Renold PLC - Derby, England-based supplier of industrial chains and power transmission products - Posts revenue of GBP116.3 million for the six months that ended on September 30, up 22% from GBP95.3 million the year before. Notes strong demand in the first half, showing a "good recovery as the worst effects of the pandemic receded". Says group order intake in the period is GBP121.3 million, up 19% from a year ago. Pretax profit, however, dips by 3.0% to GBP6.5 million from GBP6.7 million.
Order book at 30 September stands at GBP99.0 million, continuing at record high. This is compared to GBP72.1 million a year ago.
Chief Executive Officer Robert Purcell says: "The strong trading momentum experienced in the second half of the last financial year has continued in the first half, with the group continuing to successfully manage significant inflation and supply chain disruption, resulting in growing sales and record orders. Whilst we are mindful that global markets continue to be uncertain, with ongoing labour and energy cost inflation and supply chain challenges, the group's trading momentum continues to be positive."
Current stock price: 23.94 pence, up 4.1% on Wednesday in London
12-month change: down 26%
By Xindi Wei; xindiwei@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Renold (RNO)