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Renew hails annual profit and revenue growth; lifts dividend

28th Nov 2023 11:16

(Alliance News) - Renew Holdings PLC on Tuesday celebrated its full-year results as profit and revenue surged by double-digits.

Renew Holdings is a Leeds, England-based engineering services group, supporting the maintenance and renewal of UK infrastructure across the rail, energy, environmental, and specialist building sectors.

For the twelve months ended September 30, pretax profit grew 17% to GBP58.1 million from GBP49.5 million the year before, while revenue also increased by 13% to GBP960.9 million from GBP849.0 million.

Renew said the Cookstown, Northern Ireland-based design, engineering and construction business, Ensica Group Ltd, which it acquired last year, contributed to GBP31.5 million in revenue and GBP1.8 million in pretax profit from continuing operations.

Renew proposed a final dividend of 12.0 pence per share, up 5.9% from 11.33p the year before. This brings its full-year dividend to 18.00p per share, up 5.9% from 17.00p.

Looking ahead, the engineering services firm said its trading momentum has continued into the new financial year, noting that it is "uniquely positioned to seize both organic and acquisitive growth opportunities with attractive structural growth drivers."

Chief Executive Officer Paul Scott said: "I am very pleased to report that we have once again delivered record results despite the turbulent macroeconomic landscape. Continued growth in revenue, profit and our solid operating cash generation is testament to the strength of our business model and the group's well-established positions in attractive and sustainable growth markets."

Shares in Renew were up 2.4% at 807.88 pence each in London on Tuesday morning.

By Sabrina Penty, Alliance News reporter

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