UK's Renold gains after upbeat annual outlook

Renold

15/04/2024 08:19

** Shares of industrial machinery and equipment maker Renold
Plc  RNO.L  rise 11% to 44.9p in early trade 
    ** Stock among top pct gainers across all London stocks 
    ** Co sees FY results to be materially ahead of current
market expectations
    ** Sees adj operating profit 20% higher than last yr
    ** Says progress continues to be made in productivity &
efficiency programmes
    ** Peel Hunt increases EPS estimates for both FY25 & FY26 by
30% to 7.8p&8.2p, respectively
    ** Brokerage also raises TP to 78p from 60p
    ** Shares up ~15% YTD, as of last close


 (Reporting by Anchal Rana in Bengaluru)
 ((Anchal.Rana@thomsonreuters.com; +91 9915609050;))