Year End Trading Update

RNS Number : 4210B
Renew Holdings PLC
03 October 2022
 

3 October 2022

Renew Holdings plc

("Renew" or the "Group")

 

Year End Trading Update

 

Strong trading with results expected to be marginally ahead of market consensus

 

Renew (AIM: RNWH), the leading Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure,  provides the following  trading update for the financial year ended 30 September 2022.

 

The Group continues to successfully manage the well documented inflationary pressures and supply chain challenges in the wider economy. As such, there has been no material impact on trading, once again demonstrating the resilient and differentiated nature of Renew. As a result, the Board expects the Group to report results for the year marginally ahead of market consensus1. The Company's balance sheet continues to be strong with net cash, at 30 September 2022, anticipated to be ahead of market consensus1 due to lower capital expenditure and pension costs combined with higher operating profit in the period. 

 

The Group's Engineering Services order book remains strong and we continue to see good demand across our core markets which continue to trade well. Despite the uncertain economic outlook, the Board looks to the year ahead with confidence with the Group well positioned to continue to benefit from the UK Government's committed infrastructure spend.

 

1 Company derived consensus adjusted operating profit is £54.0m and pre-IFRS 16 net cash of £8.9m.

 

For further information, please contact:

 

Renew Holdings plc

www.renewholdings.com

 

Paul Scott, Chief Executive Officer

Sean Wyndham-Quin, Chief Financial Officer

 

via FTI Consulting

020 3727 1000

Numis Securities Limited (Nominated Adviser & Broker)

Stuart Skinner/ Kevin Cruickshank / William Wickham

 

Peel Hunt LLP (Joint Broker)

Mike Burke / Harry Nicholas / Charles Batten

 

020 7260 1000

 

 

 

020 7418 8900

FTI Consulting (Financial PR)

Alex Beagley / Sam Macpherson / Rafaella de Freitas

020 3727 1000

Renew@fticonsulting.com




About Renew Holdings plc

Renew Holdings Group plc is a leading UK Engineering Services business, performing a critical role in keeping the nation's infrastructure functioning efficiently and safely. The Group operates through independently branded subsidiaries across its chosen markets, delivering non-discretionary maintenance and renewal tasks through its highly skilled, directly employed workforce.

Renew's activities are focused into two business streams. Specialist Engineering, which accounts for over 95 per cent of the Group's adjusted operating profit, focuses on the key markets of Rail, Infrastructure, Energy (including Nuclear) and Environmental 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 and Science markets in London and the Home Counties.

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


 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTUROVRUKUKOAR
UK 100

Latest directors dealings