Renew Holdings PLC Trading Update (9010K)
September 07 2021 - 2:00AM
UK Regulatory
TIDMRNWH
RNS Number : 9010K
Renew Holdings PLC
07 September 2021
7 September 2021
Renew Holdings plc
("Renew" or the "Group" or the "Company")
Trading Update
Continued strong trading; full year performance expected to be
ahead of current market expectations
Renew (AIM: RNWH), the leading Engineering Services Group
supporting UK infrastructure, provides the following trading update
ahead of the release of its full year results for the financial
year ended 30 September 2021 on 7 December 2021.
Since the announcement of our half year results, the Group has
continued to deliver a strong trading performance, driven by
ongoing demand for its critical asset maintenance and renewals
services, and continued operational progress across its diversified
Engineering Services end markets.
As a result of this sustained positive momentum, the Board now
expects the Group's full year results to be materially ahead of
current market expectations with adjusted operating profit expected
to be no less than GBP50m versus a current consensus forecast of
GBP45.8m.
Activity levels are supported by long-term regulatory spend and
the positive outlook for UK infrastructure. Pleasingly, the
integration of the Group's two acquisitions during the period,
Browne and REL are proceeding to plan and trading is in line with
management's expectations.
The Group's order book remains strong, underpinned by our
long-term framework positions while net debt and cash generation
are in line with expectations.
Renew's differentiated, low-risk, highly cash generative
business model, combined with the mission critical nature of its
work and exposure to markets with long-term growth dynamics, leaves
the Board confident in the Group's ability to capitalise on the
long-term opportunities ahead.
For further information, please contact:
Renew Holdings plc www.renewholdings.com
Paul Scott, Chief Executive Officer via FTI Consulting
Sean Wyndham-Quin, Chief Financial 020 3727 1000
Officer
Numis Securities Limited (Nominated
Adviser & Broker)
Stuart Skinner/ Kevin Cruickshank 020 7260 1000
FTI Consulting (Financial PR) 020 3727 1000
Alex Beagley/ James Styles/ Sam Macpherson Renew@fticonsulting.com
This announcement is released by Renew Holdings plc and contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 (MAR). It is disclosed in accordance
with the Group's obligations under Article 17 of MAR. Upon the
publication of this announcement, this information is considered to
be in the public domain.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of Renew Holdings plc by Sean Wyndham-Quin, Chief Financial
Officer.
About Renew Holdings plc
Renew Holdings 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 90 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
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END
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