REG - Renew Holdings PLC - Year End Trading Update

Renew HoldingsAnnouncement

01/10/2024 07:00

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RNS Number : 3172G  Renew Holdings PLC  01 October 2024

1 October 2024

 

Renew Holdings plc

 

("Renew" or the "Group")

 

Year End Trading Update & Notice of Results

 

Strong organic growth resulting in financial performance ahead of market
consensus with continued momentum into FY25

 

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 2024.

 

The Board is expecting the Group to report revenue for the year ahead of
market consensus with operating profit also marginally ahead.(1) Operating
margins are expected to be within the range previously guided (6%-7%),
reflecting Renew's resilient and differentiated business model.

 

The Group expects to report strong organic growth in the year and the momentum
into the new financial year is underpinned by a robust order book which
benefits from the UK's committed infrastructure spending programmes and to
client's long-term operating budgets.

 

The Company's balance sheet continues to be strong with net cash at 30
September 2024 anticipated to be ahead of market expectations.(1)

 

The Group remains well positioned in its core markets giving the Board
confidence in the year ahead.

 

Notice of Results

 

Renew's preliminary results for the year ended 30 September 2024 will be
announced on Tuesday 26 November 2024.

 

 

(1)Company derived consensus for adjusted revenue is £1,081.0m, adjusted
operating profit of £70.1m and pre-IFRS 16 net cash of £22.1m.

 

ENDS

 

 

For further information, please contact:

 

 Renew Holdings plc                                      www.renewholdings.com
 Paul Scott, Chief Executive Officer                     via FTI Consulting
 Sean Wyndham-Quin, Chief Financial Officer              020 3727 1000

 Deutsche Numis (Nominated Adviser and Joint Broker)     020 7260 1000
 Stuart Skinner / Kevin Cruickshank / Will Wickham

 Peel Hunt LLP (Joint Broker)                            020 7418 8900
 Ed Allsopp / Pete Mackie / Charlotte Sutcliffe

 FTI Consulting (Financial PR)                           020 3727 1000
 Alex Beagley / Tom Hufton / Amy Goldup / Matthew Young  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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