Renold plc (LON:RNO), a leading international supplier of industrial chains and related power transmission products, is pleased to provide a trading update covering the five months ended 31 August 2024 ahead of the Company’s annual general meeting (AGM) being held at 11.00 a.m. today.
The Board is pleased to report that the Group’s financial performance in the first five months of the new financial year was in line with its expectations. Group revenue for the Period was £102.3m (FY24: £104.7m), a 0.9% reduction at constant exchange rates, and a year-on-year decrease of 2.3% at reported rates due to the impact of adverse foreign exchange movements.
Order intake for the Period was £105.5m (FY24: £92.6m), an increase of 14.0%, or an increase of 15.5% at constant exchange rates. Excluding the impact of the large military contract for the Canadian Navy announced on 1 May 2024, underlying order intake increased by 2.6%, an increase of 4.0% at constant exchange rates. The order book as at 31 August 2024 of £85.5m (FY24: £85.4m) remains close to a record high level.
