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Sun July 03 2022

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Record half year for Renew

17 May Half-year results for engineering services group Renew Holdings show increased profits and turnover for the company, taking it to new heights.

Renew subsidiary QTS is one of Network Rail's busiest contractors
Renew subsidiary QTS is one of Network Rail's busiest contractors

Renew’s interim results for the six months ended 31 March 2022 see turnover up 13% to £414.3m and pre-tax profit up 21% to £21.8m.

Group order book at the half-year point stood at £771m, up from £750m a year before.

Chief executive Paul Scott said: "The first six months of this financial year have presented a unique set of circumstances and the group's record performance clearly demonstrate the resilient and differentiated nature of our business. Supported by the commercial terms within our frameworks, we continue to successfully manage the industry-wide material shortages and inflation challenges effectively, without any material impact on trading.

“We look to the future confident in the knowledge our strong market positions underpinned by long-term, non-discretionary spending cycles mean we are well positioned to take advantage of the UK government's pledge to invest £650bn in a green infrastructure-led recovery that will bring significant opportunities for Renew and our differentiated, diversified, low-risk business model.”

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