(Sharecast News) - Engineering services group Renew said on Tuesday that H1 trading was in line with revised expectations.
Renew said trading within the rail sector had been impacted by a "slower than anticipated" start to the latest control period, principally due to delays and deferments to renewal programmes. However, it also noted that this was partially offset by increasing demand for its reactive and planned maintenance services.
In its environmental unit, Renew reported water activities had been ahead of expectations and it continued to forecast "strong momentum" through the transition to the new control period. Trading in the energy and infrastructure sectors were also said to have remained "resilient" and the integration of its recent acquisitions, Excalon and Full Circle, were said to be "progressing well", with both businesses trading in line with pre-acquisition expectations.
Renew added that it remains "strongly positioned" in its core markets and remains confident in meeting FY expectations, with operating profit expected to be ahead of the prior year's £70.9m result.
As of 0935 BST, Renew shares were down 0.39% at 659.40p.
Reporting by Iain Gilbert at Sharecast.com
Renew Holdings (RNWH)
