Stockport and Wythenshawe-based manufacturer, Renold, has revealed it will be ahead of market expectations when it announces its preliminary results for the year ending 31st March 2024.
The international supplier of industrial chains and power transmission products shared in a trading update that its results for the full year are expected to show adjusted operating profit approximately 20% higher than the previous year.
Improvement in margin is behind the growth in profit at the business, with revenue for the year at £241.5 million, down 2.3% on the previous year after currency exchange rates are considered. Order intake at Renold also increase over the second half of the 2023-24 financial year, up 7.5% on the previous six months. The Stockport manufacturer’s closing order book at the end of March 2024 stood at £83.6 million, close to record levels and in line with its position in September.
The group has also seen its end of year net debt position improve, down to £24.9 million at 31st March 2024, down £4.9 million over the course of the year.
Renold continues to strengthen its financial position, which provides funding capacity to support its strategic growth objectives. These include both investment to further enhance operational capabilities as well as value-accretive acquisitions, from a developing pipeline of opportunities.
The Stockport manufacturer anticipates posting its results for the 2023-24 financial year on 17th July 2024.
£1 million fund launched for SME manufacturers to accelerate digital transformation 
C&C and Lancashire Cricket extend partnership 
Greater Manchester leaders and food delivery companies sign new charter for safer roads