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Strong profits see Renew hit acquisition trail

NCE stock business

Engineering services group Renew has released its interim financial results, showing a 7% increase in its adjusted operating profit to £10.5M for the first half of this year, compared to the same half last year.

Its order book up is 9% to £515M, including a 9% increase in the Engineering Services order book to £416M.

It said that it plans to make new acquisitions in order to see continued growth. It works on a number of large frameworks in the fields of energy, the environment and infrastructure. Energy and the environment make up around a quarter of its business, while infrastructure is the other half. Major frameworks include the Sellafield clean-up, contracts with Wessex Water, Welsh Water, Northumbrian Water and the Environment Agency, as well as being sole provider on seven infrastructure projects frameworks for Network Rail with an advertised value of £450M during CP5.

Chief executive Brian May said: “We continue to pursue our strategy of maximising organic growth whilst seeking further earnings enhancing acquisitions. Our independently branded subsidiary businesses deliver a large volume of tasks across critical infrastructure networks, supporting their day-to-day operation. Delivering planned and emergency maintenance services for our clients with our responsive, directly employed workforce provides a key differentiator in our markets, producing growth opportunities.”

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