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Renew boosts revenue and pre-tax profit

Engineering services group Renew has announced year-on-year increases in revenue and pre-tax profit for the half-year to 31 March.

The firm announced engineering services revenue was up 4.8 per cent to £110.4m (H1 2012: £105.3m), a figure which represents 72 per cent of group revenue.

It saw a 14 per cent increase in its engineering services order book to £261m (H1 2012: £229m) while operating profit was up 6.5 per cent to £4.9m (H1 2012: £4.6m).

Its net debt reduced from £6.9m in H1 2012 to £3.2m, and its order book was up 19 per cent on the same period last year at £361m.

The firm pointed to its work at Sellafield as “strengthening”.

Chairman R J Harrison said: “I am pleased to announce record interim results for Renew Holdings for the first half of 2013. The Group has a record order book with all of our forecast revenue for the second half of the current financial year fully secured, enabling the Board to look to the future, confident of delivering further profitable, cash generative growth.”

In line with the Company’s progressive dividend policy, the interim dividend has increased by 5 per cent to 1.10p (H1 2012: 1.05p).

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