AGM Statement

RNS Number : 9593M

Renew Holdings PLC

27 January 2021

 

27 January 2021

Renew Holdings plc

("Renew" or the "Group" or the "Company")

AGM Statement

Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, will hold its Annual General Meeting at 11am today. David Forbes, Chairman, will open the meeting with the following remarks:

"Trading for the first quarter of the year has continued to be in line with the Board's expectations. The Group order book at 31 December 2020 was £677m (31 December 2019: £651m). The Engineering Services order book stood at £583m (31 December 2019: £549m). Net debt and cash generation are also in line with the Board's expectations.

Since the introduction of the latest national lockdown in early January 2021, we have experienced continuity in demand for our services across all our markets where our employees continue to implement strict Covid-19 precautions in line with Public Health England advice. The Group's operations have remained largely unaffected and, based on our experiences to date, we do not anticipate any material impact on our financial performance."

A further trading update will be given on 1 April 2021.

For further information, please contact:

Renew Holdings plc	www.renewholdings.com
Paul Scott, Chief Executive Officer Sean Wyndham-Quin, Chief Financial Officer	via FTI Consulting 020 3727 1000
Numis Securities Limited (Nominated Adviser & Broker) Stuart Skinner/ Kevin Cruickshank	020 7260 1000
FTI Consulting (Financial PR) Alex Beagley / James Styles	020 3727 1000 [e-mail]

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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