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(Alliance News) - Renew Holdings PLC on Monday said it expects full-year results to be "marginally ahead" of market consensus, as it continues to manage inflationary pressures and supply chain issues.
The Leeds-based engineering services provider said it has "successfully" managed inflationary pressures and supply chain challenges in the wider economy, and as a result there has been no material impact on its trading.
It added that it expects to report results for its financial year ended September 30 "marginally ahead" of market consensus. The company derived consensus adjusted operating profit is GBP54.0 million.
It also expects net cash to be ahead of market consensus of GBP8.9 million, due to lower capital expenditure and pension costs.
Looking ahead, Renew said it is "well positioned" to continue to benefit from the UK government's committed infrastructure spend, despite of the uncertain economic outlook.
It added that its Engineering Services order book remains "strong".
Shares in Renew were up 3.3% to 589.00 pence each in London on Monday morning.
By Sophie Rose; sophierose@alliancenews.com
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