Record results at ‘resilient’ engineering services group
Leeds-based engineering services group, Renew Holdings, has reported record half year figures in its interim results for the six months ended 31 March 2022.
Revenues rose more than 13% to £414.3m (2021: £366.4m) while pre-tax profits increased by more than 20% to £21.8m (2021: £18.1m).
The group’s order book stands at £771m (HY2021: £750m).
Paul Scott, CEO, said: “The first six months of this financial year have presented a unique set of circumstances and the Group’s record performance clearly demonstrate the resilient and differentiated nature of our business.
“Supported by the commercial terms within our frameworks, we continue to successfully manage the industry-wide materials shortages and inflation challenges effectively, without any material impact on trading.
“We look to the future confident in the knowledge our strong market positions underpinned by long-term, non-discretionary spending cycles mean we are well positioned to take advantage of the Government’s pledge to invest £650bn in a green infrastructure-led recovery that will bring significant opportunities for Renew and our differentiated, diversified, low-risk business model.
“Trading has started well in the second half of the year and we remain confident of achieving our full year expectations.”
Renew says over the same period it has secured two-year extensions to a number of its major rail frameworks.
The business also notes it is making good progress in rail electrification, has been appointed to the Manchester Airports Group £700m Civils Framework and achieved significant framework appointments in the Water sector with continued progress across sustainability targets.
