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Tue November 28 2023

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Rail acquisition lifts Renew to record levels

21 May 19 The acquisition of rail contractor QTS has helped engineering services group Renew deliver record half-year results.

QTS added £37m to half-year revenue
QTS added £37m to half-year revenue

Renew made a pre-tax profit of £11.7m for the six months ended 31st March 2019, compared to a £1.6m interim loss last year. Adjusted operating profit increased 39% to £18.4m (2018 H1: £13.2m) on revenue up 15% to £301m (2018 H1: £262m).

Chief executive Paul Scott said that the record results were partly due to the £80m acquisition of QTS in May 2018. QTS contributed £37m in revenue during the period.

Net debt at 31st March 2019 was just £17.2m, which is £4.2m lower than six months previously.

High-profile projects during the period include restoration activity at the Palace of Westminster where work continues on the cast iron roof restoration framework and structural repair works to the Elizabeth Tower (Big Ben).

“Our involvement with a number of phases of work at this UNESCO World Heritage site positions us well for major long-term refurbishment programmes,” Paul Scott said.

Renew also secured all the Network Rail CP6 renewals frameworks that it tendered for, maintaining its positions from CP5. This includes the five-year geotechnical & earthworks framework and the five-year multidisciplinary renewals framework in the Scotland North East (SNE) region.

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