Engineering group continues record breaking performance
Engineering group, Renew Holdings has continued its record breaking performance in the first half of the financial year.
The group which recorded record set of results for for the period to 30 September 2020 has continued this performance in the first six months to 31 March 2021.
The Leeds-based company saw revenue rise to £366.4m for the period resulting in profit before tax increasing by almost a fifth (19%).
The group’s order book is also at a record level and valued at three quarters of a billion pounds up on the same period last year (HY2020: order book £690m).
During the first half of the year the business has also acquired J Browne Group for £29.5m in order to add “material scale to the group’s water business”.
Paul Scott
The strong results Paul Scott CEO at Renew said demonstrate the virtues of its differentiated business model as a leading provider of maintenance and renewals-led engineering in the rail, highways, mobile telecommunications, civil nuclear, water and environmental sectors.
The firm highlighted its strong organic revenue growth was underpinned by its performance in rail, with Scott adding that Network Rail’s commitment of an extra £10bn of funding specifically for maintenance and renewals as part of the current period which runs to 2024 creates opportunities for the group to deliver long-term profitable growth. The group currently holds over 50 maintenance and renewals frameworks across the UK.
Scott said of the results: “In the context of a challenging macro-economic backdrop, we have delivered a robust set of results that demonstrate Renew’s core resilience .We are delighted to be reporting another set of record results for the group and I would like to thank my colleagues across the entire business for their hard work and contributions.
“After reporting strong organic growth in the first half, trading has started strongly into the second half of the year and we look to the future with confidence. We are well positioned to take advantage of the UK Government’s commitment to level up the economy by investing £640bn in an infrastructure-led recovery that will bring significant opportunities for Renew and our differentiated, diversified, low-risk business model.”
Looking ahead the CEO added: “Trading has started strongly in the second half of the year underpinned by a record order book and we are well positioned to take advantage of the compelling infrastructure-led growth opportunities that will play a key role in the UK’s economic recovery.
