Stockport manufacturer reports record performance

Stockport and South Manchester based manufacturer, Renold, has announced record results for its year ending 31st March 2023.

The supplier of industrial chains and transmission products has sites in Bredbury and Wythenshawe, and delivered significant revenue growth in the past financial year, achieving record trading performance of £247.1 million in sales.

The firm achieved 26.6% revenue growth on its previous year’s revenue, despite the macroeconomic challenges of rising inflation and international supply chain problems. Renold also ended the year with a closing order book of £99.5 million, an 18.3% increase on the start of the year and boding well for performance in the 2023/24 financial year.

Despite the group’s record performance, Renold has opted to not pay out dividends to shareholders in the short-term, and instead reinvest in other opportunities for the business to ensure a better medium-term outcome for shareholders.

Other highlights of Renold’s 2022/23 trading include the takeover of Spanish business, YUK, in late 2022.

Robert Purcell, Chief Executive, commented:

“I am delighted with the Group’s robust performance during the last financial year which delivered record results and exceeded market expectations, reflecting the benefits of the strategic programmes implemented in recent years. Throughout the reported period, the business performance has been on an improving trend and our order books continue to be healthy though order patterns have been inconsistent in the early part of the new financial year. We recognise that there are still considerable economic challenges in many parts of the world; supply chain issues, although reducing in number and severity, are still prevalent and inflation and prices remain high, for both energy and materials. However, we have entered the new financial year with good momentum and confidence in the excellent fundamentals of the Renold business, although macroeconomic trends add a note of caution. Once again, Renold employees around the world have responded magnificently to the challenges we have faced and I thank them for their dedication and commitment to the Group and our customers.”