Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

IN BRIEF: Renold trading in line, boosts US and Canadian presence

10th Sep 2024 20:00

Renold PLC - Manchester, England-based company which supplies industrial chains and related power-transmission products - Says financial performance in the first five months of the financial year was in line with its expectations. Group revenue was GBP102.3 million compared to GBP104.7 million a year before. Order intake was GBP105.5 million, up 14% from GBP92.6 million. "Global markets continue to be uncertain, with activity levels in both mainland Europe and China recovering more slowly than initially anticipated. However, material and labour inflation is now reducing and the group retains a strong order book which remains high by historical standards," company says. Renold adds that good trading coupled with the strong order book "underpins management's confidence in the outturn for the year". Further, buys MAC Chain Company Ltd (US) and MAC Chain Company Ltd (Canada) for USD31.4 million cash. The acquisition is expected to immediately enhance adjusted earnings per share, as well as be accretive to operating margin. Return on invested capital is expected to be above Renold's weighted average cost of capital in the first year of ownership.

Current stock price: 58.40 pence

12-month change: up 91%

By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights reserved.

FTSE 100 Latest
Value8,102.72
Change18.11