(Alliance News) - Renold PLC on Monday lifted its annual profit forecast after reporting a strong start to its new financial year.
Renold shares were 17% higher at 22.91 pence each in London on Monday morning.
The industrial chains and power transmission products supplier said it saw continued "strong momentum" in the four months to July 31.
Revenue for the period was up 14% annually to GBP62.5 million, a 20% constant currency hike. Order intake for the four-month period jumped 61% to GBP79.7 million, already ahead of the whole of the first half of financial 2021, which ended on March 31.
Even without including a bumper GBP11.0 million long-term deal with the Royal Navy, order intake was up 40%, the Manchester-based firm said.
For the whole of the six months to September 30, 2020, Renold's revenue was GBP81.5 million, while its order intake was GBP76 million.
Renold's order book stands at GBP70.5 million, its strongest-ever level.
Renold noted raw material and transport cost inflation, as well as "significant" supply chain disruption. However, it still expects adjusted operating profit for the first half and the full year to rise annually and also top market estimates.
First-half adjusted operating profit a year earlier was GBP5.8 million, with the annual figure at GBP11.2 million.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Renold (RNO)