12 Jul 2023
Renold - FY23 results ahead of forecasts: FY24E EPS raised by 10%
The group’s FY23 results were ahead of our upgraded expectations, benefitting from an exceptionally strong and record-high final quarter. Supply chains and lead times appear to be moving towards normality. The maiden contribution from YUK was ahead of initial expectations. The increase in EBIT margin to 9.8% shows pricing strength in an inflationary environment. With an upbeat outlook, guidance has increased, and we raise our FY24 EPS by 10% and FY25 by 11%. We maintain our TP at 58p, offering s ....
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Renold - FY23 results ahead of forecasts: FY24E EPS raised by 10%
Renold plc (RNO:LON) | 52.2 -0.4 (-1.5%) | Mkt Cap: 117.7m
- Published:
12 Jul 2023 -
Author:
David Buxton -
Pages:
10
The group’s FY23 results were ahead of our upgraded expectations, benefitting from an exceptionally strong and record-high final quarter. Supply chains and lead times appear to be moving towards normality. The maiden contribution from YUK was ahead of initial expectations. The increase in EBIT margin to 9.8% shows pricing strength in an inflationary environment. With an upbeat outlook, guidance has increased, and we raise our FY24 EPS by 10% and FY25 by 11%. We maintain our TP at 58p, offering s ....