Hillhead 2018Hillhead 2018
Follow us on Twitter Follow us on LinkedIn Follow us on Instagram
Daily construction news
Weekly plant news

Construction News

Mon June 25 2018

Related Information
Related Information
Related Information

News » UK » Gas exit damages Renew's numbers » published 22 May 2018

Gas exit damages Renew's numbers

Engineering services group Renew has been left with red ink on its accounts for the first half of its current financial year.

After writing off £10.5m on exceptional items and intangible items, Renew made an interim pre-tax profit of just £2.0m (2017 H1: £5.6m) for the six months ended 31 March 2018. With a £2.3m tax bill and a £1.3m loss from discontinued activities, Renew’s overall loss for the period was £1.6m, compared to £2.8m profit for the same period last year.

The bulk of the damage came from the decision in February to exit the gas infrastructure market. The sale of its Forefront subsidiary incurred a loss on disposal of £3.0m and resulted in a £6.9m write-off of goodwill.

Excluding that impact, Renew's adjusted operating profit for the half-year was unchanged from last year at £12.9m, on revenue down 7% to £262.2m (2017 H1: £281.8m).

Chairman David Forbes, who succeeded Roy Harrison in January, said that the results were “in line with management expectations”.

 

 

MPU

Download our free construction news iPhone / iPad app. Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest Construction News, Plant News & Contract News. The Construction Index also provides the latest Construction Tenders, Construction Market Data & Construction Law Commentary all FREE.

This article was published on 22 May 2018 (last updated on 22 May 2018).

More News Channels