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 £85.1 million, up 17% from £73.0 million the previous year.
Renold added that Yuk SA, which it acquired in August last year, contributed £5.4 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.
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