Record results at maintenance specialist Renew

Grant Prior 2 weeks ago
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Infrastructure maintenance and renewal specialist Renew has posted record first half results.

And the firm is confident its core markets will continue to boom as infrastructure providers increase their focus on maintenance work.

Results for the half year to March 31 2024 show pre-tax profits up to £30.3m from £26.3m last time on turnover up to £552.8m from £471.8m as operating margins stayed steady at 6%.

CEO Paul Scott said: “I am very pleased to report we have delivered another record trading performance in the period. Our success in delivering sustainable growth is testament to the hard work of our dedicated colleagues and the resilient and differentiated nature of our high-quality, low-risk business model as well as the mission-critical nature of our work.

“We are delighted with our early success in extending and securing frameworks across the new funding periods in Water and Rail. These successes, together with the core characteristics which underpin the markets in which we operate, provide highly visible revenue streams and reinforce our significant confidence in delivering against our growth targets in the medium to long term.

 “The recent acquisitions of TIS and Route One have further strengthened our unique offering as we broaden our expertise in our target markets and we continue to look forward to executing on the significant growth opportunities, both organic and inorganic, in line with our strategy.”  

 

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