Last checked at 29 Jan 2014 07:00
29 January 2014
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 strong and well ahead of the comparative position last year. The Board expects this to continue through the second quarter of the financial year and, as a result, that the results for the year ending 30 September 2014 to be much more evenly weighted between first and second half than hitherto.
In Specialist Engineering, a strong performance has been seen in all markets but particularly so in Infrastructure where our Rail business has been experiencing record levels of activity. In the Environmental market, Lewis, the water subsidiary based near Cardiff which was acquired in August 2013, is performing ahead of expectations, as is Seymour, our water business in the North East. In Energy, revenue in Nuclear has also been at record levels.
In Specialist Building, our businesses in High Quality Residential and New Build Affordable Housing have both performed in line with expectations and potential future work lists continue to offer excellent opportunities.
The Group order book at 31 December 2013 has strengthened by 27% to £433m (31 Dec 2012: £340m). The Engineering Services order book stood at £306m (31 Dec 2012: £245m), an increase of 25% over the comparative position last year.
Reflecting the profitable trading, cash generation in the first quarter has also been strong. The Group's net cash position together with its strong order book enables the Board to look forward with confidence to further profitable growth.
The Board expects to give further guidance in its pre-close announcement at the end of March 2014 prior to the announcement of the interim results on Tuesday 20 May 2014."
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 70% of Group revenue and 85% 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 and New Build Affordable Housing markets in the South of England.
For more information please visit the Renew Holdings plc website: www.renewholdings.com