Record year for engineering firm
Engineering infrastructure business, Renew Holdings has reported a “record set” of results for 2019.
Group revenue at the Leeds-based firm was up 11% to £600.6m with operating profit up by 23%.
Paul Scott, chief executive at Renew Holdings noted that the results reflected the “full year’s contribution of QTS, a specialist rail services provider acquired in May 2018”.
Mr Scott added: “Renew continues to directly deliver non-discretionary engineering support services to the UK’s critical infrastructure networks through its highly skilled workforce.”
He cited little concern over Brexit noting: “Technological developments, demographic changes, historic underinvestment, climate change and legislative changes will necessitate increased infrastructure investment over a long period of time. These changing dynamics continue to require our clients to commit to clear spending plans which are delivered through long-term programmes of investment”
Mr Scott also highlighted the firm’s appointment to a number of key frameworks as providing an opportunity for continued organic growth, and plans to enhance the business through selective, earnings enhancing acquisitions.
