REG - Renew Holdings PLC - Year End Trading Update

Renew HoldingsAnnouncement

02/10/2023 07:00

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RNS Number : 2384O  Renew Holdings PLC  02 October 2023

2 October 2023

 

 

Renew Holdings plc

("Renew" or the "Group" or the "Company")

 

Year End Trading Update

 

Continued momentum with results expected to be marginally ahead of market
expectations

 

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 2023.

 

Continued robust demand across our end markets combined with the Company's
ability to successfully navigate ongoing inflationary pressures has resulted
in the Board expecting the Group to report revenue and operating profit for
the year marginally ahead of market consensus(1) reflecting Renew's resilient
and differentiated business model.

 

The Company's balance sheet continues to be strong with net cash, at 30
September 2023, anticipated to be ahead of market expectations(1).

 

The Board looks to the year ahead with confidence, with the Group well
positioned to continue to benefit from the UK's committed infrastructure
spend. Renew's exposure to long term operating budgets continues to provide
demand across our core markets.

 

(1)Company derived consensus adjusted revenue is £927.9m, adjusted operating
profit is £62.3m and

pre-IFRS 16 net cash of £31.5m.

 

 

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 & Joint Broker)      020 7260 1000

 Stuart Skinner/ Kevin Cruickshank

 Peel Hunt LLP (Joint Broker)

 Mike Burke / Ed Allsopp                                          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 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: Engineering
Services, 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, Landmark 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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