The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRenold Share News (RNO)

Share Price Information for Renold (RNO)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 57.20
Bid: 56.20
Ask: 57.00
Change: 0.60 (1.06%)
Spread: 0.80 (1.423%)
Open: 56.20
High: 57.20
Low: 56.20
Prev. Close: 56.60
RNO Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Renold interim profit soars on revenue growth and cost cuts

Wed, 15th Nov 2023 10:38

(Alliance News) - Renold PLC on Wednesday said profit growth in the first half of its financial year soared amid progress in cost reduction plans.

Shares in Renold rose 6.9% to 32.06 pence each in London on Wednesday morning.

The Derby, England-based supplier of industrial chains and power transmission products said in the six months that ended on September 30, pretax profit jumped 92% to GBP12.5 million from GBP6.5 million a year prior.

Revenue increased 7.7% year-on-year to GBP125.3 million from GBP116.3 million.

This was driven by "strong improvement" in the activity levels of its Torque Transmission division, as well as "continued growth" in its Chain division, the company said.

The company added that made "good progress on productivity improvements, cost reduction programmes and capital investment projects, accelerating the integration of group-wide supply chain and increasing operational capabilities".

Renold did not declare an interim dividend, unchanged from a year earlier.

The company added that its order book at September 30 totalled GBP83.6 million, a decrease of 16% from GBP99.0 million in the same period a year ago.

Looking ahead, Renold said it is "well-placed" to manage business risks, adding that it is "increasingly confident" in delivering full year results ahead of previous market expectations.

Chief Executive Officer Robert Purcell said: "I'm pleased to report continued progress which builds on the momentum the group has enjoyed in recent periods, delivering a record half year result. Sales, margins, profits and cash generation have all progressed well. Global markets continue to be uncertain, and we remain vigilant for changes in patterns of demand beyond the current order book shortening."

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
16 Jul 2021 11:26

SMALL-CAP WINNERS & LOSERS: Renold revenue down; Luceco ups guidance

SMALL-CAP WINNERS & LOSERS: Renold revenue down; Luceco ups guidance

Read more
16 Jul 2021 10:04

Annual profit rise for Renold despite "volatile operating environment"

Annual profit rise for Renold despite "volatile operating environment"

Read more
13 Jul 2021 11:23

REPEAT: Renold wins deal to supply flexible couplings to Royal Navy

REPEAT: Renold wins deal to supply flexible couplings to Royal Navy

Read more
13 Jul 2021 11:10

Renold wins contract for to supply flexible couplings to Royal Navy

Renold wins contract for to supply flexible couplings to Royal Navy

Read more
13 Jul 2021 10:48

SMALL-CAP WINNERS & LOSERS: Circassia revenue up; Renold wins new deal

SMALL-CAP WINNERS & LOSERS: Circassia revenue up; Renold wins new deal

Read more
9 Jul 2021 15:53

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
16 Jun 2021 10:18

AIM WINNERS & LOSERS: Best of the Best sees customer engagement ease

AIM WINNERS & LOSERS: Best of the Best sees customer engagement ease

Read more
16 Jun 2021 10:02

IN BRIEF: Renold delays annual results on audit delay; trading in line

IN BRIEF: Renold delays annual results on audit delay; trading in line

Read more
10 Jun 2021 16:09

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
1 Jun 2021 15:51

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
14 Apr 2021 11:50

IN BRIEF: Renold sees results in line with guidance, buys chain maker

IN BRIEF: Renold sees results in line with guidance, buys chain maker

Read more
14 Apr 2021 10:02

Renold sees continued recovery in order intake

(Sharecast News) - Industrial chain and power transmission products supplier Renold said on Wednesday that the recovery in both order intake and revenues had continued, with trading for the year ended 31 March in line with the board's revised expectations.

Read more
8 Apr 2021 16:04

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

Read more
13 Jan 2021 10:29

Renold Expects Second Half Profit To Remain In Line With First Half

Renold Expects Second Half Profit To Remain In Line With First Half

Read more
20 Nov 2020 13:42

UK EXECUTIVE CHANGE SUMMARY: New CFOs For Indivior And Costain

UK EXECUTIVE CHANGE SUMMARY: New CFOs For Indivior And Costain

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.