AUGSBURG (dpa-AFX) - The tank transmission manufacturer Renk has grown strongly in the first quarter in view of the armaments boom. Turnover rose by 22.5 percent to 237.7 million euros, as the newcomer to the German stock index SDax announced in Augsburg on Wednesday. Earnings before interest and taxes adjusted for special effects (adjusted EBIT) climbed by almost half to 27.8 million euros. The corresponding margin improved from 9.9 to 11.7 percent. Renk confirmed its forecast.

At the start of the year, however, the defense supplier's incoming orders plummeted by more than half to 208.2 million euros. This was due to two major orders in the same period of the previous year. At the bottom line, Renk made a loss of 2.8 million euros and thus slipped a good 41 percent deeper into the red than a year earlier - mainly due to a higher tax burden. For the current year, Renk continues to anticipate an increase in turnover 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./niw/stk