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.
1Company 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