Renold FY profits seen 'materially ahead' of upwardly revised expectations

17th Apr 2023 08:02

(Sharecast News) - Industrial chains supplier Renold said on Monday that the "strong momentum" in its performance experienced in the first nine months of the year had continued through the final quarter and said it now sees full-year profits coming in ahead of previous guidance.

Renold stated revenue for the year ended 31 March was £247.1m, a year-on-year increase of 26.6% on a reported basis and 18.8% at constant exchange rates. Excluding the impact of its Industrias YUK acquisition, completed in August 2022, turnover increased by 21.1%.

Group order intake was £260.3m, a year-on-year increase of 16.3% on a reported basis, and net debt came to £29.8m at the end of the year, a reduction of £4.2m in the second half.

Renold highlighted that it now expects underlying trading profits and margins to be "materially ahead" of already upwardly revised market expectations.

As of 1010 BST, Renold shares had surged 12.93% to 28.12p.

Reporting by Iain Gilbert at Sharecast.com