Renold, a leading manufacturer of industrial chains, announced today that it has experienced a significant increase in both pretax profit and revenue for the fiscal year 2023. This impressive growth can be attributed to several factors, including an acquisition and a particularly strong fourth quarter.
Pretax Profit Soars by 40% to £17.3 Million
Renold’s pretax profit for the year ended March 31 reached an outstanding £17.3 million, representing a remarkable 40% increase compared to the previous year. This substantial growth demonstrates the company’s continued success and financial strength.
Revenue Surges to £247.1 Million
The company’s revenue for the fiscal year showed an impressive surge, rising to £247.1 million, a significant increase from the previous year’s £195.2 million. The increase was partly driven by a substantial 15% rise in order intake, which reached £257.2 million for the year. Additionally, Renold’s acquisition of Industrias YUK in August contributed to this strong financial performance.
Continuous Growth Throughout the Year
Renold experienced consistent growth throughout the fiscal year as its manufacturing facilities responded effectively to increased order levels. As a result, activity in the fourth quarter was an impressive 32% higher than the previous year.
Closing Order Book Reflects Positive Outlook
Renold’s closing order book on March 31 stood at an impressive £99.5 million, representing an 18% increase from the previous year. This indicates a positive outlook for the company and suggests continued growth and success in the coming months.
“We are pleased to enter the new financial year with positive momentum and have confidence in the exceptional fundamentals of the Renold business. However, we remain cautious due to prevailing macroeconomic trends,” stated Chief Executive Robert Purcell.
Renold’s strong financial performance in fiscal 2023 underscores its position as a leading player in the industrial chains market. The company’s sustained growth, bolstered by the acquisition and strong fourth-quarter results, highlights its ability to adapt and thrive in a competitive landscape.