Renew sees effect of downsizing

ENGINEERING and construction group Renew Holdings reported a drop in half year profits following a downsizing of the business in challenging market conditions.

The Leeds-based group, which has been shifting its focus from

construction to specialist engineering in recent years, said the reduction in capacity over the past 18 months has made the business the right size in current market conditions.

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Chief executive Brian May said: "We remain debt free and have a very strong confirmed order book which gives confidence and opportunity for both the short and medium term."

Pre-tax profits for the six months to March 31 fell from 2.3m to

1.6m.

Revenues fell from 172m to 139m.

Chairman Roy Harrison said the group plans to increase revenues in specialist engineering by both acquisition and organic growth.

The group order book at March 31 was up 31 per cent at 289m.

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