Results round-up

Renold posted a rise in full-year operating profit and revenue on Tuesday thanks to strong growth in its chain division.

The company, which supplies industrial chains and related power transmission products, said adjusted operating profit pushed up 15.5% in the year to 31 March to £16.4m, on revenue of £202.4m, up from £190.8m.

Renold highlighted strength in the chain division, where underlying revenue grew 7.5% on the year to £163.9m and adjusted return on sales improved to 11.2% from 9.6% in 2018.

The company attributed the performance to stronger macroeconomic conditions and higher sales prices, combined with an enhanced commercial team and improved levels of customer service.

Meanwhile, the performance of the Torque Transmission division was slightly behind the previous year, reflecting a combination of expected lower long-term contract revenues and a short-term change in product mix affecting margin.

Chief executive Robert Purcell said: "The chain division has delivered encouraging organic growth as well as improved operational efficiency, increasing adjusted operating profit to record levels. The continued successful execution of the strategic plan has enabled margin improvement to be delivered in spite of labour cost inflation and the significant relocation of our Chinese factory, which will take time to ramp up to targeted output and productivity levels.

"We are mindful of these factors entering the new year, but remain confident that our strategic initiatives provide us with a clear pathway to further future progress."

Comptoir Group, the owner of the Comptoir Libanais restaurant chain, said on Tuesday that it continues to trade in line with management's expectations.

In a statement ahead of its annual meeting, the company said that its newly-opened restaurants are performing well, including the new Comptoir Westfield restaurant opened earlier this month.

Like-for-like sales growth and margins are ahead of last year, it said, adding that the balance sheet is "robust" and it's confident in the outlook for the year ahead.

"The board continues to take a cautious approach to selecting new site openings and is exploring multiple opportunities for both organic growth and further franchise opportunities."