Year End Trading Update

Renew Holdings PLC

01 October 2024

 

1 October 2024

Renew Holdings plc

("Renew" or the "Group")

Year End Trading Update & Notice of Results

Strong organic growth resulting in financial performance ahead of market consensus with continued momentum into FY25

Renew (AIM: RNWH), the leading Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure, provides the following trading update for the financial year ended 30 September 2024.

The Board is expecting the Group to report revenue for the year ahead of market consensus with operating profit also marginally ahead.¹ Operating margins are expected to be within the range previously guided (6%-7%), reflecting Renew's resilient and differentiated business model.

The Group expects to report strong organic growth in the year and the momentum into the new financial year is underpinned by a robust order book which benefits from the UK's committed infrastructure spending programmes and to client's long-term operating budgets.

The Company's balance sheet continues to be strong with net cash at 30 September 2024 anticipated to be ahead of market expectations.¹

The Group remains well positioned in its core markets giving the Board confidence in the year ahead.

Notice of Results

Renew's preliminary results for the year ended 30 September 2024 will be announced on Tuesday 26 November 2024.

¹Company derived consensus for adjusted revenue is £1,081.0m, adjusted operating profit of £70.1m and pre-IFRS 16 net cash of £22.1m.

ENDS

For further information, please contact:

Renew Holdings plc	www.renewholdings.com
Paul Scott, Chief Executive Officer	via FTI Consulting
Sean Wyndham-Quin, Chief Financial Officer	020 3727 1000
Deutsche Numis (Nominated Adviser and Joint Broker)	020 7260 1000
Stuart Skinner / Kevin Cruickshank / Will Wickham
Peel Hunt LLP (Joint Broker)	020 7418 8900
Ed Allsopp / Pete Mackie / Charlotte Sutcliffe
FTI Consulting (Financial PR)	020 3727 1000
Alex Beagley / Tom Hufton / Amy Goldup / Matthew Young	[e-mail]

About Renew Holdings plc

Renew 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: Engineering Services, which accounts for over 95 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, Landmark 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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