Industrial chain maker Renold saw a huge rise in pre-tax profit after revenue increased more than £12.5m.
Revenue rose from £92.9m to £105.5m leading to pre-tax profit of £3.7m (2010: £0.4m)
Chairman Matthew Peacock said: "Order books remain strong and the outlook for second half sales growth continues despite the well-publicised macro-economic uncertainty in many of the world's economies.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The group is taking proactive measures to accelerate planned cost reduction initiatives in order to protect this year's result should a downturn occur."
The firm recommended that no dividend be paid for the period as it continues to focus on cash generation and debt reduction.
Absolute levels of underlying rolling 12-month sales remain about 15% below the pre-recessionary levels.
Cash fell from £0.4m to £3.8m.
Shares lost 4.2% to 28.5p by 16:21.
NR
-
Parental contributions to kids' university living costs could reach £14,000 a yearParents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
