Last checked at 1 Apr 2022 07:00
1 April 2022
Renew Holdings plc
("Renew" or the "Group")
H1 Trading Update
Renew (AIM: RNWH), the leading Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure, today provides an update on trading for the six months ended 31 March 2022.
The Board is pleased to confirm that trading for the first half of the year is in-line with management's expectations. The Group's order book continues to be underpinned by long-term framework positions and is expected to be in-line with that reported at our AGM in January. We continue to successfully manage the industry-wide material shortages and inflation challenges effectively, without any material impact on trading. Net debt and cash generation are also in line with expectations.
The Board remains confident of the Group's prospects in the second half of the year.
Renew's interim results for the six months ending 31 March 2022 will be announced on Tuesday 17 May 2022.
For further information, please contact:
Renew Holdings plc | www.renewholdings.com |
Paul Scott, Chief Executive Officer | via FTI Consulting |
Sean Wyndham-Quin, Chief Financial Officer | 020 3727 1000 |
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Numis Securities Limited (Nominated Adviser and Joint Broker) | 020 7260 1000 |
Stuart Skinner / Kevin Cruickshank |
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Peel Hunt LLP (Joint Broker) | 020 7418 8900 |
Mike Burke / Harry Nicholas / Charles Batten |
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FTI Consulting (Financial PR) | 020 3727 1000 |
Alex Beagley / Tom Hufton / Sam Macpherson / Rafaella de Freitas | Renew@fticonsulting.com
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About Renew Holdings plc
Renew is a leading UK Engineering Services business, performing a critical role in keeping the nation's infrastructure functioning efficiently and safely. The Group operates through independently branded subsidiaries across its chosen markets, delivering non-discretionary maintenance and renewal tasks through its highly skilled, directly employed workforce.
Renew's activities are focused into two business streams: Specialist Engineering, which accounts for over 95 per cent of the Group's adjusted operating profit, focuses on the key markets of Rail, Infrastructure, Energy (including Nuclear) and Environmental 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 Science markets in London and the Home Counties.
For more information please visit the Renew Holdings plc website: www.renewholdings.com