AUGSBURG (dpa-AFX) - Armored gearbox manufacturer Renk expects business to continue to shine in 2024 in view of its bulging order books. At the turn of the year, the order backlog was higher than ever before at 4.6 billion euros, as the Borsen newcomer announced in Augsburg on Wednesday. Following an increase in turnover and profit last year, CEO Susanne Wiegand expects further growth in 2024. "The high global demand for a return to fully equipping the armed forces gives us a tailwind and will remain a driver of our growth in the future."

On the stock market, the news was rewarded with a jump in the share price. Renk shares rose by up to 13 percent to 36.58 euros in the morning, continuing their record run. Main shareholder Triton had only floated the company on the stock exchange in February - at a price of 15 euros per share. Since then, the share price has risen by 144 percent. The share was last traded at 35.68 euros, a good ten percent higher than the previous evening.

In the past year, Renk received orders worth over 1.3 billion euros - a record figure. Turnover grew by nine percent to 926 million euros. Adjusted for special effects, earnings before interest and taxes increased by four percent to 150 million euros. At the bottom line, the Group earned a good 32 million euros, around twice as much as in the previous year. Shareholders are to receive a dividend of 30 cents per share.

For the current year, Renk CEO Wiegand expects turnover to increase to between 1 and 1.1 billion euros. Before interest, taxes and special effects, this should result in an operating profit of 16 to 18 percent. Last year, the adjusted operating margin of 16.2 percent was at the lower end of this range. In the medium term, the Management Board intends to continue to increase turnover by around 10% per year. The margin should then climb to 19 to 20 percent.

Renk manufactures gearboxes for tanks, vehicles and ships, for example, but also for industrial plants. The product range also includes couplings, plain bearings and testing systems. The company went public at the beginning of February. Two thirds of the shares belong to the investment company Triton. Just under seven percent was secured by the armaments group KNDS, which was formed from the merger of the tank manufacturers Krauss-Maffei Wegmann and Nexter./stw/men/jha/