Renew delivers "mission-critical" services during UK lockdowns

The Leeds-based firm said pre-tax profits jumped 19 per cent to £32m in the year to September 30, reflecting the core strengths and resilience of its business model.

The group's order book rose 20 per cent to £692m as it delivered "uninterrupted, mission-critical services" to clients through both UK lockdown periods.

Paul Scott, chief executive of Renew, said these services include water, rail, energy, telecoms and highways.

"We said to customers: 'We're going to help you'. Customers were saying please continue to supply these essential services," said Mr Scott.

The majority of the group's activities now stand at pre-pandemic levels and it said it is well positioned to capitalise on the Government's committed infrastructure investment.

The group sees big opportunities in rail and water. It started working with Yorkshire Water last year, deploying people in Barnsley.

Mr Scott said: "During what has been a year without precedent, I have been humbled by the way our people have risen to the challenge of continuing to deliver the essential services that support the UK's critical infrastructure upon which we all rely, every day.

"The pandemic has demonstrated like never before the core defensive strengths and resilience of our high quality, low risk, value-accretive business model in providing 24/7 specialist engineering services to our clients in complex, challenging and regulated environments."

Following the acquisition of Carnell earlier in the year, which facilitated Renew's entry into the strategic highways network, the firm said it was very pleased with Carnell's positive contribution to the results.

Mr Scott said: "The growth prospects within our industry are highly attractive, driven by non-discretionary Government spending in relation to UK infrastructure, a greater focus on sustainability and renewable energy, population growth, technological innovation driving a shift towards digital transport networks and smart cities, along with increased regulation."

He said that the firm's businesses operate in markets underpinned by sustainable, long term structural growth dynamics and committed regulatory spend.

Mr Scott added: "Trading in the new financial year has started well and we are ideally positioned to play a significant role in the long term recovery opportunities that will emerge across UK infrastructure, a sector that will play an important role in rebuilding the economy over the next decade and beyond."