Blog posts

Renold Accounts, Audit Quality and Abnormal Price Movements

Chain maker Renold (RNO) has provided the latest example of sloppy accounting work. On the 9th July it reported that it had identified accounting issues in the three years ending March 2017, 2018 and 2019. Assets and profits were overstated and liabilities were understated in the Torque Transmission division. In total adjusted operating profits were overstated by £1.8 million. As a result the AGM is being postponed to give time for revising the Annual Accounts. Their auditors are Deloitte. The Financial Reporting ...

AGM Reports

Renolds (RNO) AGM Report 2012

When will the share price of Renold (RNO), one of the grand old names of British engineering, finally start reflecting the significant improvement in the group’s underlying performance? Comments at RNO’s AGM in Manchester, on July 12, suggest that RNO’s long overdue return to normality (it last paid a dividend in 2005) is taking even longer than expected. Matthew Peacock, the outgoing chairman, highlighted the fact that over the last 12 months the group has doubled its underlying operating profits to £14.1m ...