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Strategic focus boosts Renew

Profits at Renew continued to rise in the first half following its decision to focus on two specialist business streams.

Pre-tax profits jumped 21 per cent to £3.9 million for the six months ended March 2008. Revenue rose 11 per cent for the period to £192.9 million compared to £173 million in 2007.

The firm said that its strategy to concentrate on specialist building and engineering ‘is allowing us to secure sustainable and higher margin work.’

It said its forward order book remains strong at £247.7 million up 8 per cent on last year.

Chairman Roy Harrison said: “Renew continues to report improving profits resulting from our strategy to provide specialist construction services to selected robust sectors.

“The group is strongly positioned with substantial cash resources to react quickly to market opportunities as they arise.”

Earlier this year Renew, whose brands include YJL London and Allenbuild, said that it expected to add to its specialist engineering businesses through a string of acquisitions.

The board said it remains confident that it will continue to deliver further progress in the second half of the year.