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(Alliance News) - Renold PLC on Tuesday reported strong trading for the first four months of the year ending March 31, and forecasts its full-year results to be higher than originally expected.
Ahead of its annual general meeting, the Derby, England-based supplier of industrial chains and power transmission products said revenue in the first four months of the financial year was GBP85.1 million, up 17% from GBP73.0 million the previous year.
Renold added that Yuk SA, which it acquired in August last year, contributed GBP5.4 million in revenue.
Looking ahead, the company noted that despite ongoing inflation and higher costs, it has maintained a strong order book and has seen an increase in activity following its acquisition of Melbourne-based Davidson Chain PTY earlier this month. Renold anticipates its full-year results to be "higher than previously expected."
Shares in Renold were up 0.5% at 30.90 pence each in London on Tuesday midday.
By Sabrina Penty, Alliance News reporter
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