Leeds-based Renew Holdings sees order book rise to £651m

Engineering services group Renew Holdings said trading is in line with the board’s expectations as it holds its annual general meeting later this morning.

Renew Holdings tunnel maintenance.

The Leeds-based firm’s order book at December 31, 2019, was £651m, up from £570m the previous year. While its engineering services order book stood at £549m, up from £522m the previous year.

Renew added that net debt and cash generation is in line with its expectations.

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Earlier this month, Renew announced that Stephanie Hazell would join as a non-executive director from March 1, 2020.

David Forbes, chairman of Renew Holdings, said: “Stephanie has over 20 years’ relevant experience working in high profile businesses in the infrastructure services sector.

“In addition, Stephanie’s strategic experience will assist in the development and delivery of the group’s established strategy.”

Renew announced record results for the year to September 30, last year. Revenue rose 11 per cent to £601m and pre-tax profit leapt 84 per cent to £27m.

The group benefited from the £80m acquisition of leading Scottish railway contractor QTS the previous year, but organic growth rose more than 8 per cent as well.

Renew said its critical infrastructure markets have excellent long-term prospects with growth driven by regulatory requirements.