Leeds-based engineering services firm Renew Holdings reports strong trading

Leeds-based Renew remains operational across the majority of its sectors but is experiencing disruption in certain areas.

Paul Scott, CEO of Renew, said: “The health, safety and wellbeing of our people and all stakeholders impacted by our activities remains our highest priority.

“We have responded quickly and effectively to the incredible challenges of the Covid-19 pandemic and I am immensely proud of the reaction to this event by my colleagues and our entire workforce who remain fully committed to our mitigation measures.

“While we are experiencing interruption, the situation is continuously evolving and we have many defensive qualities which provide resilience in these unprecedented circumstances.”

In rail and highways, which account for the majority of its engineering activity, the firm said it is working closely with its public sector customers in areas designated critical to the Covid-19 response.

Water and telecommunications have also been designated ‘critical sectors’ and Renew remains operational in those too, with key workers deployed across all network areas where it has framework contracts.

Renew’s services in civil nuclear have been disrupted with a temporary cessation of programmes at Sellafield and Springfields where both customers are developing plans for resumption of critical activities that will require its involvement.

In total, approximately 80 per cent of the firm’s activities are in areas deemed critical to the Covid-19 response.

Mr Scott said: “While we are experiencing interruption, the situation is continuously evolving and we have many defensive qualities which provide resilience in these unprecedented circumstances.

“Our strong trading performance in the period is reflective of the reliable long-term nature of the UK infrastructure markets in which we operate.

“We continue to work very closely with all of our customers and where we can satisfy the requirements of Public Health England guidance we are delivering essential network services that the UK Government has classified as critical to the Covid-19 response.

“Despite the unique challenges the country is currently facing, we are well placed to play a significant role in the long- term opportunities that will emerge for UK infrastructure services, a sector that will play an important role in rebuilding our economy.”

To preserve cash and protect liquidity during the pandemic, the business deferred all non-essential capital expenditure.

It has also introduced a hiring freeze, is implementing cost reductions and a deferral of VAT payments.

The Leeds-based firm will be utilizing the Government’s Job Retention Scheme and has imposed a temporary 20 per cent reduction in the salaries of the board and senior management from April 1, 2020.

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