Day trippers: a quarter of Britons visited a theme park last year
4 October 2012
Manufacturer Renold, whose gearboxes and chains are used in everything from trains to roller coasters, hit the buffers today as it blamed “volatile” global markets for a profit warning.
The shares dived 23%, or 6.1p, to 20.4p as the company said weak demand for its equipment in Europe and the US had shown no sign of improvement since the summer, with first-half sales down 6%.
Renold is slashing costs as a result but warned that profits for the year to March 31 “will be significantly below current market expectations”, its second warning in three months.
It has struck an agreement over £49 million in new borrowing facilities with its banks until October 2016.
