Renold sees bigger than expected hit from FX

Shares in industrial chains supplier Renold moved lower on Monday morning after the group revealed the effect of foreign exchange movements was higher than previously anticipated.

Despite this, the company said expectations for full-year adjusted operating profit remained in line with current market forecasts and that good progress had continued to be made with its turnaround.

"Further planned improvements in operating margins in both divisions were successfully delivered during the period," the firm said.

Shares had declined 6.33% to 51.05p by 08:30.