Renold – accounting over-statements “broadly consistent with the guidance”. Or are they?
By Steve Moore | Tuesday 27 August 2019
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
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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