Acquisitions the next step for chain maker

THE chief executive of Manchester-based chain manufacturer Renold is targeting a programme of acqusitions after reporting a 30% increase in pre-tax profits to £7.7m (2014: £5.9m).

In the company's preliminary results for the year ended March 31, revenue grew 2% to £181.4m (2014: 177.9m) with adjusted earning per share rising to 56% to 5p, following prior year growth of 129%.

Chief executive Robert Purcell said acquistions would be the third stage of a three-year plan for the company.

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