Last checked at 27 Jan 2016 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 in line with the Board's expectations.
In the Energy market, I am pleased to report that Shepley Engineers Ltd has been awarded a position on the Decommissioning Delivery Partnership framework for Sellafield Ltd. This major ten year framework which has an indicative value of £500m, is an essential part of the site's long term decommissioning strategy. The arrangement includes extra headroom to cover additional scope, should this be required, up to a value of £1.5bn over the full term.
In the Environmental market, Lewis Civil Engineering Ltd has been appointed by Wessex Water to the Civils & EMI Capital Delivery Partners AMP6 (Asset Management Programme) framework. This framework, which will run until 2020, has an estimated total value of £350m and includes an extension option to cover the AMP7 period through to 2025.
The Group order book at 31 December 2015 has increased by 15% to £515m (31 Dec 2014: £449m). The Engineering Services order book stood at £413m (31 Dec 2014: £369m), an increase of 12% over the comparative position last year.
Cash generation in the first quarter has been good. The Board continues to expect the Group to report a net cash position by the end of the financial year.
These factors confirm the Board's confidence in the Group's future financial performance. A further trading update will be given in a pre-close announcement at the end of March 2016 prior to the announcement of the interim results on Tuesday 24 May 2016."
Enquiries:
Renew Holdings plc | Tel: 0113 281 4200 | |
Brian May, Chief Executive |
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John Samuel, Group Finance Director |
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Numis Securities Limited | Tel: 020 7260 1000 | |
Stuart Skinner (Nominated Adviser) |
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James Serjeant (Corporate Broker) |
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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 85% 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