Renew hits acquisition trail as profits soar

Aaron Morby 8 years ago
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Engineering specialist Renew has delivered record results in the first-half and already bagged planned revenue for the year.

Renew is a major player at Sellafield where is has secured several long term framework deals
Renew is a major player at Sellafield where is has secured several long term framework deals

Most of the 14% rise in pre-tax profits to £8.8m came from the engineering services business, which works on the Sellafield clean-up and the Magnox programme.

Revenue rose 5% to £265m with engineering services delivering 85% of group sales.

Roy Harrison , chairman, said: “It remains the board’s strategy to grow our engineering services business, both organically and through selective earnings enhancing acquisitions.”

Harrison said that Renew was on track to achieve its target of a 4.5% group operating margin for the year ending 30 September 2017.

The firm’s specialist London building business delivered an operating profit of £1.1m (2015: £1.0m) on stable revenue of £44m.

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