Renold shares were down 3.1% to 27.2p in late afternoon trading on Wednesday following a reported revenue of £195.2 million in FY 2022 against £160.8 million in FY 2021.
The industrial components company announced an adjusted operating profit of £15.3 million compared to £10.9 million the last year, alongside a 7.8% return on sales from 6.8%.
Renold lowered its net debt over the financial term to £13.8 million from £18.4 million after the group rebounded from the Covid-19 pandemic.
The firm highlighted a 31.7% growth in order intake to £223.9 million compared to £170 million and a closing order book increase of 57% to £84.1 million.
The company pointed out record revenue, order intake and closing order book in its chain Europe and Americas segments.
Renold also mentioned a £11 million long-term military contract among its operational highlights and a successful bolt-on acquisition in its chain sector, with payback of less than two years.
The firm noted an adjusted EPS rise of 87% to 4.3p compared to 2.3p year-on-year and a basic EPS of 4.7p against 2p.
Renolds added it believed the company would remain in a good position going forward in FY 2023, despite macro-economic headwinds and supply chain problems.
“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,” said Renold CEO Robert Purcell.
“We are cognisant that there remain considerable Covid-19-related challenges in some parts of the world; supply chain issues are still prevalent and inflation is high.”
“However, we have entered the new financial year with good momentum and a belief in the excellent fundamentals of the Renold business upon which we are building.”
