Renew, Leeds engineering firm, reports £771m orders

Leeds-based engineering services group Renew Holdings has announced record half year results for the six months ended March 31, 2022, in which revenue rose 13.1% to £414.3 million, profit before tax rose 20.6% to £21.8 million, and its order book rose to £771 million from £750 million.

Renew declared an interim dividend of 5.67p, a 17.4% increase on the last interim dividend paid.

Renew shares rose about 3%.

Renew CEO Paul Scott said: “The first six months of this financial year have presented a unique set of circumstances and the group’s record performance clearly demonstrate the resilient and differentiated nature of our business.

“Supported by the commercial terms within our frameworks, we continue to successfully manage the industry-wide material shortages and inflation challenges effectively, without any material impact on trading. 

We look to the future confident in the knowledge our strong market positions underpinned by long-term, non-discretionary spending cycles mean we are well positioned to take advantage of the UK Government’s pledge to invest £650bn in a green infrastructure-led recovery that will bring significant opportunities for Renew and our differentiated, diversified, low-risk business model …

Trading has started well in the second half of the year and we remain confident of achieving our full year expectations.”

Renew also announced that after almost 11 years on the board, David Forbes has resigned as chairman with immediate effect “to pursue his other business interests.”

Forbes will be replaced by David Brown, currently non-executive director. 

Shatish Dasani has assumed the responsibilities of senior independent director and Stephanie Hazell has been appointed chair of the remuneration committee.

Renew CEO Paul Scott said: “I would like to thank David for his support and commitment to both me personally and the Renew board.

“During David’s tenure on the board, the group has grown significantly and has delivered outstanding shareholder returns.

“He leaves the business in a strong financial position with excellent growth prospects.

“I am delighted that David Brown has taken over the chair.

“He has been a member of the board for the last 5 years during which time he has made a significant contribution to the group’s progress.

“His appointment will provide important continuity as we continue to deliver on our strategic priorities.”