Stockport and Wythenshawe based industrial chains manufacturer, Renold, has reported year on year sales revenue grew 18.7% to £93 million as of 31st August 2022.
The business, which manufacturers chains and other power transmission products, has revealed in its latest trading updates that its order book has also reached a record high of £97.9 million; this figures excludes an £11 million long-term military announced in July 2021.
The strong performance follows the business’ acquisition of Spanish rival, YUK, earlier this year, which has contributed £0.8 million to sales revenues, and added £3.9 million in orders.
Despite the record growth, the business remains mindful that global markets remain uncertain due to high inflation, energy costs and ongoing supply chain disruption in the aftermath of the Covid-19 pandemic and Russian sanctions, with increased inventory holdings through the YUK acquisition forming part of contingency plans to protect from future disruption.
In the trading update published ahead of the Stockport manufacturer’s AGM, Renold’s Board also confirmed that it expected to hit operating profits in line with market expectations at the end of its financial year in 2023, with its strong order book and entry into the Iberian markets providing opportunities for further growth.
Renold is a global supplier and manufacturer of industrial chains and also manufactures a range of torque transmission products, with a manufacturing site in Stockport and Head Office in Wythenshawe.
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