Low-risk business model helps Renew post record results

Grant Prior 2 months ago
Share

Infrastructure maintenance and renewal giant Renew has posted another set of record results as its low-risk business model keeps delivering steady returns.

Results for the year to September 30 2022 show pre-tax profits of £49.5m from £40.8m last time on turnover up to £849m from £791m.

Renew specialises in non-discretionary maintenance and renewals for infrastructure minimising its exposure to spending cuts as the general economy continues to wobble.

Chairman David Brown said: “Our markets enjoy committed funding which provides visible, reliable and resilient revenues via long-term programmes.

We deliver non-discretionary maintenance and renewals tasks and have little exposure to the financial and contractual risks of larger enhancement schemes.

“Operating in complex, challenging and highly regulated environments, our markets have high barriers to entry, and we directly employ a highly skilled workforce which enables us to be extremely responsive to our clients’ needs.”

CEO Paul Scott added: “During the last three years we have operated through national lockdowns, a global pandemic, high inflation, resourcing challenges and materials shortages, despite which, we have delivered record results in each of those three years.

“This period, perhaps more than any other, has highlighted the resilient nature of our differentiated, high-quality, low-risk business model.”

Renew also confirmed the acquisition of water specialist Enisca Group for £15.6m as it looks to expand in the sector.

Scott said: “This acquisition broadens Renew’s exposure to the UK water market and is consistent with our stated strategic objectives.

“Enisca is a highly regarded business with a strong track record and is well known to Renew having been a joint venture partner of Browne since the start of AMP6 in 2015.

“Our existing multidisciplinary water capability, complemented by the inclusion of Enisca will significantly enhance Renew’s proposition ahead of AMP8 procurement in 2024. I am delighted to welcome the management and staff of Enisca to the Renew family.”

Latest news

Mace Interiors to transform Hanover Square office block

Refurbishment work to start this year on major revamp of Mayfair building
11 hours ago

Garden village in Darlington gets £43m infrastructure cash

Transport and highways work will pave way for 2,000 new homes
10 hours ago

Plans in for Lendlease £1.9bn Birmingham Smithfield scheme

Ambitious plans for City's old market area advance with enabling works hoped to start this year
1 day ago

TClarke on track for £500m turnover this year

Building services specialist sees 2022 revenue and profit up by around a third
17 hours ago

McAlpine tenders M&E work at £340m Museum of London job

Demolition and first MEPH work packages come out to bid
16 hours ago

BAM signs off on £65m Manchester First Street office job

Briggs & Forrester lined up for MEP package
17 hours ago

Eurocell gets £1m insurance payout after cyber attack

UPVC giant details cost-cutting round as market weakens
17 hours ago

Mace on board for £440m Manchester Airport upgrade

Green light for second phase of airport transformation programme
1 day ago

Inland Homes losses now set to hit £91m

House builder sells land as construction problems and slower sales wreck balance sheet
2 days ago

Plans in for Stoke on Trent city centre mixed-use scheme

Etruscan Square scheme consists of an arena, 300 homes, hotel and multi-storey car park
2 days ago

Landsec unveils latest £850m Buchanan Galleries plan

Subject to planning, earliest date for first construction would be summer 2024
2 days ago

Van Elle soars to record revenue in first six months

Revenue up a third to £80m at piling specialist with improved order levels ahead
2 days ago

Work starts on BSI Kitemark for MMC homes

Government backs new British Standard to lift barrier to modern methods of construction
2 days ago

Watchdog blasts “rushed” UK Infrastructure Bank

Funding deals only seen so far on broadband and solar farms projects
2 days ago

60,000 Grandfather Rights skills cards soon to be invalid

New guidance issued for how experienced workers can get new CSCS cards before end of 2024
3 days ago

Worker dies after cardiac arrest in HS2 site office

Colleagues and emergency services tried to save man after he collapsed in tunnelling office
3 days ago

Mace wins £150m life sciences centre

Construction to start in April creating 1,000 jobs on London's Euston Road
3 days ago

Redrow switches to heat pumps as standard in all new homes

House builder commits all new detached homes from this month to have heat pumps and underfloor heating
3 days ago

Gilbert Ash set for Barnfield College next phase

Contractor understood to have won latest £26m deal at Luton site
3 days ago

Willmott Dixon wins £48m zero-carbon West Sussex school

Work to start in April on Passivhaus-designed Bedelands Academy secondary school project
3 days ago

Plans in for £290m London gasworks resi project

Wandsworth town centre scheme will provide 640 mixed-tenure flats, bars and restaurants
3 days ago

Welsh refinery construction workers win 11% pay rise

Valero refinery deal could influence other Blue Book engineering construction site disputes
3 days ago

Balfour beats Kier to £1.2bn Lower Thames Crossing roads deal

At construction peak, Balfour Beatty will employ a 2,000-strong workforce on the project
4 days ago

Defective prefab beams to be removed from new bridge

Tilbury Douglas to carry our remedial work on £20m Hertfordshire road scheme
4 days ago

Clancy takes first superfast broadband hook-up area

Gigaclear deal will see civils specialist link up 7000 homes in Surrey
4 days ago

Joiner crushed to death by excavator

Court hands out £146,000 fine but contractor went into liquidation before hearing
6 days ago

Bids due in for BBC’s £200m new Birmingham home

Historic Typhoo Wharf will become new Birmingham home for broadcaster
4 days ago

Network Rail chief joins Geobear

Ground engineering specialist Geobear appoints Peter Luby as new Group COO
4 days ago

S&I Groundworks staff looking for new jobs

£40m turnover specialist contractor has filed notice of intention to appoint an administrator
7 days ago

Five win £2bn Wales and Western rail renewal deals

Eight-year CP7 deal for buildings & civils, and electrification renewal works
7 days ago

Contractor services