Renew turnover tops £500m two years early

Aaron Morby 9 years ago
Share

Specialist engineering contractor Renew has delivered another set of record annual results on the back of rising infrastructure spending.

Group revenue increased 12% to £519.6m, delivering the firm’s five-year sales target more than two-years earlier than expected.

Adjusted pre-tax profit soared 22% to £20m, as the engineering division margin grew from 4.3% to 4.6%.

The division, which serves energy, environmental and infrastructure markets, now accounts for 85% of group revenue.

But Renew also booked a £7.3m loss due to supply chain cost rises on remaining contracts and assets left from the disposal of its social housing specialist Allenbuild to Places for People just over a year ago.

Its high-end specialist residential business Walter Lilly, which specialises major structural engineering works including extending properties below ground, continued to trade well and secured £85m of new project work over the year.

Chief executive Brian May said engineering services would continue to be a major business driver in the future.

“The Nuclear Decommissioning Authority’s expenditure continues at a £3bn per year, of which 67% is allocated to the Sellafield site in Cumbria where the majority of our work is undertaken.”

He added that Magnox had appointed Renew as the sole provider on the £30m Electrical, Controls & Instrumentation framework, which runs to 2019, across its 10 sites.

The Multi Discipline Site Works framework where Renew operates as one of three partners, has been extended for two years to early 2017 and is advertised to deliver £70m annually.

Other framework extensions during the year include the Bundling Spares, Site Remediation & Decommissioning Project and Bulk Sludge Retrievals Facility frameworks.

In gas infrastructure, iron mains replacement frameworks for National Grid and Southern Gas Networks have been slow to get going.

But May said the national programme for iron mains replacement running to 2032 offered major opportunities for Renew and was worth an estimated £1bn per annum.

 

 

Latest news

JRL close to deal on sale of stake to Far Eastern buyer

Equity sale plan to strengthen balance sheet and improve liquidity
2 days ago

ISG collapse brings down glazing contractor

All staff made redundant at Vitrine Systems Limited
2 days ago

Cost of HS2 bat shed hits £100m

Construction costs revealed for Sheephouse Wood Bat Mitigation Structure
2 days ago

Groundworks firm Corbyn files administration notice

Court notice lodged by £33m-turnover contractor
2 days ago

Vistry takes another £50m hit on build cost blunders

Second profit warning but problems contained in one division
2 days ago

Watkin Jones go-ahead for Leeds co-living project

Firm will convert former office block Headrow House into 230 homes.
2 days ago

United Utilities hunts for ground investigation specialists

£170m five-year framework deal out to tender
2 days ago

WSP names new chief for UK and Ireland

Paul Reilly promoted to UK president after just over two years at consultant
2 days ago

£125m cash injection for infrastructure at Barking Riverside

Home England funded works to boost 20,000-home development in east London
3 days ago

Subcontractors wanted across the North West

Register now to meet major buyers at Manchester event
2 days ago

Management buyout at joinery specialist TMJ Interiors

Founder James Taylor hands over reins to directors
3 days ago

Guinness Partnership starts race for £1bn housing deal

Housing association to renew preferred firms for 15-year housing retrofit programme
3 days ago

Rockwool plans new factory to ramp up output

Stone wool maker plans second factory in Midlands
4 days ago

McAleer & Rushe wins London City 670-room student job

Dominus confirms builder for 65 Holborn Viaduct
3 days ago

Electrician caught abusing covid loans

Middlesbrough spark subject to seven years of stringent bankruptcy restrictions
3 days ago

Wates hires Bouygues chief as MD for residential arm

Phillippa Prongue will replace Helen Bunch who retires
4 days ago

Civils powers on but house building falters

Buyers report "solid output growth" despite decline from record September
4 days ago

Multiplex tops October contracts league

£300m Glasgow Uni win tops big new orders
4 days ago

Key industry rebar supplier loses fight to stop factory closure

Kent rebar facility supplying 30% of UK rebar set to close
4 days ago

Vital Energi/Hemiko JV to build £1bn heat network for Westminster

Heat captured from the River Thames, Tube and sewers to warm Parliament
4 days ago

Plans in for Birmingham 300-bed student scheme

China Quarter stepped project will rise to 15 storeys
4 days ago

United Living looking to continue expansion

Record results as infrastructure and property spending flows
4 days ago

Paralysed builder stranded on floor for six hours after fall

Court hears how contractor failed to properly plan housing job
4 days ago

Network Rail scales back Liverpool Street station scheme

Architect changed and developer Sellar dropped as £1.5bn original plan scrapped
5 days ago

Muse JVs with pension fund insurer to build 3,000 homes

New Habiko business will build affordable low carbon, rental homes
5 days ago

£1.3bn revamp plan for South London shopping centre

Landsec plans 1,700 homes at Lewisham shopping complex site
5 days ago

Network Plus names new chief executive

Kevin Fowlie steps up to succeed founder Dan Holland
5 days ago

TanRo lands latest Clowes business park

Groundworks due to start in new year at 31-acre Harrier Park site
5 days ago

New consultant buys M&E specialist TACE

Contollo Group has ambitious growth plans over next five years
5 days ago

Skanska signs £197m deal for Mayfair offices job

South Molton job consists of two big office buildings
6 days ago

Contractor services