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Share Name Share Symbol Market Type Share ISIN Share Description
Renew Holdings Plc LSE:RNWH London Ordinary Share GB0005359004 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  6.00 1.28% 474.00 462.00 473.00 472.00 459.00 465.00 35,916 15:35:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 600.6 37.8 29.6 16.0 372

Renew Holdings PLC Trading Update

04/09/2020 7:00am

UK Regulatory (RNS & others)


Renew (LSE:RNWH)
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From Aug 2020 to Oct 2020

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RNS Number : 0062Y

Renew Holdings PLC

04 September 2020

Renew Holdings plc

("Renew" or the "Group")

Trading Update

Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, announces an update on trading in advance of its annual results for the financial year ended 30 September 2020 which will be announced on Tuesday 8 December 2020.

Trading since the announcement of our interim results has been strong and consequently the Board expects the Group's full year results to be materially ahead of current market expectations with adjusted operating profit forecast to be between GBP39m-GBP40m. This improved forecast result is reflective of our defensive qualities, resilience and the implementation of numerous mitigation measures that have proven to be extremely effective in responding to the challenges of Covid-19.

Our engineering activities in our Rail, Infrastructure and Environmental markets have remained robust and reliable throughout the Covid-19 pandemic. The UK Government designated the majority of our activities as critical to the Covid-19 response and we have safely and proactively responded to the ongoing network demands. In Energy, as previously announced, all site activities at Sellafield and Springfields were suspended in March. Site activities are steadily being re-mobilised however we do not expect to be fully operational at these sites until the 2(nd) half of our next financial year.

We are pleased to confirm that the integration of Carnell, acquired in January 2020, is complete and it is trading in line with our expectations and unaffected by Covid-19 reflecting the strength of its market and the nature of the essential services it provides.

Cash generation continues to be very strong and we anticipate reporting a net cash position at the year end, ahead of market expectations.

Our proven resilience and the reliable long-term nature of the UK infrastructure markets in which we are deeply embedded gives the Board confidence in our strategy and the continued success of the Group.

Enquiries:

 
 Renew Holdings plc                                                        Tel: 0113 281 4200 
 Paul Scott, CEO 
 Sean Wyndham-Quin, CFO 
 
 Numis Securities Limited (Nominated Adviser                               Tel: 020 7260 1000 
  & Broker) 
 Stuart Skinner/ Kevin Cruickshank 
 
 Walbrook PR                                       Tel: 020 7933 8780 or renew@walbrookpr.com 
 Paul McManus                                                              Mob: 07980 541 893 
 Lianne Cawthorne                                                          Mob: 07584 391 303 
 Nick Rome                                                                 Mob: 07748 325 236 
 
 

About Renew Holdings plc

Engineering Services , which accounts for over 90% of Group revenue and over 95% of operating profit, focuses on the key markets of 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

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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September 04, 2020 02:00 ET (06:00 GMT)

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