IN BRIEF: Renew Holdings expects record annual revenue and profit
Renew Holdings PLC - Leeds, England-based engineering services group that provides maintenance for infrastructure networks in the UK - Says it expects to report "record levels of revenue and operating profit" for the year ended on September 30. The company says it expects full-year adjusted revenue and adjusted operating profit in line with market consensus of GBP1.19 billion and GBP77.7 million respectively. Renew says: "The record performance delivered during the year reflects the resilience of the group’s operating model and the quality of its increasingly diversified end-market exposure." Renew says its net cash position was ahead of market expectations. Company-compiled consensus expects pre-IFRS 16 net cash of GBP6.3 million. Renew attributes this balance sheet strength to receiving a one-off insurance payment of around GBP6.9 million "relating to the settlement of historical claims". Renew says its cash position allows it to progress its mergers pipeline and that it plans to expand in the water and energy markets both organically and through targeted acquisitions. Renew says it is confident in its "prospects for the year ahead and beyond." It will announce annual results on November 24.
Current stock price: up 1.2% to 953.00 pence on Thursday in London
12-month change: up 5.8%
By Camilla Borri, Alliance News reporter
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