Engineering services group Renew creates jobs in Yorkshire as it delivers record results

In the year ended September 30 2023, group revenue increased by 13 per cent to £960.9m. Paul Scott, CEO of Renew, also revealed that Renew had increased its headcount by 10 per cent to around 5,000 members of staff over the past year. The group has large operations in Leeds, Sheffield and Barnsley.

Mr Scott added: “We are making a difference economically in Yorkshire. Yorkshire is an important foundation for us. “

Over the year, Renew entered into new business areas “with a sharpened focus on collaboration within the group” and the strategic acquisitions of Enisca and Rail Electrification Limited.

Mr Scott commented: "I am very pleased to report that we have once again delivered record results despite the turbulent macroeconomic landscape.

"Continued growth in revenue, profit and our solid operating cash generation is testament to the strength of our business model and the group's well-established positions in attractive and sustainable growth markets.

"On behalf of the board, I would like to sincerely thank all of our dedicated colleagues whose hard work and commitment has enabled the group to deliver yet another record performance.

"Our core strengths leave us well placed to build on our strong track record of long-term value creation as we look ahead with impressive trading momentum and a strong forward order book.

"We remain excited about the significant growth opportunities across the group, underpinned by the increasing national demand for the maintenance and renewal of existing UK infrastructure, which will continue to be a domestic priority regardless of the outcome of the next election."

Renew's activities are focused into two business streams: engineering services, which accounts for more than 98 per cent of the group's adjusted operating profit, and specialist building, which focuses on residential, landmark and science markets in London and the Home Counties.

Renew announced a full year dividend of 18.00p, an increase of 5.8 per cent which it said reflected the board's confidence in the group's trading performance. Statutory operating profit was £59.0m, which was an increase on the £50.0m recorded the year before.

Commenting on outlook Renew said: “With a heightened focus on public expenditure as a result of the weak economic landscape, it is clear that the Government is prioritising investment in maintenance and renewals of existing infrastructure instead of large-scale enhancement projects.

“To this end, the structural growth drivers in our end markets have never been more attractive and we remain uniquely positioned to seize both organic and acquisitive growth opportunities. Our trading momentum has continued into the new financial year, and we are excited by the significant opportunities across the group.”