Renew Holdings delivers record trading performance

ENGINEERING services group Renew today said it had delivered a record half year trading performance after its results were boosted by an acquisition.

Renew has published its half year results in the City. Photo: Jonathan Brady/PA Wire

Leeds-based Renew has announced its interim results for the six months ended March 31 2019. The board said it was confident that the group’s full year results will be in-line with expectations.

Last year, the firm bought QTS, a provider of specialist services to the rail industry which include civil engineering, geotechnical services, fencing and de-vegetation.

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David Forbes, the chairman of Renew, said: “The group has delivered record interim results, in part reflecting the contribution of QTS which we acquired in the second half of last year. We are pleased to have increased the interim dividend by 15 per cent consistent with our progressive dividend policy.

“We continue to deliver on our established strategic objectives and remain confident of reporting full year results in line with expectations.”

Over the half year, adjusted operating profit increased 39 per cent to £18.4m on revenue of £301.0m, which was higher than the £262.2m recorded the year before.