Renew Holdings Share News (RNWH)

(Alliance News) - Renew Holdings PLC on Tuesday reported improved sales and profitability during the first half of its current financial year.

The Leeds, England-based infrastructure engineering services company, said pretax profit increased by 15% to GBP30.3 million in the six months that ended March 31 from GBP26.3 million a year before, as revenue rose 17% to GBP552.8 million from GBP471.8 million.

Diluted earnings per share rose to 26.40 pence from 25.23p.

In response, Renew increased its interim dividend by 5.5% to 6.33 pence per share from 6.00p.

Renew shares were up 3.4% to 1,036.00 pence each in London on Monday morning.

Chief Executive Officer Paul Scott said: "I am very pleased to report we have delivered another record trading performance in the period...The core characteristics which underpin the markets in which we operate, provide highly visible revenue streams and reinforce our significant confidence in delivering against our growth targets in the medium to long term."

The strong momentum seen in the first half of the year is expected to continue, with Renew boasting a GBP898 million order book, up 0.9% from GBP890 million at the same point last year.

"It was pleasing to see the government's 2024 spring budget re-affirm its commitment to invest in the UK's infrastructure, with over GBP600 billion of public sector investment planned over the next five years to meet the target of net zero carbon emissions by 2050," Scott said.

With exposure to both the energy and transport sectors, which are to receive two-thirds of this round of public funding, Renew is poised to benefit from long term opportunities.

By Elijah Dale, Alliance News reporter

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