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30 Jan 2013 07:00
Renew Holdings plc
("Renew" or the "Group")
AGM Statement
Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, will hold its Annual General Meeting at 11am today. Roy Harrison OBE, Chairman of Renew, will open the meeting with the following remarks:
"Trading for the first quarter of the year has been satisfactory, in line with the Board's expectations. The Group order book at 31 December 2012 remained strong at £340m (31 Dec 2011: £289m). The Engineering Services order book stood at £245m (31 Dec 2011: £197m), an increase of 24%, (£48m) over the comparative position last year.
Awards since 30 September 2012 in Engineering Services include the securing of the second contract under the Trunk Mains Cleaning Framework with Northumbrian Water by Renew's subsidiary, Seymour. The first project, which commenced last February, continues to progress well. These contracts illustrate the success of our Water business in maintenance style framework contracts.
Renew's subsidiary Amco Rail, has secured total orders in the quarter amounting to £29m including over £13m of awards for bridge, tunnel and viaduct works.
In November 2012, Sellafield Limited appointed Renew's subsidiary, Shepley Engineers, as one of three participants to deliver work packages worth a potential £280 million over four years under the new Multi Discipline Site Works framework at this major Nuclear site. This key appointment follows on from the existing arrangement which has been in place since April 2007 and takes effect from April 2013. This framework is not yet valued in the Group's order book.
The Group has reduced net debt further to £4.0m (31 Dec 2011: £6.75m).
The Group's interim results will be announced on Tuesday 21 May 2013."
Enquiries:
Renew Holdings plc | Tel: 0113 281 4200 |
Brian May, Chief Executive | |
John Samuel, Group Finance Director | |
Numis Securities Limited | Tel: 020 7260 1000 |
Stuart Skinner (Nominated Adviser) | |
James Serjeant (Corporate Broker) | |
Walbrook PR | Tel: 020 7933 8780 |
Paul McManus (Media Relations) | Mob: 07980 541 893 or paul.mcmanus@walbrookpr.com |
Paul Cornelius (Investor Relations) | Mob: 07827 879 496 or paul.cornelius@walbrookir.com |
About Renew Holdings plc
Engineering Services, which now accounts for over 60% of Group revenue and 80% of operating profit, focuses on the key markets of Energy (including Nuclear), Environmental and Infrastructure, which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.
Specialist Building focuses on New Build Affordable Housing, High Quality Residential and Retail markets in the South of England.
The Group has 75 framework agreements; 62 of these are in Engineering Services with 43 of those being non-discretionary in nature.
For more information please visit the Renew Holdings plc website: www.renewholdings.com
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