‘Satisfactory’ start for Renew Holdings
SHAREHOLDERS at Renew Holdings, the specialist engineering and construction services group, will be told today that trading in the company’s first quarter of the year has been “satisfactory”.
Roy Harrison, chairman of the Leeds-based group, will tell shareholders at today’s annual general meeting: “Trading for the first quarter of the year has been satisfactory. The order book at December 31, 2010, not including the potential benefits from framework agreements or preferred bidder situations, remained strong at £283m.”
Mr Harrison will say that the group’s specialist engineering division has achieved continued success and that Seymour (Civil Engineering Contractors), Renew’s principal operating subsidiary in the water sector, has been appointed as a framework contractor by Northumbrian Water for its future investment programme.
“This programme will provide the opportunity to the selected contractors and consultants to win work to an estimated total value of £1.5bn,” he will tell shareholders.
The new framework agreement will come into effect from April 1 and last for up to 10 years.
Renew is debt free with available cash resources and at the end of 2010 had a net cash balance in excess of £20m.
The group’s interim results will be announced on May 24.
