Renew reports record results

The Leeds-based group said revenue rose 64 per cent to £464.5m in the year to September 30 on the back of a 21 per cent increase in its order book to £439m at the end of September.

Adjusted pre-tax profits shot up 65 per cent to £16.1m.

Highlights over the year included the winning of seven Network Rail frameworks for an advertised value of £450m over five years.

The group also bought two key acquisitions, Clarke Telecom and Forefront Group.

The dividend was raised 39 per cent to 5.0p a share.

Renew’s chairman Roy Harrison said: “I am pleased to announce another record set of preliminary results for the group.

“Renew enters the 2014/15 financial year in a strong position having made excellent progress in expanding its position as a leading provider of engineering support services with strong organic growth coupled with two acquisitions into new markets.

“Our record order book of £439m gives the board confidence for the next financial year.”

He said the board’s growth strategy for its engineering services business is proven and continues to deliver shareholder value which is reflected in the 39 per cent increase in dividend.

The board has set targets for group revenue to exceed £500m within the next three years.”

Earlier this month Renew said it was selling its affordable housing division Allenbuild as part of its move away from construction markets.

Allenbuild is being sold to Places for People Group for a total consideration of £2.8m payable in cash.