Renold revenue falls 13% to £165m, but orders grow

Shares of Manchester industrial chain and power transmission firm Renold plc fell about 6% on Friday as it published results for the year ended March 31, 2021, showing revenue fell about 13% to £165.3 million and profit before tax rose to £5.9 million from £4.9 million.

Renold said its order books have been growing in the early part of the new financial year.

Renold CEO Robert Purcell said: “I am pleased with the group’s robust performance through the pandemic which reflected the benefits of the strategic development completed over prior years.

“In particular, our employees around the world have responded excellently to the challenges we have faced and I thank them for their dedication and commitment to the company and our customers.

“Throughout the year the business performance has been on an improving trend and I am pleased to report that our order books have continued to grow in the early part of the new financial year.

“Whilst there remain considerable Covid-19-related challenges in some parts of the world, with supply chain issues and rising costs, we are well placed to deal with these and our performance over the last 12 months gives me confidence that we will return to growth in the new financial year.”