Renold sales power ahead

INDUSTRIAL chains manufacturer Renold says sales and order levels have surged in recent months.

The Manchester-based group, which also manufactures power transmission products, believes it is on track to meet an ambitious goal of doubling underlying operating profit – which was £7m in the year to the end of March –  this year.

Sales since April 1, stripping out currency fluctuations, are 12% ahead of the same period last year, with new orders outstripping this rate of growth.

Renold said sales growth was strongest in Australasia, China, and India, with increases of more than 20% in each territory.

A trading update said: “Both operating divisions have experienced robust levels of growth with Torque Transmission sales 16% ahead of the comparable period in the prior year and Chain sales 10% ahead. 

“This level of growth is consistent with achieving the market forecast of doubling our adjusted operating profit in the current financial year.”