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Renold cuts debt and raises revenue in solid year 

London's CEOs need to be paid on an international scale
The UK's service sector remained stuck in contraction in September for the second consecutive month.

Renold’s revenue grew 18.1 per cent to £195.2m while net debt dropped £4.6m to £13.8m for the year ended 31 March 2022.

The manufacturer announced today that its operating profit had gone up from £11.4m in 2021 to £15.3m this year.

The company recovered from the Covid pandemic and many of its businesses delivered were record results. Order intake increased by 31.7 per cent to £223.9m, up from £170m in 2021.

Renold showed strong performance “despite significant economic uncertainty, cost pressure, material availability and global supply chain disruption,” it said.

I am pleased with the Group’s robust performance through the pandemic which reflected the benefits of the strategic development completed in recent years,” CEO Robert Purcell said.

“Throughout the reported period the business performance has been on an improving trend and our order books have continued to grow in the early part of the new financial year.”