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.

Copyright 2023 Alliance News Ltd. All Rights Reserved.