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Environment & Energy focus boosts Renew results

 

 

Renew saw revenue climb by 23 per cent in the six months to 30 September as its shift to engineering services paid off.

 

Announcing its preliminary results for the half-year, the engineering and construction services firm said sales were up to £356.7 million, compared with £290.4m in the same period last year.

Pre-tax profit before exceptional items and amortisation rose 76 per cent, from £4.6m to £8.1m.

The group said its 2009 strategy to achieve at least 50 per cent of revenue from engineering services has been hit a year early, after revenue in this sector rose 39 per cent to £176.7m, with operating profit up 78 per cent to £7.4m.

Those results include seven months of trading at Amco, the engineering firm Renew acquired in February for £19.8m.

Renew chairman Roy Harrison said: “The results demonstrate that the group can deliver sustainable, profitable growth from our key markets of energy, environmental and infrastructure.

“Our strong forward order book provides us with confidence that this will continue in 2012.”

Specialist building revenue increased to £178.9m (2010: £163.1m) as the firm focused on London and the Home Counties.

The group order book was down from £304m to £285m, which it said was “entirely due to our planned lower levels of activity in specialist building”.

The engineering services order book was £179m (2010: £82m), an increase of 118 per cent.

The firm said the development of engineering services business also improved group operating margin and created a platform of sustainable revenue generated from more than 50 framework agreements with major clients, most of which operate in regulated markets.


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