Britain's Renold jumps after lifting annual profit forecast
17/04/2023 09:02
** Shares of industrial machinery and equipment maker Renold
Plc RNO.L rise 12.5% to 28p
** RNO among top pct gainers across London stocks
** Co forecasts underlying trading profit, margin for year
materially ahead of market expectations
** Says revised outlook on stronger sales, cost cuts, and
acquisition of Spain-based conveyor chair manufacturer
Industrias YUK S.A.
** Adds full-year revenue rises 26.6% to 247.1 mln pounds
($306.92 mln)
** Co records net debt of 29.8 mln pounds at end of FY2023,
down from 34 mln pounds as of Sept. 30 last year, despite impact
from inflation
** RNO hits highest level since Feb. 8, headed for best day
since April 14 last year
($1 = 0.8051 pounds)
(Reporting by Muhammed Husain in Bengaluru)
((Muhammed.Husain@thomsonreuters.com;))