Leeds-based engineering services and infrastructure group Renew Holdings plc said its revenue increased 19.1% to £1.057 billion in the year ended September 30, 2024, and profit before tax rose 6% to £60.2 million.
Renew said its group order book remained strong at £889 million (FY2023: £777m) “underpinned by long-term framework positions.”
Full year dividend of 19p is up 5.6% “reflecting the strong trading performance, forward momentum and the board’s positive outlook.”
Renew said: “In Rail we have entered CP7 in our strongest framework position yet across all regions and remain the largest provider of maintenance and renewals services to Network Rail nationally and the third largest supplier overall.
“In Water we have resecured most of our key AMP7 positions as well as increasing the number of frameworks and clients heading into AMP8. We now work for 10 of the 12 combined waste and water companies, compared with 3 at the beginning of AMP7.
“In line with our strategy of appraising selective, value-accretive M&A, we successfully completed three acquisitions. This included the bolt-on acquisitions of TIS and Route One as well as the acquisition of Excalon, which has enabled our expansion into a new complementary sector with high barriers to entry and strong growth potential.”
Renew CEO Paul Scott said: “I am very pleased to report we have delivered another excellent performance in FY24 with significant organic and acquisitive growth. We have further strengthened our order book and expanded our service offering, strengthening the foundations of our business.
“The Group successfully delivered three value-accretive acquisitions in the period and post-period end we executed our strategic exit from Specialist Building as well as entering into the high-growth onshore wind services market with the acquisition of Full Circle.
“The start of new control periods in our largest sectors along with access to new market sectors marks a particularly exciting milestone for the Group and I am confident we are entering FY25 well placed to deliver on our ambitious long term growth strategy.
“On behalf of the Board, I would like to thank all of our colleagues for their outstanding dedication to delivering our mission-critical services 365 days a year.”