REG - Renew Holdings PLC - Year End Trading Update

Renew HoldingsAnnouncement

03/10/2022 07:01

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RNS Number : 4210B  Renew Holdings PLC  03 October 2022

3 October 2022

Renew Holdings plc

("Renew" or the "Group")

 

Year End Trading Update

 

Strong trading with results expected to be marginally ahead of market
consensus

 

Renew (AIM: RNWH), the leading Engineering Services Group supporting the
maintenance and renewal of critical UK infrastructure,  provides the
following  trading update for the financial year ended 30 September 2022.

 

The Group continues to successfully manage the well documented inflationary
pressures and supply chain challenges in the wider economy. As such, there has
been no material impact on trading, once again demonstrating the resilient and
differentiated nature of Renew. As a result, the Board expects the Group to
report results for the year marginally ahead of market consensus(1). The
Company's balance sheet continues to be strong with net cash, at 30 September
2022, anticipated to be ahead of market consensus(1) due to lower capital
expenditure and pension costs combined with higher operating profit in the
period.

 

The Group's Engineering Services order book remains strong and we continue to
see good demand across our core markets which continue to trade well. Despite
the uncertain economic outlook, the Board looks to the year ahead with
confidence with the Group well positioned to continue to benefit from the UK
Government's committed infrastructure spend.

 

(1)Company derived consensus adjusted operating profit is £54.0m and pre-IFRS
16 net cash of £8.9m.

 

 For further information, please contact:

Renew Holdings plc                                          www.renewholdings.com (http://www.renewholdings.com/)

 Paul Scott, Chief Executive Officer                         via FTI Consulting

 Sean Wyndham-Quin, Chief Financial Officer                  020 3727 1000

 Numis Securities Limited (Nominated Adviser & Broker)       020 7260 1000

 Stuart Skinner/ Kevin Cruickshank / William Wickham

 Peel Hunt LLP (Joint Broker)

 Mike Burke / Harry Nicholas / Charles Batten                020 7418 8900

 FTI Consulting (Financial PR)                               020 3727 1000

 Alex Beagley / Sam Macpherson / Rafaella de Freitas         Renew@fticonsulting.com (mailto:Renew@fticonsulting.com)

 About Renew Holdings plc

 Renew Holdings Group plc is a leading UK Engineering Services business,
 performing a critical role in keeping the nation's infrastructure functioning
 efficiently and safely. The Group operates through independently branded
 subsidiaries across its chosen markets, delivering non-discretionary
 maintenance and renewal tasks through its highly skilled, directly employed
 workforce.

 Renew's activities are focused into two business
 streams. Specialist Engineering, which accounts for over 95 per cent of the
 Group's adjusted operating profit, focuses on the key markets of Rail,
 Infrastructure, Energy (including Nuclear) and Environmental 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 and Science
 markets in London and the Home Counties.

 For more information please visit the Renew Holdings
 plc website: www.renewholdings.com (http://www.renewholdings.com)

About Renew Holdings plc

Renew Holdings Group plc is a leading UK Engineering Services business,
performing a critical role in keeping the nation's infrastructure functioning
efficiently and safely. The Group operates through independently branded
subsidiaries across its chosen markets, delivering non-discretionary
maintenance and renewal tasks through its highly skilled, directly employed
workforce.

Renew's activities are focused into two business
streams. Specialist Engineering, which accounts for over 95 per cent of the
Group's adjusted operating profit, focuses on the key markets of Rail,
Infrastructure, Energy (including Nuclear) and Environmental 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 and Science
markets in London and the Home Counties.

For more information please visit the Renew Holdings
plc website: www.renewholdings.com (http://www.renewholdings.com)

 

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