Renew, Leeds engineering group, hits £791m revenue

Shares of Leeds-based engineering services group Renew Holdings rose about 5% on Thursday after it published results for the year ended September 30, 2021, showing revenue up 27.5% to £791 million and profit before tax rose 26.9% to £40.8 million.

Renew said its order book rose to £749 million from £692 million and that its full year dividend will rise to 16p from 8.33p reflecting the group’s “strong cash generation and positive outlook.”

The firm reported organic revenue growth of 19% “underpinned by continued positive momentum in rail” along with framework wins and operational progress across its diverse engineering services business.

Renew CEO Paul Scott said: “2021 was another record year for the group and I am pleased with the progress that has been made across all divisions.

“The essential nature of our work combined with the resilience of our low-risk, high-quality operating model has been a key driver for growth, as we continued to operate through the numerous lockdown and tiering scenarios experienced during the year.

“The two acquisitions that we completed have strengthened our offering in water and rail and both are delivering to plan.

“I am pleased to report that we have carried forward this positive trading momentum into the new financial year and have a strong forward order book which underpins our confidence in achieving further progress in 2022.

“As we look further ahead, we are committed to building on our strengths to target new opportunities in attractive markets where we have the skillset to deliver mission-critical engineering infrastructure solutions for a sustainable future.”

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