Renew reports a record year and looks forward to the future with confidence

Renew rail workers clear a fallen treeRenew rail workers clear a fallen tree
Renew rail workers clear a fallen tree
Engineering services group Renew Holdings has reported a record year, underpinned by strong organic growth.

The Leeds-based firm said that it is uniquely positioned to capitalise on "compelling" growth opportunities in its markets.

Revenue rose 28 per cent to £791m in the year to September 30 while pre-tax profits were up 27 per cent to £41m.

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The group reported strong organic revenue growth of 19 per cent, underpinned by positive momentum in its rail business, along with framework wins and operational progress across its diverse engineering services business.

Renew said that a full year dividend of 16p per share reflects the group’s strong cash generation and positive outlook.

The group said that the positive trading momentum has been carried into its new financial year and a strong forward order book underpins its confidence in achieving further progress in 2022.

Renew said it is confident about its future prospects and the firm is well positioned to capitalise on its strengths to target new opportunities in attractive markets.

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Paul Scott, CEO of Renew, said: “2021 was another record year for the group and I am pleased with the progress that has been made across all divisions.

"The essential nature of our work combined with the resilience of our low risk, high quality operating model has been a key driver for growth, as we continued to operate through the numerous lockdown and tiering scenarios experienced during the year."

Mr Scott said that two acquisitions have strengthened its offering in water and rail and both are delivering to plan.

Renew bought Browne for £29.5m in March, adding material scale to its water business. It has added Thames Water, Affinity Water and Southern Water as new clients.

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It also bought REL in May, adding a unique skillset to the group with a view to supporting the Government’s rail decarbonisation programme.

Mr Scott said: “I am pleased to report that we have carried forward this positive trading momentum into the new financial year and have a strong forward order book which underpins our confidence in achieving further progress in 2022.

"As we look further ahead, we are committed to building on our strengths to target new opportunities in attractive markets where we have the skillset to deliver mission-critical engineering infrastructure solutions for a sustainable future.”