 24.3 | 22.1 | +10.0% | |
| Net debt3 | 44.8 | 24.9 | ||
| Adjusted earnings per share2 | 9.0p | 7.8p | +15.4% | |
| Additional statutory measures | ||||
| Operating profit | 28.5 | 30.5 | -6.6% | |
| Profit before tax | 20.6 | 22.9 | -10.0% | |
| Basic earnings per share | 7.6p | 8.3p | -8.4% |
| • | Revenue of £245.1m, increased 1.5% year on year, up 3.9% at constant exchange rates (FY24: £241.4m) |
| • | Adjusted operating profit, £32.2m (FY24: £29.7m), up 8.4% at reported rates and 11.4% at constant currency. Return on sales 13.1%, up 80bps |
| • | Net debt at 31 March 2025, £44.8m, increased in the year following the acquisition of Mac Chain (£23.8m), and the Cardiff property (formerly leased) |
| • | Year end net debt 1.0x adjusted EBITDA (31 March 2024: 0.6x) |
| • | Adjusted EPS up 15.4% to 9.0p (FY24: 7.8p); Basic EPS 7.6p (FY24: 8.3p) |
Business highlights
| • | The Group delivered record adjusted results, with both Chain and TT divisions performing strongly, despite continued market uncertainty. |
| • | Constant currency order intake of £250.1m (FY24: £227.5m), increased 9.9%, 7.5% when currency headwinds are taken into account. |
| • | Closing order book at £83.0m (FY24: £83.6m) remains strong. |
| • | Acquisition of Mac Chain in September 2024, for US$30.9m, increases the Group’s access to the Western US and Canadian markets, while also increasing the Group’s share of the forestry chain market. The integration process is progressing to plan. |
| • | On 25 June 2025 the Group announced the acquisition of Ognibene s.p.a., a leading supplier of transmission chain in Italy, for a cash consideration of €10.0m. The acquisition is expected to be immediately earnings enhancing. |
| • | Increased capital investment of £16.4m (FY24: £9.0m) during the year has improved the efficiency, productivity and capability of the Group’s manufacturing locations and includes the purchase of the Cardiff property and the Valencia rebuild. |
| • | In October 2024, the Group manufacturing facility in Valencia was impacted by a major flood; rebuilding work is progressing well, with customer service levels fully recovered. |
1 See below for reconciliation of actual rate, constant exchange rate and adjusted figures
2 See Note 20 for definitions of adjusted measures and the differences to statutory measures
3 See Note 17 for a reconciliation of net debt which excludes lease liabilities
Robert Purcell, Chief Executive, commented:
“I am pleased that the Group performed strongly throughout the year, reflecting Renold’s excellent market position and fundamentals, combined with all the hard work, strategically, commercially and operationally, that has been undertaken over recent years by our employees across the world. Renold continues to increase its capabilities and international footprint, both organically and through acquisition, which we believe positions the business well to address the needs of a broad customer base.
Our clear and effective strategy has delivered further progress and strong results in FY25, but we remain mindful of the additional challenges presented by the current economic backdrop. The Group has a broad international footprint and highly differentiated product offering, and as such has been able, using supply chain flexibility and price rises, to mitigate a large part of the direct cost headwinds presented by current changes to tariff regimes.
Overall, volume demand during the early part of FY26 has been slightly below prior year levels, with some customers deferring procurement decisions in response to the heightened level of uncertainty, affecting a number of our geographic and sector end-markets. During the first quarter, the impact of reduced Group sales volumes was largely offset by pricing and we will take further pricing action to meet additional cost increases if necessary. We are also seeking to manage the effects of currency movements and particularly the weaker US dollar, which if the current exchange rate is maintained for the remainder of the financial year, would represent a translational headwind to earnings.
We would expect greater customer outlook visibility to drive improved demand, but currently anticipate this to remain subdued, at least through the remainder of the first half of the current financial year. Against this backdrop, we are focussed on maximising our efficiency and ensuring we can respond effectively to changing conditions, in order to maintain our strategic momentum.”
Offer from MPE Bid Co (“MPE”)
On 13 June 2025, MPE announced a firm intention to make an offer to acquire the entire issued share capital of Renold, at a price of 82 pence per share, which has been recommended by the Board (the “MPE Offer”). As at 9 July 2025, the MPE Offer remains subject to a number of conditions, including approval by the Company’s shareholders and consequently there can be no certainty that a transaction will complete. Should the MPE Offer be successful, the transaction is expected to complete during FY26.
Meeting for analysts and institutional investors
A virtual meeting for institutional investors and analysts will be held today at 9.30am BST. If you wish to attend this meeting please contact [email protected] or call Tim Metcalfe of IFC Advisory Limited (020 3934 6632) before 8.45am to be provided with access details.
Reconciliation of reported and adjusted results
| Revenue | Operating profit | Earnings per share | ||||
| 2025£m | 2024£m | 2025£m | 2024£m | 2025pence | 2024pence | |
| Statutory reported | 245.1 | 241.4 | 28.5 | 30.5 | 7.6 | 8.3 |
| Amortisation of acquired intangible assets | – | – | 1.6 | 1.0 | 0.8 | 0.5 |
| Acquisition costs | – | – | 1.6 | 0.5 | 0.8 | 0.2 |
| – Deferred tax triggered on acquisition | – | – | – | – | – | (0.5) |
| Impact of Valencia flood | – | – | 0.4 | – | 0.2 | – |
| – Tax impact of Valencia flood | – | – | – | – | (0.5) | – |
| Assignment of lease and cost of closed sites | – | – | – | (2.3) | – | (1.1) |
| Unwind of fair value inventory uplift on acquisition | – | – | 0.6 | – | 0.3 | – |
| – Tax on unwind of fair value inventory uplift | – | – | – | – | (0.1) | – |
| Release of dilapidation provision on acquisition of leased property | – | – | (0.5) | – | (0.2) | – |
| – Tax on release of dilapidation provision | – | – | – | – | 0.1 | – |
| – Tax on assignment of lease and cost of closed sites | – | – | – | – | – | 0.4 |
| Adjusted | 245.1 | 241.4 | 32.2 | 29.7 | 9.0 | 7.8 |
| Exchange impact | 5.7 | – | 0.9 | – | 0.2 | – |
| Adjusted at constant exchange rates | 250.8 | 241.4 | 33.1 | 29.7 | 9.2 | 7.8 |
Chair’s statement
I am pleased to report that FY25 was another record year for Renold in which we delivered further improvements over what was an excellent financial performance in the prior financial year, while completing a bolt-on acquisition in the Pacific Northwest of North America, which strengthens our position both regionally and particularly in the North American forestry market.
In October 2024, our production facility in Valencia was impacted by a significant multi-generational flooding event. I am grateful that none of our employees were injured during the flood, and I have been impressed by both the resilience of the workforce and their tireless efforts to bring the facility back into full production during the second half of the year. I also continue to be impressed by the engagement, flexibility and adaptability of our teams across the world, who have delivered an outstanding result despite the various geopolitical challenges affecting the business world.
Strategic developments
During the year, the Renold strategic change programmes across the Group once again delivered meaningful benefits, particularly in standardising and simplifying the business.
The completion of several major strategic restructuring initiatives in prior years, together with strong free cash generation and a solid balance sheet, puts the Group in an excellent position to capitalise on accretive acquisitions that augment our existing market position. This will allow us to accelerate growth in revenue of our existing products, in adjacent sectors and by entry into financially attractive under-represented applications and geographies. Most importantly, the Group will also benefit from significant production synergies by integrating acquired businesses.
The continuing review of our capabilities throughout the Group is identifying opportunities for the upgrade and development of existing manufacturing processes across our international locations to create higher specification, higher performance products. This review will also facilitate standardisation across more product lines which, in turn, will enable us to benefit more comprehensively from our geographic footprint and economies of scale. In addition, flexibility between manufacturing locations will support increasing customer expectations for supply chain diversification, for risk mitigation and a changing tariff environment, improving even further our value proposition.
During the year, the Group continued to develop its strategy for long-term sustainability, including projects aiming to reduce energy consumption, raw material waste, packaging use and carbon dioxide emissions, whereby Renold is ensuring sustainability is one of its guiding principles. Renold is focussed on making a difference through real actions which, over a period of time, aim to deliver discernible benefits for the environment, our customers and the business.
Offer from MPE Bid Co (“MPE”)
On 13 June 2025, MPE announced a firm intention to make an offer to acquire the entire issued share capital of Renold, at a price of 82 pence per share, which has been recommended by the Board (the “MPE Offer”). As at 9 July 2025, the MPE Offer remains subject to a number of conditions, including approval by the Company’s shareholders and consequently there can be no certainty that a transaction will complete. Should the MPE Offer be successful, the transaction is expected to complete during FY26.
Dividend
In light of the MPE Offer, announced on 13 June 2025, the Board has decided not to declare a final dividend for the year ended 31 March 2025 (“FY25”), as MPE has reserved the right to decrease the price per Renold share payable in respect of the Acquisition for any dividend declared, made, paid or that becomes payable by Renold on or prior to the effective date of the Acquisition.
Summary
The Group has performed admirably in the face of continued economic and geopolitical uncertainty. The strong and improving trading and financial performance of the Group, particularly a higher adjusted operating margin and increased cash flow generation, is providing greater flexibility to exploit future organic and acquisition-related growth opportunities. I would like to thank all our employees around the world, especially those in Valencia, for their diligence and commitment, who have been key to delivering the strong results for the Group.
DAVID LANDLESS
CHAIR
9 July 2025
Chief Executive’s review
This year saw a continuation of the Group’s strong momentum and a further record year, with the Group’s FY25 adjusted operating profit of £32.2m some 8.4% higher than the prior year.
Revenue for the year was £245.1m (FY24: £241.4m), a year on year increase of 3.9% at constant exchange rates, or an increase of 1.5% when currency headwinds are taken into account. In September 2024 the Group acquired the operations of Mac Chain Company Ltd, based in the Pacific Northwest of both the US and Canada. Mac Chain contributed £9.3m to turnover during its period of ownership.
Group constant currency order intake during the year was £250.1m (FY24: £227.5m), an increase over the prior year of 9.9%. Including the impact of currency headwinds, reported order intake was £244.5m, a 7.5% increase on the prior year. May 2024 saw the Group announce a large military contract for £10.6m to supply couplings to the Canadian navy; excluding the impact of the large military contract constant currency order intake increased by 5.3%.
The closing order book at 31 March 2025 of £83.0m (FY24: £83.6m) remains close to record levels and increased slightly over the half year position (30 September 2024: £80.8m).
Group adjusted operating profit1 of £32.2m (FY24: £29.7m) was 8.4% ahead of prior year on a reported basis, and 11.4% ahead on a constant exchange rates basis. Pleasingly, return on sales for the year at 13.1% increased 80bps over last year’s reported figure of 12.3%. Profitability was strong in the second half of the financial year, where Mac Chain, in line with analysts’ estimates, contributed £1.3m to the Group adjusted operating profit.
Statutory operating profit reduced to £28.5m (FY24: £30.5m), driven primarily by adjusting items relating to the impact of the Valencia flood of £0.4m, unwind of fair value inventory uplift on acquisition of £0.6m, costs associated with the acquisition of Mac Chain of £1.6m, and amortisation of acquired intangibles of £1.6m, offset by the release of a dilapidation provision for the formerly leased Cardiff site of £0.5m, while the prior year was flattered by a non-recurring one-off profit of £2.3m relating to the assignment of a lease on a closed site.
The Group continued to benefit from the impact of the significant efforts undertaken in the current and previous years to lower the fixed cost base whilst increasing flexibility and operational leverage. The Group has successfully managed a period of significant political uncertainty, with the ongoing war in Ukraine, the US elections, and supply chain disruption to materials and transportation, in terms of availability, lead times and increased input costs. Going forward political uncertainty continues unabated, with the threat of worldwide tariffs and US trade sanctions adding to the uncertainty. The Group is planning to respond in a robust manner to the threat of tariffs, and intends to pass on any increased costs, as we have previously done, while attempting to maintain margins and simultaneously continuing to run cost reduction, efficiency, simplification and standardisation programmes. We expect cost pressure on material, labour, energy and transportation to persist in the current financial year.
Renold continues to drive increased operational performance through specific projects aimed at better levels of efficiency and productivity, through automation, improved design and engineering, standardisation of products, better utilisation of machinery and people, including more flexible working practices, and leveraging the benefits of improved procurement strategies. The Group’s capital investment programme increased during the year, and has continued to concentrate on increased automation in all of our facilities, together with replacement expenditure due to the Valencia flood, which we expect to be covered by insurance. The Group also took the opportunity to invest in the long-term future of the Couplings business, by purchasing the formerly leased Cardiff site. The Group’s operational capabilities are steadily improving as consistent levels of investment bear fruit and we continue to develop ever better technologies and processes, allowing us to make higher specification and better performing products that maintain and enhance our market leadership.
In September 2024, the Group acquired Mac Chain for US$30.9m, which increases the Group’s access to CVC and forestry chain markets in the Pacific Northwest of the USA, British Columbia, and Quebec, building on Renold’s existing strong brand position. The Mac Chain operational sites will allow us to accelerate our programme of service centre development, as we use excess space and capacity to offer a greater range of products and services. The business is performing in line with the Board’s expectations at the time of the acquisition, and its integration with the wider American business is progressing well.
A focus on free cash flow generation remains a key priority for management. Closing net debt was £44.8m (31 March 2024: £24.9m). The purchase of the Mac Chain business, together with related costs and deferred consideration for a prior acquisition, resulted in a total acquisition spend of £23.4m. Additionally, the Group made the final payment for the Group’s Chinese factory building of £2.5m and purchased the formerly leased Cardiff site for £3.8m.
1 See Note 20 for definitions of adjusted measures and the differences to statutory measures
Chain performance review
The high levels of activity seen within the Chain division in the prior year continued. Revenue on a constant exchange rates basis increased by 3.9%; 1.3% when currency headwinds are taken into account, and finished the year at £195.3m. In September 2024 the Group acquired the trading assets of Mac Chain, which contributed revenue of £9.3m. Adjusted operating profit increased by 1.9% to £32.1m; 4.4% at constant exchange rates. Return on sales improved by 10 basis points, to 16.4% (FY24: 16.3%). Statutory operating profit was £29.5m (FY24: £32.8m).
| 2025£m | 2024£m | |
| External revenue | 194.6 | 191.9 |
| Inter-segment revenue | 0.7 | 0.9 |
| Total revenue | 195.3 | 192.8 |
| Foreign exchange | 5.0 | – |
| Revenue at constant exchange rates | 200.3 | 192.8 |
| Operating profit | 29.5 | 32.8 |
| Assignment of lease and costs relating to closed sites | – | (2.3) |
| Impact of Valencia flood | 0.4 | – |
| Unwind of fair value inventory uplift on acquisition | 0.6 | – |
| Amortisation of acquired intangibles | 1.6 | 1.0 |
| Adjusted operating profit | 32.1 | 31.5 |
| Foreign exchange | 0.8 | – |
| Adjusted operating profit at constant exchange rates | 32.9 | 31.5 |
Order intake in the Chain division increased by 4.2% year on year, or 6.8% at constant exchange rates. Mac Chain contributed £9.2m to order intake in the year.
Order intake in Europe reduced by 4.6% on a constant exchange rate basis, as both the impact of the disruption to production in Valencia following the flood, and the continued softness in the German economy took their toll. In North America, constant exchange rate order intake increased by 15.4%, helped considerably by Mac Chain; excluding the acquisition, underlying order intake increased by 2.3%. Pleasingly, the other chain businesses all recorded strong order intake growth, with Australasia 14.0% higher than the prior year on a constant exchange rate basis, China 32.4% higher, although from a low base, and India 13.2% higher. Closing order books for the division finished the year at £40.1m (FY24: £47.0m).
Chain Europe, which is our largest Chain business, saw revenue on a constant exchange rates basis reduced by 2.2%, a creditable performance given the general continued sluggishness of the Northern European economy, and the impact of the six weeks of lost production at the Valencia manufacturing business following the flood. Operating profit in the region increased year on year by 7.4% at constant exchange rates, as the business concentrated on gaining production efficiencies, through increased automation, and making better use of production facilities based outside Europe.
In the Americas, constant exchange rate turnover at £86.4m was 6.3% higher than FY24. Excluding the acquisition of Mac Chain, underlying sales reduced by 5.6%. Order intake was weaker than expected due to economic uncertainty in the run up to the US elections. Activity post-election continues to be subdued due to the anticipated increased tariffs and potential worldwide trade sanctions. The business continues to invest in improved production machinery, especially concentrating on automation of component manufacture and increased heat treatment capacity, aimed at bringing forward anticipated synergies from the Mac Chain acquisition.
In Australasia, we continued to deliver revenue growth with turnover on a constant exchange rate basis increasing year on year by 9.0%. In September 2023, the Group acquired the trading assets of Davidson Chain, and excluding the impact of the acquisition, underlying revenues increased by 5.2% at constant exchange rates. Sales in the Malaysian and Indonesian markets continue to grow strongly, with revenue increasing by 12.6% and 11.1% respectively. Profitability in the Australasian business improved markedly, increasing year on year by 28.1%. Even excluding the impact of the acquisition, underlying profitability increased by 24.3%, helped by improved productivity in the Melbourne plant, a healthy pipeline of new product wins and development along with cost saving engineering initiatives aimed at the South East Asian markets, together with an increased emphasis on both customer service and stock availability.
Revenues in India recovered markedly during the year, increasing by 19.1% on a constant exchange rate basis. Product development aimed at countering the impact of increased domestic and Chinese competition led to a recovery in demand especially in the agricultural market. The benefit of opening the regional distribution warehouse in Nagpur was also evident, with the unit generating an increase in turnover of some 91.0% over the prior year, which was adversely impacted by a two-week closure of the main production site for the implementation of a new fully integrated ERP system. The unit is benefitting from the increased visibility and efficiency that the new ERP system has brought, with positive impacts on sales, profitability and service seen during the financial year.
Following the success of the Nagpur regional warehouse, plans are currently being formulated for a further three regional distribution centres to help provide significantly improved delivery times to all parts of India over the coming years. Investment plans for the Indian factory include the introduction of the same state-of-the-art technology used elsewhere in the Group for the manufacture of many component types plus assembly. This will allow India to better support both external and Group customers with higher quality products with better specifications and performance. The uncertainty over US tariffs demonstrates the benefit of Renold having production facilities in a number of countries, and therefore being able to support customers’ supply chain strategies. India is expected to be a beneficiary of the current uncertainty.
Revenues in China remained broadly flat during the year, reducing by 0.8%. External demand reduced by 5.6%, driven by a slowdown in the domestic Chinese market. Demand from Group customers increased by 3.9% during the period as European order intake for these products expanded and the Group took the opportunity to ship transmission chain products manufactured in China to the US ahead of the introduction of higher tariff levels.
Studies are currently being undertaken for the transfer of Chinese made mid-tier products sold to the US to other Renold Group manufacturing facilities, while projects focussed on improving the quality and specification of products manufactured in China are being accelerated, allowing the Jintan site to manufacture several other Renold standard products and components for other broader international markets.
The Chain division continues to develop and evolve through investment in equipment, processes, training, and development of our engineering and sales teams. This provides us with a continued strengthening of our core underlying capabilities upon which our market leading position is built.
Torque Transmission performance review
Divisional revenues of £54.8m were 2.4% higher than in the prior year due to the continued recovery in demand in our North American markets and further business wins for our Chinese operation. The Renold North American manufacturing and distribution business, based in Westfield NY, saw turnover grow by 5.1% year on year while the Chinese business, based in Shanghai saw an increase in turnover of 26.1%, albeit from a low base.
Divisional adjusted operating profit increased by 23.8% to £10.4m in the year, benefitting from operational gearing, increased profit recognition on the long term military contracts as the work progresses, and increased automation and operational efficiency. Return on sales for the division was 19.0% (FY24: 15.7%); an increase of 330bps during the year. On a constant exchange rates basis adjusted operating profit increased by 25.0%.
Momentum in this division, which has a later trading cycle and generally larger orders than our Chain business, continues to be positive.
| 2025£m | 2024£m | |
| External revenue | 50.5 | 49.5 |
| Inter-segment revenue | 4.3 | 4.0 |
| Total revenue | 54.8 | 53.5 |
| Foreign exchange | 0.7 | – |
| Revenue at constant exchange rates | 55.5 | 53.5 |
| Operating profit | 10.9 | 8.4 |
| Release of dilapidation provision on acquisition of leased property | (0.5) | – |
| Adjusted operating profit | 10.4 | 8.4 |
| Foreign exchange | 0.1 | – |
| Adjusted operating profit at constant exchange rates | 10.5 | 8.4 |
Order intake in the division at £57.1m increased by 19.6% during the year, or by 21.3% at constant exchange rates. In May 2024, the Group announced a large military contract for the supply of Hi-Tec couplings to the Royal Canadian Navy, for a total contract value of £10.6m.
The North American business unit benefitted from continued high demand for gears and couplings supplied intra-group from the UK, together with its own manufactured gear spindles and shakers, both in the US domestic market and internationally. Demand for gear couplings for the US mass transit market also continued at historically high levels. Operating profits recorded in the US TT business increased by 7.0% year on year.
Demand for Group-supplied products through the Australian distribution and service centre was soft as a number of larger projects were completed, while sales in the Chinese market increased by 26.1% as a number of new business wins came on stream.
The Couplings business unit saw a 6.0% increase in turnover year on year. As expected, the marine business, which manages the long-term military contracts, remained busy, as work continued on the second phase of the UK military contract, and the initial phase of the Australian military contract.
Product development in the Couplings business continued, with new designs for couplings that expand the performance envelope of current products, whilst adding new features and benefits, and sales of the RBI rubber in compression product continued apace. The business unit invested in improved testing capacity as development of new enhanced ranges of couplings continues to gather speed.
The Gears business made good progress in order intake, showing a 13.3% increase in the period. Profitability increased markedly, up 135% despite facing significant inflationary pressures, as the benefit of recent capital investment in automation, and other efficiency programmes bore fruit. Notable developments include new products aimed at the escalator market, especially relating to metro systems, and a number of specialist niche products aimed at the water treatment market. Demand from OEM customers, particularly for larger projects in the US and UK, which are our key geographic markets, remained strong during the year.
Sustainability
Renold takes a pragmatic approach to sustainability. Our focus is on making an actual difference through continual work programmes, aiming to reduce both energy consumption and environmental impact, and involving our customers, local communities, workforce and other stakeholders. We have not, and do not plan to make far-reaching statements on future carbon neutrality; instead we are working to be better each year. Alongside our own direct work on sustainability, we are already manufacturing products that will assist our customers to improve their sustainability performance. Development programmes have started improving our products even further so that customers have more opportunities to reduce their environmental impact.
The Group Sustainability Committee has driven a number of projects throughout the year and is constantly assessing and promoting new opportunities. One project started in the year is aimed at reducing Renold’s use of water, while we continue a successful programme aiming to cut our electricity consumption across our entire international footprint.
At a regional level, our businesses across the world have been tasked with developing their own sustainability project roadmaps, seeking to ensure that our efforts are relevant to the highly diverse regions within which we operate. Projects are running on waste reduction, elimination of various chemicals, and reducing water and energy usage. More detailed information on climate-related financial disclosures is found in our sustainability section in the Annual Report.
Strategic Plan – STEP2 progress
Having created a stronger operational platform for the Group in recent years, and with a robust balance sheet, we have increased our focus on our strategy to accelerate performance through value-enhancing acquisitions, which will allow us to benefit from both increased geographical and product coverage, and leverage synergies from increasing the throughput of our existing facilities. As a result, we have developed a pipeline of acquisition opportunities that we believe have the ability to meet our financial and operational criteria. Such acquisitions will allow us to expand our product and service offering as well as our customer base, further expand our already diverse product portfolio into adjacent market sectors, and allow us to capitalise on our ability to provide customers with high specification products that deliver real benefits to their own business performance.
The Board has a disciplined approach to appraising acquisition opportunities, ensuring that potential targets will enhance the Group’s wider strategy and earnings. Additionally, the Board is mindful of retaining a conservative capital structure, and will ensure that the long-term net debt to EBITDA ratio is maintained at an acceptable level.
During the year, Renold built on its proven track record of acquisitions with the acquisition of Mac Chain in the Pacific Northwest of the USA, British Columbia and Quebec. Mac Chain is a manufacturer and distributor of high quality conveyor chain (“CVC”) and ancillary products, with a significant presence in the forestry and broader industrial markets. A very methodical integration plan is in place to deliver margin improvement, including the in-sourcing of third party purchases and centralisation of production to improve operational efficiency. The previous owners of Mac Chain have transferred with the business and we are delighted that they and their team continue to work with us.
Organic growth and continuous business improvements are fundamental drivers of the Group strategy. Renold is consistently enhancing its operational capabilities through upgrading equipment and processes, reflected in the increased capital expenditure, funded by improving cash generation, whilst prioritising projects with a short payback period. We are focussing new product development in larger, faster growing market segments, whilst leveraging manufacturing cost improvements to penetrate new markets.
Our international manufacturing footprint is a major competitive advantage in the current world of supply chain risk, tariffs, potential trade wars and geo-political tensions. We continue to expand our capabilities to manufacture our products across multiple locations, giving our customers, and Renold, increasing flexibility to transfer production to both low cost and low tariff countries.
Our Indian business is a particular focus for capital investment and development in the next few years. We aim to expand the capability of the business in terms of range, capacity and product specification. As tariffs on Chinese product remain in place or get higher in many countries, our Indian business will see major opportunities develop internationally and in its domestic market.
These projects highlight our capital allocation priorities, and the resulting investment decisions for the Group. With the large infrastructure projects complete, capital allocation decisions are focussed on customer service, upgrading product specification capabilities and optimising revenue growth and profitability for the Group. For the Chain Division especially, this allows us to access economies of scale and offer a truly global service with increasing relevance to large OEM customers. Renold is increasingly an integrated international supplier and less a series of regional businesses.
The strategic progress made by the Group over recent years has been significant. Investments in both our production capabilities and our IT environment have resulted in significant benefits, with:
| • | Improvements in productivity and operational efficiency as evidenced by growing sales per employee; |
| • | Greater insight into the performance and opportunities in the business due to better and more complete data; |
| • | Improvements in the specification and quality of products we are able to make across our multiple manufacturing sites; and |
| • | Greater flexibility in the cost base as we continue to automate production processes. |
Irrespective of end market conditions, the financial benefits of these improvements will increasingly come to the fore.
Current operating environment
The effects of the war in Ukraine, especially in terms of higher prices for energy and materials as seen in the UK and mainland Europe, were less marked in FY25, only to be replaced with new economic uncertainties brought about by geopolitical factors, such as de-globalisation and re-shoring, increasing trade tariffs and the continuing impact of general inflation, higher interest rates, and growing pressure on labour rates around the world. The volatile operating environment the Group has faced over recent years abated slightly during FY25, only to be significantly heightened post year end as the US/China trade dispute and broader US and international tariffs came to the fore. We remain conservative around our timing expectations of a full return to normal, and expect further headwinds to persist to differing degrees in the new financial year.
Macroeconomic landscape and business positioning
The underlying fundamentals of the Group and the markets we serve provide the Board with confidence that Renold is well placed to continue to develop and deliver sustainable profitable growth. These intrinsic qualities have remained consistent over many years but we are now proactively building on these fundamentals. They include:
| • | Valued and recognised brand with well-respected engineering expertise |
| The Renold brand has been built up over our 150-year history and is trusted by customers to deliver exceptional products based on our world-class engineering and product knowledge. | |
| • | Global market position and unique geographical manufacturing capability |
| The global market position of Renold has existed for many years, but following significant strategic investments in both divisions, the geographic manufacturing footprint and capabilities we have are unique, permitting us to service customer demand with increasing levels of flexibility – a critical factor in a rapidly changing market environment. | |
| • | Relatively low cost, but business critical products |
| Chain and Torque Transmission products are fundamental elements of the systems into which they are incorporated. Our products are often a small proportion of the cost of the entire system, but critical to its operation. | |
| • | Broad base of customers and end-user markets |
| Renold products are used in an extremely diverse range of end applications, sectors, markets and geographies, resulting in a huge spread of customers and industries served. Markets and applications will change and vary in the ever-altering environment we operate in but, with its wide spread of products, geographies, applications and customers, Renold is well positioned. | |
| • | High specification products delivering environmental benefits for our customers |
| Renold products have always been high specification premium products which deliver exceptional benefits to customers. Whether through greater efficiency leading to lower power usage, longer life providing lower lifetime usage of materials and energy in their manufacture and logistics, or lower lubrication requirements, Renold products are well placed for an increasingly environmentally aware marketplace. Our products help our customers meet their sustainability objectives whilst saving them money. |
Outlook
I am pleased that the Group performed strongly throughout the year, reflecting Renold’s excellent market position and fundamentals, combined with all the hard work, strategically, commercially and operationally, that has been undertaken over recent years by our employees across the world. Renold continues to increase its capabilities and international footprint, both organically and through acquisition, which we believe positions the business well to address the needs of a broad customer base.
Our clear and effective strategy has delivered further progress and strong results in FY25, but we remain mindful of the additional challenges presented by the current economic backdrop. The Group has a broad international footprint and highly differentiated product offering, and as such has been able, using supply chain flexibility and price rises, to mitigate a large part of the direct cost headwinds presented by current changes to tariff regimes.
Overall, volume demand during the early part of FY26 has been slightly below prior year levels, with some customers deferring procurement decisions in response to the heightened level of uncertainty, affecting a number of our geographic and sector end-markets. During the first quarter, the impact of reduced Group sales volumes was largely offset by pricing and we will take further pricing action to meet additional cost increases if necessary. We are also seeking to manage the effects of currency movements and particularly the weaker US dollar, which if the current exchange rate is maintained for the remainder of the financial year, would represent a translational headwind to earnings.
We would expect greater customer outlook visibility to drive improved demand, but currently anticipate this to remain subdued, at least through the remainder of the first half of the current financial year. Against this backdrop, we are focussed on maximising our efficiency and ensuring we can respond effectively to changing conditions, in order to maintain our strategic momentum.
Robert Purcell
Chief Executive
9 July 2025
Finance Director’s review
Renold once again delivered a record performance, with Group adjusted operating profit increasing by 8.4% to £32.2m. The business produced an adjusted operating margin of 13.1% (FY24: 12.3%) and achieved a 15.4% increase in adjusted EPS to 9.0p.
| 2025 | 2024 | |||||
| Reconciliation of reported to adjusted results | Order intake | Revenue | Operating profit | Order intake | Revenue | Operating profit |
| £m | £m | £m | £m | £m | £m | |
| Reported | 244.5 | 245.1 | 28.5 | 227.5 | 241.4 | 30.5 |
| Assignment of lease and cost of closed sites | – | – | – | – | – | (2.3) |
| Impact of Valencia flood | – | – | 0.4 | – | – | – |
| Unwind of fair value inventory uplift on acquisition | – | – | 0.6 | – | – | – |
| Release of dilapidation provision on acquisition of leased property | – | – | (0.5) | – | – | – |
| Acquisition costs | – | – | 1.6 | – | – | 0.5 |
| Amortisation of acquired intangible assets | – | – | 1.6 | – | – | 1.0 |
| Adjusted | 244.5 | 245.1 | 32.2 | 227.5 | 241.4 | 29.7 |
| Impact of foreign exchange | 5.6 | 5.7 | 0.9 | – | – | – |
| Adjusted at constant exchange rates | 250.1 | 250.8 | 33.1 | 227.5 | 241.4 | 29.7 |
revenue AND OPERATING PROFIT
Constant exchange rate revenue was £250.8m, and grew by 3.9%. Translational exchange variances were a headwind, and reduced reported orders and revenue to £244.5m and £245.1m respectively.
In the Chain Division, constant currency revenue increased year on year by £7.5m, or 3.9%. The Mac Chain acquisition contributed £9.3m to turnover during the year; excluding the acquisition, underlying revenue reduced by £1.8m or 0.9%, which principally reflects the effect of the Valencia flood.
The Group generated an adjusted operating profit for the year of £32.2m (FY24: £29.7m), excluding the impact of adjusting items detailed below. Reported operating profit for the year was £28.5m (FY24: £30.5m). Return on sales increased by 80bps during the year to 13.1% (FY24: 12.3%). Operating profit margin, calculated on a statutory basis, was 11.6% (FY24: 12.6%)
Adjusting items
Adjusting items for FY25 comprise costs associated with the Valencia flood, details of which are disclosed in Note 2, including write off of assets and net of interim insurance payments on account of £0.4m (FY24: £nil), unwind of fair value inventory uplift on acquisition £0.6m (FY24: £nil), acquisition-related intangible asset amortisation of £1.6m (FY24: £1.0m), acquisition and re-organisation costs of £1.6m (FY24: £0.5m), release of a provision for dilapidations on the purchase of the formerly leased Cardiff site of £0.5m (FY24: £nil), while FY24 also included an exceptional profit on the assignment of the lease of a closed UK site of £2.3m (FY25: £nil).
Adjusting taxation items in the current year include £0.1m credit (FY24: £nil) in relation to the release of a dilapidation provision in the UK and a £1.0m (FY24: £nil) charge in relation to the tax impact of the costs incurred due to the Spanish flooding comprising the current tax impact as well as the impact of deferred tax on loss recognition. In the prior financial year, the adjusting tax items comprised a tax charge of £0.8m (FY25: £nil) in relation to the assignment to a third party of the lease for a closed UK site and a deferred tax credit of £1.0m (FY25: £nil) arising from the Davidson acquisition.
Foreign exchange rates
The majority of Renold’s business is denominated in US Dollars and Euros. Foreign exchange rates have remained volatile, with a 3% strengthening of Sterling against the Euro and 2% strengthening of Sterling against the US Dollar between March 2024 and March 2025. The movements in both US Dollars and Euros during the year together reduced sales by £5.7m and adjusted operating profit by £1.0m.
The weighted average exchange rates for the year ended 31 March 2025, which take into account phasing over the year, were 1.28 for the US Dollar and 1.19 for the Euro (2024: 1.26 and 1.16 respectively).
| FX rates (% of Group sales) | 31 Mar 24FX rate | 31 Mar 25FX rate | 31 Mar 25Var % | 2024 AverageFX rate | 2025 AverageFX rate | 2025Var % |
| GBP/Euro (28%) | 1.17 | 1.20 | 3% | 1.16 | 1.19 | 3% |
| GBP/US$ (37%) | 1.26 | 1.29 | 2% | 1.26 | 1.28 | 2% |
| GBP/C$ (7%) | 1.71 | 1.86 | 9% | 1.70 | 1.79 | 5% |
| GBP/A$ (6%) | 1.94 | 2.07 | 7% | 1.91 | 1.97 | 3% |
If the year-end exchange rates had applied throughout the year, there would be an estimated decrease of £2.8m to revenue and £0.3m to operating profit.
FinancE costs
Total finance costs in the year were £7.9m (FY24: £7.6m). This includes interest on bank loans and overdrafts of £4.1m (FY24: £3.7m), amortisation of arrangement fees of £0.4m (FY24: £0.3m), and £1.0m (FY24: £0.8m) of interest on lease liabilities. The net IAS 19 finance charge, which is a non-cash item, was £2.4m (FY24: £2.7m).
The increase in interest payable on external bank loans and overdrafts was driven primarily by the acquisition of Mac Chain for US$30.9m during September 2024, with US$27.8m paid in FY25. This will be followed by two further payments of US$1.57m, payable 12 and 24 months from the completion of the acquisition.
Profit before tax
Profit before tax was £20.6m (FY24: £22.9m), a reduction of 10.0% during the year.
Taxation
Excluding the tax effect of the non-recurring items described above, the effective tax rate on adjusted earnings was 27% (FY24: 27%), and is expected to be broadly at this level in FY26.
The total tax charge in the year of £5.5m (FY24: £5.8m) is made up of a current tax charge of £3.9m (FY24: £6.5m) and a deferred tax charge of £1.6m (FY24: credit of £0.7m). The decrease in the current tax charge is attributable to reduced taxable profits across the Group, reflecting the mix of jurisdictions in which profit was generated. For further details see Note 4.
The effective tax rate of 27% (2024: 25%) is higher than the prevailing UK tax rate of 25% (2024: 25%). The increase in the effective tax rate is primarily driven by a change in the profit mix across the Group, with higher profits in jurisdictions where the prevailing tax rate is higher than the UK tax rate as well as an increase in centrally held uncertain tax provisions and an increase in non-deductible expenses relating to acquisition costs in the period.
EARNINGS PER SHARE
Profit after tax for FY25 was £15.1m (FY24: £17.1m). Adjusted earnings per share were 9.0p (FY24: 7.8p). Basic earnings per share were 7.6p compared to 8.3p for the year ended 31 March 2024.
| 2025 | 2024 | |
| £m | £m | |
| Adjusted profit after taxation | 17.8 | 16.1 |
| Effect of adjusting items, after tax: | ||
| – Assignment of lease and cost of closed sites | – | 1.5 |
| – Acquisition costs | (1.6) | (0.5) |
| – Amortisation of acquired intangible assets | (1.6) | (1.0) |
| – Impact of Valencia flood | 0.6 | – |
| – Unwind of fair value inventory uplift on acquisition | (0.5) | – |
| – Release of dilapidation provision on acquisition of leased property | 0.4 | – |
| – Deferred tax triggered on acquisition | – | 1.0 |
| Profit after taxation | 15.1 | 17.1 |
| Basic adjusted earnings per share | 9.0p | 7.8p |
| Basic earnings per share | 7.6p | 8.3p |
Balance sheet
Net assets at 31 March 2025 were £67.4m (31 March 2024: £50.2m). Retained profit was £15.1m in the year (2024: 17.1m).
CASH FLOW AND NET DEBT
| FY25 | FY24 | ||
| £m | £m | ||
| Adjusted operating profit | 32.2 | 29.7 | |
| Add back depreciation and amortisation | 10.6 | 9.8 | |
| Add back loss on disposal of property, plant and equipment | (0.1) | – | |
| Add back share-based payments | 1.5 | 1.4 | |
| Adjusted EBITDA1 | 44.2 | 40.9 | |
| Movement in working capital | (2.4) | 3.8 | |
| Net capital expenditure | (13.3) | (10.1) | |
| Operating cash flow1 | 28.5 | 34.6 | |
| Income taxes | (7.0) | (3.8) | |
| Pensions cash costs | (6.1) | (6.0) | |
| Repayment of principal under lease liabilities | (3.0) | (2.5) | |
| Finance costs paid | (5.5) | (4.8) | |
| Consideration paid for acquisition | (23.4) | (5.2) | |
| Dividends paid | (1.0) | – | |
| Own shares purchased for the EBT | – | (4.5) | |
| Chinese building repayment | (2.5) | (2.2) | |
| Valencia Flood (net of insurance proceeds) | 0.1 | – | |
| Other movements | – | (0.7) | |
| Change in net debt | (19.9) | 4.9 | |
| Closing net debt1 | 44.8 | 24.9 | |
| 1 Adjusted EBITDA and operating cash flow are alternative performance measures as defined in Note 20. | |||
Net debt increased by £19.9m to £44.8m (31 March 2024: £24.9m). The Group invested £23.4m (FY24: £5.2m) in acquisitions in the year. Net debt at 31 March 2025 comprised cash and cash equivalents of £22.0m (31 March 2024: £17.8m) and borrowings of £66.8m (31 March 2024: £42.7m).
Working capital, mainly inventory levels, increased at year end by £1.7m (FY24: £nil), as the Group supplied additional stock to the US ahead of the imposition of increased tariffs. Trade receivables and trade payables together remained broadly flat, while a reduction in provisions resulted from the continuation of restructuring actions in Germany.
Net capital expenditure of £13.3m (FY24: £10.1m) increased during the financial year. The Group expects to continue to make investments in the coming year in increased automation in support of our strategy. Additionally, the installation of the standard Group ERP system continued as planned.
Pension deficit recovery plan cash costs of £6.1m in FY25 were broadly the same as in the prior year.
Corporation tax cash paid was £7.0m (FY24: £3.8m), with the increase due to the full utilisation of brought forward losses in both Germany and the US.
Net cash flow from operating activities, in a statutory format, was £25.0m (FY24: £32.2m) see Note 17 and the Consolidated statement of cash flows.
Debt facility and capital structure
In April 2025, the Group announced that it had renewed its borrowing facilities which included an increase of the multi-currency revolving credit facility from £85.0m to £105.0m, and the extension of the facilities for a further two years until May 2028. In addition, the Group increased its accordion option, designed to support the Group’s acquisition strategy, from £20.0m to £25.0m. The principal banking covenants remain unchanged, with the net debt/EBITDA covenant at 3.0 times EBITDA, and the EBITDA / interest cover at 4.0 times. Other key terms also remain unchanged.
At 31 March 2025, the Group had unused credit facilities totalling £22.8m (31 March 2024: £47.1m) and cash balances of £22.0m (31 March 2024: £17.8m). Total Group credit facilities, all committed, amounted to £89.5m (31 March 2024: £90.0m).
The Group has operated well within agreed covenant levels throughout the year ended 31 March 2025 and expects to continue to operate comfortably within covenant limits in the coming year.
The net debt/adjusted EBITDA multiple as at 31 March 2025 was 1.0x (31 March 2024: 0.6x), calculated in accordance with the banking agreement. Adjusted EBITDA/interest cover as at 31 March 2025 was 10.7x (FY24: 11.1x).
Going concern
The financial statements have been prepared on a going concern basis. In determining the appropriate basis of preparation of the financial statements, the Directors are required to consider whether the Group can continue in operational existence for the foreseeable future.
Further information in relation to the Group’s business activities, together with the factors likely to affect its future development, performance and financial position, liquidity, cash balances and borrowing facilities is set out in the Chair’s statement, the Chief Executive’s review, the Finance Director’s review and in the section on principal risks and uncertainties. Additional details of the Group’s cash balances, borrowings and facilities are included in Notes 13 and 14.
The Group regularly monitors its financial position to ensure that it remains within the terms of its banking covenants; it has remained comfortably within those covenants for the whole of the financial year.
Given the current level of macroeconomic uncertainty stemming from inflation, geopolitical risks, including tariffs, and also being mindful of the risks discussed in the principal risks and uncertainties section, the Group has performed financial modelling of future cash flows. The Board has reviewed the cash flow forecasts which cover a period of 12 months from the planned announcement of the FY25 results, and which reflect forecast revenue across the Group’s business units. The impact of tariffs has been considered as part of these forecasts, based on information known at the time. Tariffs are not expected to have a material impact on going concern, largely due to the Group’s ability to manufacture in the US and switch production between manufacturing sites in various countries.
A reverse stress test has been performed on the forecasts to determine the extent of a downturn that would result in a breach of covenants. Revenue would have to reduce by approximately 33% over the period under review for the Group to be likely to breach the interest cover covenant. The reverse stress test does not take into account further mitigating actions that the Group would implement in the event of a severe and extended revenue decline, such as reducing discretionary spend and capital expenditure. This assessment indicates that the Group can operate within the level of its current increased facilities, as set out above, without the need to obtain any new facilities for a period of not less than 12 months from the date of this report.
Material uncertainty as to going concern
On 13 June 2025, MPE Bid Co, a company majority-owned by a fund managed and controlled by Morgenthaler Private Equity (“MPE”) announced a firm intention to acquire the issued, and to be issued, ordinary share capital of Renold plc in accordance with Rule 2.7 of the Takeover Code. The Directors of Renold plc highlight the following points:
1 Whilst the Directors have not had direct visibility of MPE’s post completion funding for the Group, they have placed reliance on the certification made by both MPE and their financial advisors that sufficient financial resources are available for the transaction to be completed.
2 The Directors of Renold plc have had no visibility of the strategic plans for the Group post transaction, and as such are unable to certify for a 12 month period post the date of these accounts that the Group post completion can continue for a period of 12 months from the date of this report.
3 The announcement of the acquisition qualifies as an event or condition that indicates that a material uncertainty exists that may cast significant doubt upon the Group and Parent Company’s ability to continue as a going concern, under a future structure potentially introduced by MPE.
Following this assessment, and subject to the material uncertainty stated above, the Directors are satisfied that the Group has sufficient resources to continue in operation for a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in relation to this conclusion and preparing the consolidated financial statements. There are no key sensitivities identified in relation to this conclusion. The financial statements do not include any adjustments that would be required if the financial statements were prepared on a basis other than that of a going concern.
Treasury and financial instruments
The Group’s treasury policy, approved by the Board, is to manage its funding requirements and treasury risks without taking any speculative risks. Treasury and financing matters are assessed further in the section on principal risks and uncertainties.
To manage foreign currency exchange impact on the translation of net investments, certain US Dollar, Euro and Canadian Dollar denominated borrowings taken out in the UK to finance US, European and Canadian acquisitions are designated as a hedge of the net investment in relevant subsidiaries. At 31 March 2025 this hedge was fully effective. The carrying value of these borrowings at 31 March 2025 was £36.0m (31 March 2024: £10.9m).
At 31 March 2025, the Group had £0.5m (31 March 2024: £0.5m) of its gross debt at fixed interest rates. Cash deposits are placed short-term with banks where security and liquidity are the primary objectives. The Group has no significant concentrations of credit risk, with sales made to a wide spread of customers, industries and geographies. Policies are in place to ensure that credit risk on individual customers is kept to a minimum.
Pension assets and liabilities
The Group has a mix of UK (88% of gross liabilities), German (11% of gross liabilities) and other (1% of gross liabilities) defined benefit pension obligations as shown below.
| 2025 | 2024 | |||||
| Assets£m | Liabilities£m | (Deficit)/ surplus£m | Assets£m | Liabilities£m | (Deficit)/surplus£m | |
| UK scheme | 94.0 | (125.2) | (31.2) | 100.3 | (140.0) | (39.7) |
| German arrangement | – | (15.5) | (15.5) | – | (17.5) | (17.5) |
| Other arrangements | 1.6 | (1.9) | (0.3) | 3.1 | (3.0) | 0.1 |
| 95.6 | (142.6) | (47.0) | 103.4 | (160.5) | (57.1) | |
| Deferred tax asset | 2.5 | 3.0 | ||||
| Net deficit | (44.5) | (54.1) | ||||
The Group’s retirement benefit deficit decreased from £57.1m (£54.1m net of deferred tax) at 31 March 2024 to £47.0m (£44.5m net of deferred tax) at 31 March 2025. All defined benefit schemes are closed to new members and (with the exception of the union plan for the Westfield US facility, see below) for future accrual.
UK funded scheme
The deficit of the UK scheme decreased in the year to £31.2m (31 March 2024: £39.7m).
A decrease in gross liabilities of £14.8m arose primarily due to an increase in the discount rate (5.75% FY25 compared with 5.0% in the prior year). The long-term CPI inflation assumption remained constant at 2.85%.
Contributions in the year ended 31 March 2025 were £5.0m (FY24: £4.6m). This includes payment of £0.6m per annum for five years until FY27 to cover a contribution deferral agreed during the Covid pandemic. The underlying contribution to the UK scheme increases annually by RPI plus 1.5% (capped at 5%).
OTHER ARRANGEMENTS
The largest overseas arrangement is in Germany, which is unfunded in line with normal practice in Germany, with a total liability and thus deficit of £15.5m (31 March 2024: £17.5m). Pensions are paid by the Company as they fall due and cash payments for this arrangement were £1.1m (FY24: £1.1m).
Other overseas arrangements are small and are funded, with a combined deficit of £0.3m (31 March 2024: surplus of £0.1m). Total contributions in the year for these schemes were £nil (FY24: £0.3m). During the year, the Group progressed with plans to buy-out overseas arrangements, with the exception of that in Germany. In addition, agreement was reached with both employees and the union to close the union plan for future accrual in Westfield; this is expected to take effect during FY26.
POST BALANCE SHEET EVENTS
On 25 June 2025, the Group acquired the entire issued share capital of Ognibene S.p.a. (“Ognibene”) for a total cash consideration of €10.0m (£8.4m). Ognibene is being acquired on a cash free, debt free basis, and will consist of an initial cash consideration of €9.0m (£7.6m), followed by a further cash payment of €1.0m (£0.8m), payable 12 months from the anniversary of completion of the acquisition. Ognibene is a manufacturer and distributor of high-quality transmission chain (“TRC”) and ancillary products servicing a range of end markets, including packaging machinery, distribution and food processing. The acquisition increases the Group’s access to the Italian, and wider Southern European market, allowing Renold to improve its customer service offering by accommodating local stocking of our complete chain range in Italy, which in turn will generate manufacturing synergies between Ognibene and Renold’s existing international operations.
On 23 April 2025, Renold renewed its core banking facility that was due to mature in May 2026. The existing multi-currency revolving facility has been amended and extended by a period of two years and will be in place until May 2028 and is fully committed and available until maturity. The existing facility has been increased to £105.0m from the previous level of £85.0m and will be provided by the existing banks: HSBC UK, Allied Irish Bank (GB), and Citibank.
On 21 May 2025, the Board of Renold confirmed that it has received two separate unsolicited and non-binding all-cash proposals from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P, and Webster Industries, Inc, a company majority-owned by a fund managed and controlled by Morgenthaler Private Equity (“MPE”) to acquire the entire issued and to be issued ordinary share capital of Renold plc.
On 13 June 2025, MPE Bid Co made a formal offer to acquire the entire issued and to be issued ordinary share capital of Renold plc at 82 pence per ordinary share.
JIM HAUGHEY
GROUP Finance Director
9 July 2025
