Leeds-based Renew delivers a record trading period despite coronavirus uncertainty

Renew has announced its interim results for the six months ended March 31 2020.

The group said it had delivered another record trading period, which included the contribution from the acquisition of Carnell Support Services in January 2020.

The company said: "The integration of the business has progressed well and the results are in line with the board's expectations."

Over the half year, adjusted operating profit increased 8 per cent to £19.9m on revenue of £313.6m, which was higher than the £301.0m recorded in the same period the year before.

David Forbes, the chairman of Renew, said: "Our strong trading performance and cash generation in the first half of the year, is reflective of the reliable long-term nature of the UK infrastructure markets in which we operate, a strategy reinforced in the Government's latest Budget when they committed to investing £640bn in infrastructure over the next five years.

"Where we are able to satisfy the requirements of the Covid-19 safety guidelines, we continue to work closely with our customers directly delivering essential network services.

"In total, approximately 80% of our activities have continued during the crisis as they are deemed critical to the Covid-19 response.

"Following the UK Government's recovery strategy launched on 10 May 2020, we are addressing immediate opportunities to remobilise the remaining 20% of our operations and we anticipate this positive momentum will continue."

"The strength of the group's position in its markets and the essential nature of the work we undertake gives the board confidence that Renew remains well placed to play a significant role in the long-term opportunities that will emerge across UK infrastructure, a sector that will play an important role in rebuilding our economy.

"The board and I would like to take this opportunity to thank all of our colleagues who have continued to deliver our essential services during this difficult time."

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