Renold, Manchester chain firm, hits record order book

Manchester industrial chain and power transmission firm Renold plc said on Wednesday its revenue rose 18.1% to £195.2 million in the year to March 31, 2022, and profit before tax more than doubled to £12.4 million.

Renold reported a record order book, with order intake up 31.7% to £223.9 million and a closing order book of £84.1 million.

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 in recent years.

“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 group and our customers during this difficult period.

“Throughout the reported period the business performance has been on an improving trend and our order books have continued to grow in the early part of the new financial year.

“We are cognisant that there remain considerable Covid-19-related challenges in some parts of the world; supply chain issues are still prevalent and inflation is high.

“However, we have entered the new financial year with good momentum and a belief in the excellent fundamentals of the Renold business upon which we are building.”