Renold Trading Update FY24 results to exceed market expectations

Renold Plc
[shareaholic app="share_buttons" id_name="post_below_content"]

Renold plc (LON:RNO), a leading international supplier of industrial chains and related power transmission products, has provided a trading update for the year ended 31 March 2024, ahead of the announcement of the Company’s preliminary results for the Year.

Trading update

The strong momentum in the Group’s performance in the first half of the Year continued throughout the second half of FY24.  The results for the full year are now expected to be materially ahead of current market expectations1, with adjusted operating profit approximately 20% higher than the prior year, driven by a further improvement in margin.  

Revenue for the year was £241.5m, a year-on-year increase of 0.9% at constant exchange rates, or a 2.3% reduction when currency headwinds are taken into account. Progress continues to be made with the Group’s productivity and efficiency programmes, which are driving sustainable margin and profit improvement.

Order intake in the second half increased over the first six months by 7.5%, or 8.2% at constant exchange rates.  The closing order book at 31 March 2024 of £83.6m remains close to record levels and was in line with the half year position (30 September 2023: £83.6m).

Strong cash conversion, and careful management of working capital has resulted in a year end net debt position of £24.9m (31 March 2023: £29.8m and 30 September 2023: £28.3m), a reduction of £4.9m over FY23 after taking account of increased efficiency related capital expenditure and shares purchased to ensure no dilution from LTIP awards.

Renold continues to strengthen its financial position, which provides funding capacity to support its strategic growth objectives. These include both investment to further enhance operational capabilities as well as value-accretive acquisitions, from a developing pipeline of opportunities.

Notice of results

The Group expects to announce its results for FY24 on 17 July 2024.

Note: All figures used in this announcement relating to the financial year ended 31 March 2024 remain subject to audit.

1 Company compiled analyst consensus for FY24 is for revenue of £244.3m, and for underlying operating profit of £26.5m.

We’ll keep you in the loop!

Join 1,000's of investors who read our articles first

We don’t spam! Read our privacy policy for more info.

Twitter
LinkedIn
Facebook
Email
Reddit
Telegram
WhatsApp
Pocket
Find more news, interviews, share price & company profile here for:
    Renold plc CEO Robert Purcell discusses the company's record interim results, strategic acquisitions, and innovations, highlighting growth and resilience.
    Renold plc reports a robust interim financial performance, with a 0.6% revenue increase at constant currency and a 10.5% rise in adjusted EPS.
    Renold plc (LON:RNO) to unveil interim results on 20 Nov 2024, with analyst and investor presentations via Zoom. Register now for insights and Q&A.
    Renold plc (LON:RNO) has released its annual report for the year ending 31 March 2024, and announced its AGM set for 10 September 2024 in Manchester.

      Search

      Search