Record figures for engineering services group
Leeds-headquartered engineering group, Renew Holdings, has posted a record financial performance in its final results for the year ended 30 September 2023.
Group revenue for the period increased 13% to £960.9m (FY 2022: £849m), with organic growth of 10%. Pre-tax profits were up 17.4% to £58.1m (FY 2022: £49.5m).
The group’s order book also remained strong at £860m (FY 2022: £775m).
Paul Scott, CEO, said: “I am very pleased to report we have once again delivered record results despite the turbulent macroeconomic landscape.
“Continued growth in revenue, profit and our solid operating cash generation is testament to the strength of our business model and the group’s well-established positions in attractive and sustainable growth markets.
“Our core strengths leave us well placed to build on our strong track record of long-term value creation as we look ahead with impressive trading momentum and a strong forward order book.
“We remain excited about the significant growth opportunities across the group, underpinned by the increasing national demand for the maintenance and renewal of existing UK infrastructure, which will continue to be a domestic priority regardless of the outcome of the next election.”
Renew says it sees exciting growth prospects in the Water sector ahead of significantly increased sector expenditure over the next decade and beyond.
Following the end of the reporting period, the business confirmed its acquistion of TIS Cumbria Ltd, a nuclear manufacturing and fabrication specialist which Renew says will strengthen its position in the growing nuclear decommissioning and new build markets.