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Renold – accounting over-statements “broadly consistent with the guidance”. Or are they?

Renold (RNO) describes itself as “a global leader in the manufacture of industrial chains and also manufactures a range of torque transmission products which are sold throughout the world to a broad range of original equipment manufacturers and distributors. The company has a well-deserved reputation for quality that is recognised worldwide”. Certainly, that has not proven the case with its financials at least – it last month postponing its AGM after “the identification of historical accounting issues over the three years ending 31 March 2017, 2018 and 2019… immediately initiated an independent investigation”. Now “Completion of investigation”

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