Manchester industrial chain and power transmission firm Renold plc posted revenue of £116.3 million for the six months to September 30, up 22% from £95.3 million the year before.

Renold reported strong demand in the first half, showing a “good recovery as the worst effects of the pandemic receded.” The company’s shares rose about 3.5%.

The company said group order intake in the period was £121.3 million, up 19% from a year ago.

Pretax profit, however, slipped 3% to £6.5 million from £6.7 million.

Renold’s 0rder book at September 30 was £99 million, continuing at a record high. This is compared to £72.1 million a year ago.

Renold CEO Robert Purcell said: “The strong trading momentum experienced in the second half of the last financial year has continued in the first half, with the group continuing to successfully manage significant inflation and supply chain disruption, resulting in growing sales and record orders.

“Whilst we are mindful that global markets continue to be uncertain, with ongoing labour and energy cost inflation and supply chain challenges, the group’s trading momentum continues to be positive.”

Reporter Xindi Wei

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