Renew Holdings on course to report record sales and operating profit

Shares in Renew Holdings PLC rose on Wednesday as it hailed a record order book and strong balance sheet, underpinning its confidence in the years ahead.

In a trading statement, the Leeds, England-based engineering services group said it expects to report trading for the year in line with market consensus, with record revenues and record operating profit.

The balance sheet remains ‘strong, finishing the year with a modest net cash position, ahead of market expectations,’ the firm added.

This provides ‘significant flexibility’ to take advantage of its active pipeline of potential acquisition targets, Renew pointed out.

Company compiled consensus is for adjusted revenue of £1.12 billion, adjusted operating profit of £72.0 million and pre-IFRS 16 net debt of £6.9 million.

This compares to £1.06 billion, £70.9 million and a net cash position of £25.7 million in the financial year to September 2024.

Shares in Renew Holdings were up 5.3% at 852.88 pence each in London on Wednesday morning.

In addition, actions to diversify its markets and service offering, has left Renew well positioned to take advantage of long term structural growth drivers, the firm said.

This exposure to wider growth markets with ‘highly visible, committed spending cycles’ has resulted in a record order book as at September 30, which ‘underpins the board’s confidence in the year ahead and beyond,’ Renew added.

Preliminary results for the financial year ended September will be released on November 25, Renew said.

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