Shares of Manchester industrial chain and power transmission firm Renold plc rose as much as 7% after it published results for the half year ended September 30, 2023, showing revenue up 7.7% to £125.3 million “driven by strong improvement in torque transmission (TT) activity levels and continued growth in chain.”

Statutory profit before tax rose rose 92.3% to £12.5 million.

Renold CEO Robert Purcell said: “I’m pleased to report continued progress which builds on the momentum the group has enjoyed in recent periods, delivering a record half year result.

“Sales, margins, profits and cash generation have all progressed well. Global markets continue to be uncertain and we remain vigilant for changes in patterns of demand beyond the current order book shortening.

“We are delighted with the purchase of Davidson in Australia, which further builds our inorganic growth strategy and we remain well positioned to continue developing through acquisition.

“There remains uncertainty over the implication of global economic pressures in the medium term, however the board is increasingly confident in delivering a result for the current year ahead of previous market expectations.”