Renew Holdings Regulatory News (RNWH)

2 October 2023

 

 

Renew Holdings plc

("Renew" or the "Group" or the "Company")

 

Year End Trading Update

 

Continued momentum with results expected to be marginally ahead of market expectations

 

Renew (AIM: RNWH), the leading Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure,  provides the following trading update for the financial year ended 30 September 2023.

 

Continued robust demand across our end markets combined with the Company's ability to successfully navigate ongoing inflationary pressures has resulted in the Board expecting the Group to report revenue and operating profit for the year marginally ahead of market consensus1 reflecting Renew's resilient and differentiated business model.

 

The Company's balance sheet continues to be strong with net cash, at 30 September 2023, anticipated to be ahead of market expectations1.

 

The Board looks to the year ahead with confidence, with the Group well positioned to continue to benefit from the UK's committed infrastructure spend. Renew's exposure to long term operating budgets continues to provide demand across our core markets.

 

1Company derived consensus adjusted revenue is £927.9m, adjusted operating profit is £62.3m andpre-IFRS 16 net cash of £31.5m.

 

 

For further information, please contact:

 

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