26th Nov 2024 11:47
(Alliance News) - Renew Holdings PLC on Tuesday celebrated the resilient nature of its business model as it praised the UK government's plan to invest in the renewal of the country's critical infrastructure.
The Leeds, England-based engineering services group said pretax profit rose 6.0% to GBP60.2 million in the financial year that ended September 30 from GBP56.8 million a year ago.
Revenue grew 19% to GBP1.06 billion from GBP887.6 million.
"These results are testament to the resilience and differentiated nature of our high-quality, low-risk, compounding business model, alongside the robust demand we continue to see in our end markets focused on the repair and maintenance of critical infrastructure," said Chief Executive Officer Paul Scott.
The company proposed a final dividend of 12.67p, up 5.6% from 12.00p a year prior, bringing the total payout to 19.0p, also up 5.6%, from 18.0p.
Looking ahead, Renew hailed a "strong order book moving into 2025" as it cited a sound mergers and acquisitions pipeline, supported by a strong balance sheet. The order book stands at GBP889 million, up from GBP777 million a year before, bolstered by positions on long-term framework contracts.
Chief Executive Officer Paul Scott said: "The start of new control periods in our largest sectors along with access to new market sectors marks a particularly exciting milestone for the group, and I am confident we are entering FY25 well placed to deliver on our ambitious long term growth strategy."
He added: "Post-period end in the autumn budget, we were pleased to see the UK government reaffirm its commitment to investing in the maintenance and renewal of critical UK infrastructure as part of its plans to begin a 'decade of national renewal'."
Renew shares were 0.9% lower at 1,070.00 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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