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31 Jan 2018 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. David Forbes, Non-Executive Director of Renew, will open the meeting with the following remarks:
"Trading for the first quarter of the year has been in line with the Board's expectations. The Group order book at 31 December 2017 was £511m (31 Dec 2016: £523m). The Engineering Services order book stood at £433m (31 Dec 2016: £431m).
The Group's term loan will be fully repaid by 31 March 2018. A slower than usual payment profile with certain customers in the public sector has led to an increase in work-in-progress in the first half. Nevertheless, cash balances as at 30 September 2018 are forecast to be broadly in line with the previous year end.
We note the news this month regarding the liquidation of Carillion and can confirm that we have no financial exposure.
I would like to use this opportunity to thank Roy Harrison for the contribution he has made to the Group over the past 14 years. Under his guidance, Renew has positioned itself as a leading Engineering Services provider and grown significantly in both revenue and profitability. He leaves the Group in a strong financial position, well placed to continue to grow and deliver shareholder returns. Unfortunately, Roy can't be with us today due to a family funeral but we wish him well and good luck in his retirement."
Further to the announcement made on 21 November 2017, Roy Harrison will retire as Chairman following the conclusion of the AGM and will be succeeded as Chairman by David Forbes.
A further trading update will be given in a pre-close announcement on 3 April 2018 prior to the announcement of the interim results on 22 May 2017.
Enquiries:
Renew Holdings plc | Tel: 0113 281 4200 | ||
Paul Scott, Chief Executive | |||
Sean Wyndham-Quin, Group Finance Director | |||
Numis Securities Limited | Tel: 020 7260 1000 | ||
Stuart Skinner/ Kevin Cruickshank (Nominated Adviser) | |||
Michael Burke (Corporate Broker) | |||
Walbrook PR | Tel: 020 7933 8780 or renew@walbrookpr.com | ||
Paul McManus | Mob: 07980 541 893 | ||
Lianne Cawthorne | Mob: 07584 391 303 | ||
About Renew Holdings plc
Engineering Services, which accounts for over 80% of Group revenue and 90% 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 the High Quality Residential market in London and the Home Counties.
For more information please visit the Renew Holdings plc website: www.renewholdings.com
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