29th Jan 2014 07:37
LONDON (Alliance News) - Engineering services company Renew Holdings PLC Wednesday said trading had been strong in the first quarter of its financial year, a situation it expects to continue in the second quarter, as its rail, water and nuclear businesses all perform strongly.
In a statement ahead of its annual general meeting, Chairman Roy Harrison said the company's order book at the end of December stood at GBP433 million, up from GBP340 million a year earlier. Its engineering services order book was GBP306 million, up from GBP245 million.
Harrison said its rail business had been experiencing record levels of activity, revenues in its nuclear business were at record levels, and water businesses Lewis and Seymour were both performing better than expected.
Its specialist building business had performed in line with expectations, the Chairman said, adding that potential future work offers excellent opportunities.
"Reflecting the profitable trading, cash generation in the first quarter has also been strong. The group's net cash position together with its strong order book enables the board to look forward with confidence to further profitable growth," Harrison said.
The strength of the first and second quarters of the year mean that the company's full-year to end-September is likely to be much more evenly balanced between the first and second half of the year than in the past, he added.
The company will give further guidance when it reports its interim results May 20.
By Steve McGrath; [email protected]; @SteveMcGrath1
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