Renew quits construction to join support services club
Construction group Renew has opted to follow the likes of Interserve and Carillion and reclassify itself on the stock exchange as a business support services company.
Previously it was classified under heavy construction, a subsector of construction & materials, along with the likes of Balfour Beatty, Costain, Morgan Sindall and Kier.
“The reclassification reflects the successful repositioning over the last two years of Renew's business which is focused on the provision of engineering services to key clients which provide and operate the UK's infrastructure network in the energy, environmental and infrastructure markets,” the company said.
Renew began life as YJ Lovell more than 200 years ago and listed on the London Stock Exchange in 1968. More recent acquisitions include civils contractor VHE.
In business support services, a subsector of support services, Renew will now be grouped alongside a diverse array of other companies firmly related to construction, including: plant hire firms Ashtead, Speedy and Vp; consultants Atkins, WYG, Sweett and Hyder Consulting; and companies that many still regard primarily as contractors despite their best endeavours to reposition themselves, such as Carillion, Interserve, May Gurney, ISG and Mears.
The reclassification of Renew will take effect on Monday 24 September 2012.
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This article was published on 21 Sep 2012 (last updated on 21 Sep 2012).