"Satisfactory" first quarter for Renew Holdings

RENEW Holdings, the Leeds-based specialist construction services business, will announce a “satisfactory” first quarter at its annual general meeting today.

The group is expected to report that its order book as of December 31 remained strong at £220m.

Net cash balance was still in excess of £25m following the acquisition of C&A Pumps in October for £1.75m.

Roy Harrison, Renew’s chairman, said: “In line with our strategy, management is continuing to pursue further suitable, earnings enhancing acquisitions to add to our specialist engineering business.”

In November, the group said that it was strongly positioned with an experienced management team, substantial cash resources and a strong forward order work position.

It saw pre-tax profits before exceptional items and amortisation rise 29% to £9.5m in the year to September 30 on revenue up 12% to £390.6m and paid a final dividend of 2p to make a full year dividend of 3p.

Renew will announce its group interim results on May 19.