Renew Holdings PLC Year End Trading Update (3738C)

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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: [phone] 
 Paul Scott, CEO 
 Sean Wyndham-Quin, CFO 
 
 Numis Securities Limited                                   Tel: [phone] 
 Stuart Skinner/ Kevin Cruickshank 
  (Nominated Adviser) 
 Michael Burke (Corporate Broker) 
 
 Walbrook PR                        Tel: [phone] or [e-mail] 
 Paul McManus                                               Mob: [phone] 
 Nick Rome                                                  Mob: [phone] 
 Lianne Cawthorne                                           Mob: [phone] 
 
 

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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October 01, 2018 02:00 ET (06:00 GMT)