TIDMRNWH

RNS Number : 4210B

Renew Holdings PLC

03 October 2022

3 October 2022

Renew Holdings plc

("Renew" or the "Group")

Year End Trading Update

Strong trading with results expected to be marginally ahead of market consensus

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 2022.

The Group continues to successfully manage the well documented inflationary pressures and supply chain challenges in the wider economy. As such, there has been no material impact on trading, once again demonstrating the resilient and differentiated nature of Renew. As a result, the Board expects the Group to report results for the year marginally ahead of market consensus(1) . The Company's balance sheet continues to be strong with net cash, at 30 September 2022, anticipated to be ahead of market consensus(1) due to lower capital expenditure and pension costs combined with higher operating profit in the period.

The Group's Engineering Services order book remains strong and we continue to see good demand across our core markets which continue to trade well. Despite the uncertain economic outlook, the Board looks to the year ahead with confidence with the Group well positioned to continue to benefit from the UK Government's committed infrastructure spend.

(1) Company derived consensus adjusted operating profit is GBP54.0m and pre-IFRS 16 net cash of GBP8.9m.

 
 For further information, please contact: 
   Renew Holdings plc                        www.renewholdings.com 
   Paul Scott, Chief Executive Officer          via FTI Consulting 
    Sean Wyndham-Quin, Chief Financial               020 3727 1000 
    Officer 
   Numis Securities Limited (Nominated 
    Adviser & Broker) 
    Stuart Skinner/ Kevin Cruickshank 
    / William Wickham                                020 7260 1000 
 
    Peel Hunt LLP (Joint Broker) 
    Mike Burke / Harry Nicholas / 
    Charles Batten                                   020 7418 8900 
   FTI Consulting (Financial PR)                     020 3727 1000 
    Alex Beagley / Sam Macpherson          Renew@fticonsulting.com 
    / Rafaella de Freitas 
 
 About Renew Holdings plc 
  Renew Holdings Group 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 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 
  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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October 03, 2022 02:00 ET (06:00 GMT)

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