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Renew Holdings profits rise 29pc

Renew Holdings has posted a 29 per cent increase in pre-tax profits after taking decisive action to reduce costs and move into less exposed markets.

The Leeds-based specialist construction services business announced a strong set of full year results for the 12 months to 30 September.

Renew’s pre-tax profit went up 29 per cent to £9.5 million from £7.4 million the previous year with revenue up 12 per cent from £348.1 million to £390.6 million.

Chairman Roy Harrison said: “The group is strongly positioned with an experienced management team, substantial cash resources and a strong forward work position.

“Our business model, which focuses on specialist markets, is resilient and able to withstand the impact of challenging market conditions.”