REG - Renew Holdings PLC - Year End Trading Update

Renew HoldingsAnnouncement

01/10/2018 07:05

RNS Number : 3738C
Renew Holdings PLC
01 October 2018
 


Renew Holdings plc
("Renew" or the "Group")
 
Year End Trading Update


Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, announces a trading update ahead of its annual results for the financial year ended 30 September 2018 which will be announced on Tuesday 27 November 2018.
The Board expects the Group to report results for the year to 30 September 2018 in line with market expectations, delivering good growth in operating profit and further improvement in operating margin.
Engineering Services is expected to be ahead of budget. In particular, we are pleased to confirm that the integration of QTS, acquired in May 2018, has gone extremely well and the trading performance of this subsidiary is in line with our expectations. We expect to report further growth in our Engineering Services order book, underpinned by our extensive portfolio of long-term frameworks contracts.
Specialist Building now represents less than 5% of group operating profit and our approach in this division is to remain focused on contract selectivity and risk management. This focus on selectivity has led to a reduced level of trading in the period but the division is expected to remain profitable.
The Group's net debt as at 30 September 2018 is expected to be in line with market expectations.
 
Enquiries:



Renew Holdings plc


Tel: 0113 281 4200




Paul Scott, CEO








Sean Wyndham-Quin, CFO


















Numis Securities Limited


Tel: 020 7260 1000




Stuart Skinner/ Kevin Cruickshank (Nominated Adviser)








Michael Burke (Corporate Broker)


















Walbrook PR


Tel: 020 7933 8780 or renew@walbrookpr.com




Paul McManus


Mob: 07980 541 893




Nick Rome


Mob: 07748 325 236




Lianne Cawthorne


Mob: 07584 391 303








 
About Renew Holdings plc
 
Engineering Services, which accounts for over 80% of Group revenue and 95% of operating profit, focuses on the key markets of Energy (including Nuclear), Environmental and Infrastructure, which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.
 
Specialist Building focuses on the High Quality Residential market in London and the Home Counties.
 
For more information please visit the Renew Holdings plc website: www.renewholdings.com




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