Profit and turnover on the up at Renew after acquisition
Listed engineering services firm Renew has seen a rise in profits and record interim revenues as a result of the acquisition of QTS last year.
Revenues for the six months to 31 March 2019 reached £301.0m, up from £262.2m in the same period the year before.
Adjusted pretax profits before amortisation reached £17.7m, up from £2.4m in its restated results for the same half-year period in 2018.
Its interim dividend has been increased on the back of its performance, with an interim dividend of 3.83p (2018: 3.33p).
The company bought QTS in May 2018 in an £80m deal, and Renew says it is now fully integrated. The Scottish rail contractor has a longstanding relationship with Network Rail and boosted Renew’s standing and expertise in the sector.
During the year the company has worked on projects at Sellafield, for the London Underground, Network Rail and BAE Systems in Barrow-in-Furness.
David Forbes, chairman of Renew, said: “The group has delivered record interim results, in part reflecting the contribution of QTS which we acquired in the second half of last year.
“We are pleased to have increased the interim dividend by 15% consistent with our progressive dividend policy.
“We continue to deliver on our established strategic objectives and remain confident of reporting full year results in line with expectations.”