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Share Price: 1,066.00

Bid: 1,064.00

Ask: 1,068.00

Change: -8.00 (-0.74%)

Spread: 4.00 (0.376%)

Open: 1,070.00

High: 1,072.00

Low: 1,062.00

Prev. Close: 1,074.00

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Renew Holdings To Meet Expectations; Engineering And Rail Doing Well

Tue, 01st Oct 2019 14:03

(Alliance News) - Renew Holdings PLC on Tuesday said it expects to meet market expectations for its financial year ended September 30.

The results will reflect a full year's contribution from the engineering service firm's acquisition of rail contractor QTS Group Ltd for GBP80.0 million in cash back in May 2018.

Within its Engineering Services unit, organic growth has been "good" and it has a "strong order book".

Meanwhile in rail, Renew has begun operations in the first year of the new CP6 control period, a six year price control period which runs until 2024. Thus far, activity levels have aligned with forecasts with momentum "growing as expected".

Renew expects its net debt on Sept 30 to be between GBP10 million and GBP11 million.

Shares in Renew were up 1.5% at 390.94 pence in London on Tuesday afternoon.

By Anna Farley; annafarley@alliancenews.com

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