Renew Holdings PLC Year End Trading Update (3738C)
October 01 2018 - 1:00AM
UK Regulatory
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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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END
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