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Industrial chains supplier Renold (LSE:RNO) reported on Tuesday that trading has aligned with internal expectations for the year-to-date, despite a slight decline in revenues due to adverse foreign exchange movements.
For the five months ending August 31, group revenue decreased by 2.3% to £102.3 million, reflecting the impact of currency fluctuations. Despite this, order intake saw a notable increase of 14%, reaching £105.5 million. The group’s order book at the end of the period stood at £85.5 million, approaching record levels.
In addition, Renold disclosed the acquisition of MAC Chain Company’s trade and net assets for $31.4 million in cash. This acquisition significantly expands Renold's presence in the Western US and Canadian CVC markets. The company anticipates that the acquisition will immediately enhance earnings and improve the group's operating margin.
Renold acknowledged ongoing global market uncertainties, noting that recovery in mainland Europe and China has been slower than initially anticipated. However, the reduction in material and labor inflation, coupled with a robust order book, which remains high by historical standards, provides a solid foundation.
The company expressed confidence in the outlook for the year, supported by strong trading performance and a solid order book. Trading and profitability for the first half of the year are consistent with the board’s expectations. The full year will also benefit from the inclusion of six months of contributions from the MAC Chain acquisition.
As of 11:45 BST, Renold shares were up 0.85% at 59.50p.
