Record order book drives positive outlook at engineering group
Leeds-based engineering services group, Renew, said it has achieved record levels of revenue and operating profit in a trading update for the financial year ended 30 September 2026.
The Group expects to report trading for the year in line with market consensus of adjusted revenue of £1,191.2m and adjusted operating profit of £77.7m.
Through the year, Renew said it has continued to focus on the important markets of Water and Energy which are crucial for meeting the UK’s infrastructure needs.
The group has enhanced its service offerings in these markets through the acquisitions of Emerald Power, Edwards Diving Services, PWR-X and Electricity Distribution Engineering Services.
The group added these acquisitions are integrating well and its Board expects to continue to expand in these markets both organically and through targeted, earnings-enhancing acquisitions.
Renew said its balance sheet remains strong, finishing the year with a net cash position ahead of market expectations, partly as a consequence of receiving a one-off insurance payment of around £6.9m, relating to the settlement of historical claims.
It said the balance sheet’s strength provides financial flexibility for the group to execute on its active M&A pipeline.
Renew’s preliminary results for the year ended 30 September 2026 will be released on Tuesday 24 November 2026.
