Renew’s strong order book boosts profits

LEEDS-based engineering services group Renew today revealed that it had delivered a large rise in profits on the back of a strong order book.

In the year ended September 30 2011, the company’s adjusted profit before tax rose 76 per cent to £8.1m, while revenue rose by 23 per cent to £356.7m.

Roy Harrison, the company’s chairman, said: “2011 has been a significant year for Renew, now successfully repositioned as a specialist provider of engineering services. The results demonstrate that the group can deliver sustainable, profitable growth from our key markets of energy, environmental and infrastructure. Our strong order book provides us with confidence that this will continue in 2012.”

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Commenting on outlook, the company said: “Although the overall economic outlook remains uncertain, the board believes that spending in infrastructure markets is likely to continue to offer opportunities.”

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