Renew Holdings confident for full-year amid record order book
Renew Holdings PLC on Thursday expressed optimism for full-year trading, as it updated on performance head of its annual general meeting.
The Leeds, England-based engineering services group said first-quarter trading continues to give it confidence in meetings its expectations for the full-year that ends September 30.
This optimism is underpinned, said Renew, by its ‘strong framework positions’ and its record order book of £924 million at December 31, up 2.1% from £905 million a year prior.
Renew Holdings noted its ‘strong balance sheet’ continues to support its well-developed M&A pipeline, as it noted a ‘number of opportunities’ in its target growth sectors.
The company added that Emerald Power, which it acquired in October, is trading in line with expectations and has integrated well.
‘The enduring structural growth drivers in the UK’s regulated infrastructure markets and the strength of our business expertise, means the group is well positioned to capitalise on its long-term opportunities, and the board looks to the future with confidence,’ said Chair David Brown.
Shares in the company were up 2.6% at 951.00 pence on Thursday afternoon in London.
Renew is scheduled to provide a trading update for the six months ending March 31 on April 1.
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