IN BRIEF: Renew Holdings confirms record revenue and profit
Renew Holdings PLC - Leeds-based engineering and maintenance group - Reports record revenue and operating profit for the year ended September 30, with trading in line with market expectations. Says performance reflects the "resilience of the Group's operating model" and increasingly diversified end-market exposure. Continues to focus on water and energy markets, supported by acquisitions of Emerald Power Ltd, Edwards Diving Services Ltd, PWR-X Ltd and Electricity Distribution Engineering Services Ltd. Says acquisitions are integrating well and expects to expand in these markets organically and through further earnings-enhancing acquisitions. Balance sheet remains strong, ending the year with a net cash position ahead of market expectations, partly due to a one-off GBP6.9 million insurance payment relating to the settlement of historical claims. Says increased participation in attractive end markets with visible and committed investment programmes contributes to a record order book at September 30, providing confidence in prospects for the year ahead and beyond. Will announce preliminary results on November 24.
Current stock price: up 1.4% to 955.00 pence per share on Thursday afternoon in London.
12-month change: up 6.0%
By Niall Holden, Alliance News reporter
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