Last checked at 3 Oct 2022 07:00
3 October 2022
Renew Holdings plc
("Renew" or the "Group")
Year End Trading Update
Strong trading with results expected to be marginally ahead of market consensus
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 2022.
The Group continues to successfully manage the well documented inflationary pressures and supply chain challenges in the wider economy. As such, there has been no material impact on trading, once again demonstrating the resilient and differentiated nature of Renew. As a result, the Board expects the Group to report results for the year marginally ahead of market consensus1. The Company's balance sheet continues to be strong with net cash, at 30 September 2022, anticipated to be ahead of market consensus1 due to lower capital expenditure and pension costs combined with higher operating profit in the period.
The Group's Engineering Services order book remains strong and we continue to see good demand across our core markets which continue to trade well. Despite the uncertain economic outlook, the Board looks to the year ahead with confidence with the Group well positioned to continue to benefit from the UK Government's committed infrastructure spend.
1Company derived consensus adjusted operating profit is £54.0m and pre-IFRS 16 net cash of £8.9m.
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About Renew Holdings plc Renew Holdings Group plc 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 |