Go-Ahead chief joins Renew

Engineering services group Renew Holdings said the chief executive of transport group Go-Ahead has joined the group.

David Brown has joined Leeds-based Renew as a non-executive director

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.'‹

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