Renew hails stable interim performance and positive full-year outlook

(Alliance News) - Renew Holdings PLC on Wednesday reported a strong business performance in line with expectations despite disruptions to its energy services and fewer rail renewals.

Renew is a Leeds, England-based engineering services group that provides maintenance and renewal for infrastructure networks in the UK.

It provided a trading update for the six months ended Tuesday on Wednesday and will release its full interim results on May 12.

Renew said trading and net cash are expected to be in line with market expectations, which the company cited as adjusted operating profit of GBP77.6 million on adjusted revenue of GBP1.19 billion. This would be up strongly from GBP33.6 million in adjusted operating profit on GBP569.3 million in revenue in first half of financial 2025.

Net cash on March 31 is estimated by analysts at GBP20.0 million.

Renew hailed successes in the performance of its water services, as demand and momentum remained "ahead of expectations" and it maintained its broad exposure to the UK water market.

Rail services performed "in line with expectations" as reduced volumes of rail renewals have been offset by an increase in demand for maintenance services, especially over the winter period, Renew said.

Infrastructure services remained "resilient" as Renew aimed to capitalise on the latest UK highway investment period, Road Investment Strategy 3, which commences on Wednesday.

Renew said its broadening of its service offering in the electricity transmission and distribution sector has been "well received", and subsidiaries of Excalon, and Emerald Power have performed well. Renew acquired Cheshire, England-based overhead lines specialist Emerald Power Ltd for up to GBP12.3 million back in October.

Less positively, industrial action at the Sellafield site continues to the performance of Renew's civil nuclear business.

Renew said: "Underpinned by extensive government spending commitments and long-term framework positions, the group's order book continues to be at record levels, demonstrating our core capabilities and established presence in a diverse range of long-term, sustainable growth sectors.

"The group remains strongly positioned with a well balanced portfolio of businesses, providing us with confidence in delivering against our full year expectations."

Shares in Renew are up 1.8% to 865.00 pence in London on Wednesday morning.

By Abena Oppon, Alliance News reporter

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