Renew says trading ahead of last year

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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.