3rd Oct 2016 07:00
Renew Holdings plc
("Renew" or the "Group")
Trading Update and Notice of Results
Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, announces a trading update ahead of its annual results for the financial year ended 30 September 2016 which will be announced on Tuesday 22 November 2016.
The Board expects the Group's results for the year to 30 September 2016 to be in line with market expectations, demonstrating further growth in both revenue and operating profit together with an increase in operating margin. The Board also expects to report that the Group has moved to a net cash position.
As previously reported, Brian May retired as Chief Executive on 30 September 2016 and has been succeeded by Paul Scott. The Board would like to thank Brian for his outstanding leadership of Renew over the last eleven years, during which he transformed the Group from a loss making building contractor into a leading business in Engineering Services and delivered an increase in market capitalisation from £17m to £229m without recourse to equity financing.
Enquiries:
Renew Holdings plc | Tel: 0113 281 4200 | ||
Paul Scott, Chief Executive |
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John Samuel, Group Finance Director |
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Numis Securities Limited | Tel: 020 7260 1000 | ||
Stuart Skinner/ Kevin Cruickshank (Nominated Adviser) |
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Michael Burke (Corporate Broker) |
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Walbrook PR (Media & Investor Relations) | Tel: 020 7933 8780 or [email protected] | ||
Lianne Cawthorne | Tel: 07584 391 303 or [email protected] | ||
Paul McManus | Mob: 07980 541 893 or [email protected] | ||
About Renew Holdings plc
Engineering Services, which accounts for over 85% of Group revenue and 90% of operating profit, focuses on the key markets of Energy (including Nuclear), Environmental and Infrastructure, which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.
Specialist Building focuses on the High Quality Residential market in London and the Home Counties.
For more information please visit the Renew Holdings plc website: www.renewholdings.com
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Renew Holdings