Renew set to benefit from Government plans to level up economy

The engineering group Renew today said trading had started strongly in the second half of the year, as it delivered its latest financial results.

Prime Minister Boris Johnson
Prime Minister Boris Johnson

The group is also set to benefit from Prime Minister Boris Johnson's commitment to level up the UK economy.

Renew has announced its interim results for the six months ended 31 March 2021.

During the period, group revenue increased to £366.4m, from £313.6m in the same period last year.

The group said it was confident in its future prospects and is well positioned to capitalise on the increased investment in maintaining and renewing infrastructure assets.

Paul Scott, CEO of Renew, commented: "We are delighted to be reporting another set of record results for the group and I would like to thank my colleagues across the entire business for their hard work and contributions despite the ongoing wider challenges presented by the pandemic.

"We remain fully committed to the safety of our workforce and those who work with us as well as the effective delivery of essential UK infrastructure services that we all rely upon.

"In the period, we completed the third substantial acquisition in three years and I was delighted to welcome the Browne team to the group, an acquisition which further strengthens our position in a key attractive infrastructure sector.

"After reporting strong organic growth in the first half, trading has started strongly into the second half of the year and we look to the future with confidence. We are well positioned to take advantage of the UK Government s commitment to level up the economy by investing £640bn in an infrastructure-led recovery that will bring significant opportunities for Renew and our differentiated, diversified, low-risk business model."