Listed engineering group reports robust trading during pandemic
Leeds-based engineering services group Renew Holdings has forecast an adjusted operating profit of between £39m and £40m, in advance of its annual results for the financial year ended 30 September 2020.
The firm’s Board says trading since the announcement of interim results has been strong, and expects the Group’s full year results to be materially ahead of current market expectations.
In an update published today, the company adds: “Our engineering activities in our Rail, Infrastructure and Environmental markets have remained robust and reliable throughout the Covid-19 pandemic.
“The UK Government designated the majority of our activities as critical to the Covid-19 response and we have safely and proactively responded to the ongoing network demands.
“In Energy, as previously announced, all site activities at Sellafield and Springfields were suspended in March.
“Site activities are steadily being re-mobilised, however we do not expect to be fully operational at these sites until the second half of our next financial year.
“Cash generation continues to be very strong and we anticipate reporting a net cash position at the year end, ahead of market expectations.
“Our proven resilience and the reliable long-term nature of the UK infrastructure markets in which we are deeply embedded gives the Board confidence in our strategy and the continued success of the Group.”
