Last checked at 2 Apr 2024 07:00
2 April 2024
Renew Holdings plc
("Renew" or the "Group" or the "Company")
H1 Trading Update, Directorate Change & Notice of Results
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 2024.
Trading update
The Board is pleased to confirm that trading for the first half of the year is in line with management's expectations and the Group continues to experience strong demand for its services across all key markets. The Group's order book remains underpinned by long-term framework positions and is at similar levels to that reported in January 2024 providing excellent visibility into the second half. The half-year net cash position is expected to be in-line with management's expectations and the Board remains confident of further progress in the second half of the year.
Directorate change
Having served on the Board as Executive Director (Rail) for over eight years, Andries Liebenberg has informed the Board of his intention to retire effective from 31 January 2025. Simon Ellison will join the Group's senior management team as Rail Sector Director later this month to ensure a smooth transitional period. Simon spent 25 years at Costain in senior leadership roles across Rail and Transportation. The Board would like to take this opportunity to thank Andries for the significant contribution he has made to the Group since his appointment and to wish him well in his retirement.
Notice of Results
Renew's interim results for the six months ended 31 March 2024 will be announced on Tuesday 14 May 2024.
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 |
Deutsche Numis (Nominated Adviser and Joint Broker) | 020 7260 1000 |
Stuart Skinner / Kevin Cruickshank | |
Peel Hunt LLP (Joint Broker) | 020 7418 8900 |
Ed Allsopp / Pete Mackie / Charlotte Sutcliffe | |
FTI Consulting (Financial PR) | 020 3727 1000 |
Alex Beagley / Tom Hufton / Amy Goldup / Matthew Young | Renew@fticonsulting.com |
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: Engineering Services, 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, Landmark and Science markets in London and the Home Counties.
For more information please visit the Renew Holdings plc website: www.renewholdings.com