Renew says trading ahead of last year

FAST-GROWING engineering services group Renew Holdings said trading for the first half of the year is ahead of last year and it expects to report an increase in its forward order book.

The Leeds-based group, which counts Sellafield nuclear power station, Network Rail and the Environment Agency among its major clients, said trading is in line with expectations and it anticipates a further reduction in net debt.

Renew’s interim results for the six months to March 31 will be announced on May 19.

The trading improvement comes despite tough comparatives with last year when the group reported record annual results following strong growth across all divisions. Renew expects to see further growth this year after winning seven Network Rail framework deals worth £450m over five years.

Revenue rose 64 per cent to £464.5m in the year to September 30.