Renew rides to record profits after Dawlish sea wall job

Aaron Morby 8 years ago
Share

Contractor Renew has delivered record turnover and profits on the back of emergency rail repairs and surging orders at Sellafield.

The group, run by former Laing Construction boss Brian May, made several bolt on acquisitions and disposed of its Allenbuild social housing arm over the year as the focus turned to specialist engineering work.

Group revenue rose 64% to £465m while and operating profit, prior to exceptional items, jumped from £10m last time to £16.4m.

The largest area of growth was delivered at the rail business which experienced high levels of demand for emergency repair works following last winter’s extreme weather conditions alongside a Network Rail “enhanced spend” programme which together added £64.7m of non-recurring revenue.

With Dawlish seafront railway repairs taken on a cost reimbursable basis operating margin slipped from 4.6% to 4.3%.

Chief executive Brian May said: “Our position with Network Rail has been recently strengthened following our appointment to seven Control Period 5 Infrastructure Projects frameworks with an advertised value of £450m over the next five years.”

The group, which is the biggest mechanical, electrical and instrumentation specialist at Sellafield, raised its workforce by a third as the site clean-up programme stepped up a gear.

During the year, Renew acquired two engineering services businesses: Clarke Telecom in April, a wireless telecoms infrastructure delivery business based in Manchester, which provides specialist services for the cellular market,  and in August London-based Forefront Group, which replaces low and medium pressure mains.

May said: “Our Specialist Building business has demonstrated its ability to deliver consistent profits and is well positioned with a strong order book.

“In Engineering Services, our range of capabilities and responsiveness to our clients’ needs sees us operate on some of the largest programmes of work to maintain key infrastructure assets.

“We are strongly positioned in sustainable markets which are mainly regulated and which benefit from long term spending programmes. This will continue to provide opportunities for further profitable growth.”

 

Latest news

Factory to build subsea cable from Sahara to Devon approved

Ambitious £17bn Morocco-UK solar/wind power project will power 7m UK homes by 2030
9 hours ago

Civils boss banned for £200k false Covid loans

Yorkshire plant hirer and civils boss wrongly claimed bounce back loans for four firms
19 hours ago

25 jobs axed as Yorkshire builder Harris CM goes under

Pontefract building contractor caught by cost inflation during expansion drive
10 hours ago

Green light for Skanska £507m A428 dualling job

Construction is due to start at the end of this year on 16km dualling job
19 hours ago

Former Ucatt president John Flavin dies aged 78

Union stalwart was influential construction figure for 50 years
10 hours ago

Berkeley puts in plans for new Guildford quarter

Construction could start next summer on Friary Quarter transformation
9 hours ago

W Stirland set for administration after nearly 100 years of trading

Family-run south coast firm has been building since 1928
1 day ago

BAM UK delivers steady first half growth

UK profit up 16% to around £40m from revenue at £1bn
1 day ago

Crane hirer M&M enters voluntary liquidation

Family-owned mobile crane ceases trading amid soaring costs and depressed hire rates
1 day ago

£161m funding for Oxford Railway station revamp

Kier to deliver first project under the new Rail SPEED initiative
1 day ago

VolkerFitzpatrick wins 240km wind farm cable job

Contractor lands connections deal from energy giant Ørsted
1 day ago

Seddon Construction returns to profit

Plan to target more diverse work pays off as construction revenue rises 27% to £166m
1 day ago

Faults found on giant HS2 green tunnel segments

"Quality issues" found on precast segments at HS2 site pioneering off-site construction
2 days ago

Balfour Beatty UK construction returns to profit

Group profits double to £82m in first six months after construction arm bounces back
2 days ago

Bidding starts for £4.5bn Southern Construction Framework

5th generation deal includes new £1m-£5m lot for south west
2 days ago

Persimmon expands output at off-site factories

Housing giant hits 31% profit margin with another £750m returned to shareholders
2 days ago

Modular specialist Algeco lands £31m MoD double

Construction to start this year on two new sets of army barracks
2 days ago

Hill gets go-ahead for North London estate rebuild

750 homes to be built at Douglas Bader Park estate in Colindale
3 days ago

Bid race for £210m Huddersfield town centre revamp

Kirklees Council's Cultural Heart scheme will be split into two major projects
3 days ago

£100m Darlington Station revamp enabling works start

Willmott Dixon set to deliver major station upgrade project
3 days ago

Demolition worker gets huge payout after losing leg

Compensation settlement will fund latest prosthetic limb technology for site victim
3 days ago

Plant hirer Vp abandons sale plan

Chairman Jeremy Pilkington says the plant hirer failed to find a suitable new owner.
3 days ago

Turner & Townsend on board for Sheffield Supertram upgrade

Consultant to help deliver programme over next seven years after £570m funding deal
3 days ago

Green light for new £33m Ipswich logistics park

Construction to start this October on latest Trebor Developments site
3 days ago

Piling starts on pioneering double composite HS2 viaduct

Wendover Dean Viaduct ‘double composite’ structure will halve carbon emissions
3 days ago

ISG pauses work on £300m gigaplant

Construction work rescheduled to reduce costs at giant car battery plant
4 days ago

Tory leadership battle delays bidding for HS2 phase 2a

Prequalification for £5.2bn-£7.2bn route to Crewe put back to September
4 days ago

Greswolde Construction goes under

Solihull contractor ceases trading with 24 jobs lost
7 days ago

Hanson on track for UK’s first net zero cement works

20 carbon capture projects shortlisted for £1bn funding
4 days ago

Plan in for Nottingham 967-room student scheme

Vita submits plan for second major purpose built student sh
4 days ago

Contractor services