19th May 2015 09:15
LONDON (Alliance News) - Engineering services company Renew Holdings PLC on Tuesday said its pretax profit ticked higher in the first half on the back of a rise in revenue and said it has hiked its dividend by 50% on the back of the robust results.
Renew said its pretax profit in the first half to the end of March was GBP7.7 million, up from GBP7.2 million a year earlier. Revenue in the half rose to GBP252.1 million from GBP207.6 million, primarily on the back of a 24% rise in engineering services revenue in the half.
Renew said its total order book at the end of the period was GBP471 million, up from GBP369 million a year earlier, with all expected revenue for the second half secured. Its engineering services order book rose to GBP382 million from GBP306 million.
The strong results pushed the company to hike its interim dividend payout by half, up to 2.25 pence from 1.5 pence.
"The group's position as a leading provider of engineering support services to the UK's Energy, Environmental and Infrastructure markets has continued to strengthen by focusing on our clients' long term operational spending programmes," said Chairman Roy Harrison.
"Our strategy has delivered excellent organic growth which, together with our record order book, provides the board with confidence that the group's results will meet market expectations for the full financial year," Harrison added.
Shares in Renew were up 4.2% to 313.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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