Trading Update and Board Changes

RNS Number : 6029T

Renew Holdings PLC

31 March 2016

 

Renew Holdings plc

("Renew" or the "Group")

Trading Update and Board Changes

Trading Update

Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, announces an update on trading in advance of the interim results for the half year ended 31 March 2016.

Trading for the first half of the year is ahead of the comparative position last year and in line with the Board's expectations. The Board anticipates reporting an increased forward order book and a reduction in net debt when it announces Renew's interim results for the six months ended 31 March 2016 on Tuesday 24 May 2016.

Board Changes

Brian May, Chief Executive, who is 65 in May, has informed the Board of his wish to retire and it has been agreed that he will leave the Group on 30 September 2016. He will be succeeded in his role by Paul Scott (51) who joined the Board in July 2014 as Director of Engineering Services. He has been with the Group for over 15 years and prior to serving in his current position was Managing Director of Shepley Engineers Limited, the Group's principal nuclear business, which has shown substantial growth under Paul's stewardship.

Additionally, the Board is pleased to announce that Andries Liebenberg (48), Managing Director of Renew's largest business, Amco Rail, has been appointed to the Board with immediate effect. Andries has been with Amco for over eight years and has held his current position since January 2013, during which period Amco Rail has grown to become a leading supplier of infrastructure services to Network Rail. Andries will continue to be responsible for Renew's Rail business.

Andries' past directorships and partnerships in the last five years are as follows:

Amalgamated Construction Limited

Amalgamated Construction (Scotland) Limited

Civil Engineering Contractors Association

Civil Engineering Contractors Association (Yorkshire & Humberside) Limited

There is no further information to be disclosed in relation to schedule 2 paragraph (g) of the AIM Rules.

Enquiries:

Renew Holdings plc	Tel: [phone]
Brian May, Chief Executive
John Samuel, Group Finance Director
Numis Securities Limited	Tel: [phone]
Stuart Skinner (Nominated Adviser)
Michael Burke (Corporate Broker)
Walbrook PR	Tel: [phone] or [e-mail]
Lianne Cawthorne (Media Relations)	Tel: [phone] or [e-mail]
Paul McManus (Media Relations)	Mob: [phone] or [e-mail]

About Renew Holdings plc

Engineering Services, which accounts for over 85% of Group revenue and 90% 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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