Renold Trading Update FY24 results to exceed market expectations

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.

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