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Renew "well placed" for £500m turnover target after infra wins

Profits have jumped 30 per cent at the engineering services group after framework successes in nuclear, rail and water.

Revenue stands four per cent down from the previous year at £337.4m, down from £352.8m, while profits jumped 30 per cent to £10.3m from £7.9m.

Preliminary results for the year to September 2012 showed the order book rise 16 per cent to £331m, with the engineering services order book up 31 per cent and nuclear orders up 51 per cent.

Debt had been reduced to £5.5m from £6.8m in 2011,

Renew chairman Roy Harrison said:”Our recent success in key framework appointments in Nuclear, Rail and Water together with our strong list of future opportunities demonstrates that the Group is pursuing the right strategy, evidenced by our growing forward order book and our record financial results.”

In 2011 the firm signaled an intention to increase turnover to over £500m by 2014, and today said it was “well placed to achieve these targets.”

The figures exclude losses of £2.4m from the discontinued C&A Pumps Ltd, sold in November 2012.

They include £1.1m in exceptional redundancy and restructuring costs, scaled down of specialist building and integration of rail following acquisition of Amco, which the firm called “highly successful, delivering results ahead of our expectations”.

The firm said its engineering services division, encompassing energy, environment and infrastructure, not accounts for 60 per cent of its operations and 62 of its 76 framework agreements.

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