19-05-2003

Renold plc, the precision engineering group, is pleased to announce that the sale of its former Jones & Shipman factory site in Leicester to Morris Homes has become unconditional and proceeds are expected by the end of May 2003.

The net proceeds of the sale, �5.2m in cash, will be used to pay down Company borrowings. The carrying value of the site was �2.3m in the balance sheet at 29 March 2003.

As recently stated, Renold's preliminary results for the year to 29 March 2003 will be announced on Monday, 9 June 2003.