AGM Statement

RNS Number : 0678N

Renew Holdings PLC

27 January 2016

 

Renew Holdings plc

("Renew" or the "Group")

AGM Statement

Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, will hold its Annual General Meeting at 11am today. Roy Harrison OBE, Chairman of Renew, will open the meeting with the following remarks:

"Trading for the first quarter of the year has been in line with the Board's expectations.

In the Energy market, I am pleased to report that Shepley Engineers Ltd has been awarded a position on the Decommissioning Delivery Partnership framework for Sellafield Ltd. This major ten year framework which has an indicative value of £500m, is an essential part of the site's long term decommissioning strategy. The arrangement includes extra headroom to cover additional scope, should this be required, up to a value of £1.5bn over the full term.

In the Environmental market, Lewis Civil Engineering Ltd has been appointed by Wessex Water to the Civils & EMI Capital Delivery Partners AMP6 (Asset Management Programme) framework. This framework, which will run until 2020, has an estimated total value of £350m and includes an extension option to cover the AMP7 period through to 2025.

The Group order book at 31 December 2015 has increased by 15% to £515m (31 Dec 2014: £449m). The Engineering Services order book stood at £413m (31 Dec 2014: £369m), an increase of 12% over the comparative position last year.

Cash generation in the first quarter has been good. The Board continues to expect the Group to report a net cash position by the end of the financial year.

These factors confirm the Board's confidence in the Group's future financial performance. A further trading update will be given in a pre-close announcement at the end of March 2016 prior to the announcement of the interim results on Tuesday 24 May 2016."

Enquiries:

Renew Holdings plc		Tel: [phone]
Brian May, Chief Executive
John Samuel, Group Finance Director
Numis Securities Limited		Tel: [phone]
Stuart Skinner (Nominated Adviser)
James Serjeant (Corporate Broker)
Walbrook PR	Tel: [phone] or [e-mail]
Paul McManus		Mob: [phone]
Lianne Cawthorne		Mob: [phone]

About Renew Holdings plc

Engineering Services, which accounts for 85% of Group revenue and 90% of operating profit, focuses on the key markets of Energy (including Nuclear), Environmental and Infrastructure, which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.

Specialist Building focuses on the High Quality Residential market in London and the Home Counties.

For more information please visit the Renew Holdings plc website: www.renewholdings.com                

 

END

 

 

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