Focus shift working for Renew

RENEW Holdings believes its repositioning in the market is paying off after reporting a 76% leap in pre-tax profits.

The company announced earlier this year that it was withdrawing from the non-specialist buildings sector and focusing on engineering services

This week it reported revenue up 23% to £356.7m helping pre-tax profits before exceptionals for the year to the end of September grow to £8.1m.

Chairman Roy Harrison said: “2011 has been a significant year for Renew, now successfully repositioned as a specialist provider of engineering services.

“The results demonstrate that the group can deliver sustainable, profitable growth from our key markets of energy, environmental and infrastructure.

“Our strong order book provides us with confidence that this will continue in 2012.”

The dividend will remain at 3p per share.