Go-Ahead chief joins Renew

David Brown has joined Leeds-based Renew as a non-executive director
David Brown has joined Leeds-based Renew as a non-executive director
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Engineering services group Renew Holdings said the chief executive of transport group Go-Ahead has joined the group.

David Brown has join​ed Leeds-based Renew as a non-executive director with immediate effect.

H​e has been group CEO​ of Go-Ahead since 2011. Prior to that, ​he was ​m​anaging ​d​irector of ​s​urface ​t​ransport for Transport for London and ​c​hief ​e​xecutive of Go-Ahead’s London Bus business.

Renew’s ​c​hairman, Roy Harrison​, said: “I very much welcome David to our board.

“He will bring a wealth of additional knowledge and experience, particularly in the transport sector in which we have substantial operational involvement.”

The appointment was announced alongside a positive trading update and the group said trading is ahead of the same time last year.

A​nalyst Guy Hewitt at FinnCap said: ​“Renew has confirmed that trading for the first half of the year is in line with ​b​oard expectations and ahead of last year.

​“​We reiterate our view that Renew has attractive and relatively low-risk growth prospects.

“The vast majority of Renew’s work is on large, long-term, non-discretionary frameworks providing repair and maintenance services that are fundamental to the UK’s energy, gas, water, telecoms and rail infrastructure.

“​W​e reiterate our Buy rating and 586p target.​“

Renew said that as previously indicated, it anticipates reporting a modest net debt position when it announces interim results on May 23 as a result of the acquisition of Giffen Holdings last October.

The board expects to report a net cash position by this September.​