Renew Holdings posts profit gain as revenue grows in first half
Renew Holdings PLC on Tuesday expressed confidence in its full-year outlook, as it raised its interim dividend amid improved profit.
Renew is a Leeds, England-based engineering services group that provides maintenance and renewal for infrastructure networks in the UK.
The company reported £25.5 million in pretax profit for the six months that ended March 31, up 8.6% from £23.5 million a year prior.
Driving the improved earnings was a 3.5% top-line gain, as revenue grew to £589.0 million from £569.3 million.
Renew attributed the revenue growth to its ‘increasingly diversified’ end market exposure, along with sustained demand for its ‘mission-critical services’.
The company declared an increased interim dividend of 7.0 pence, up 4.9% from 6.7p.
Looking ahead, Renew said its ‘record’ order book of £945 million, up from £908 million a year prior, underpins its confidence in its full-year outturn.
On Monday, Renew said that, through its subsidiary Excalon Ltd, it had acquired PWR-X Ltd, a provider of specialist cable jointing services to the power industry, for a total consideration of £1.1 million.
Shares in Renew were up 0.9% at 924.00 pence late on Tuesday morning in London.
‘I am pleased to report that we have delivered another record performance during the first half of the year, providing momentum as we continue to execute against our ambitious long-term growth strategy,’ said Chief Executive Paul Scott.
‘With a record order book afforded to us by highly visible, committed, long-term spending cycles, we remain confident in continuing on this growth trajectory and we look forward to delivering against our full year expectations.’
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