Shares in Renold fall as much as 34 percent after the British industrial chain maker forecasts full-year adjusted operating profit will be significantly lower on weaker demand for its products in many European markets.
"The group has once again illustrated how cyclical its markets are and furthermore just how operationally geared they are to changes in demand," Finncap analyst David Buxton says in a note.
"Management is now taking further steps to reduce the cost base, so there is also likely to be a larger restructuring cost than previously expected."
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