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Wed November 25 2020

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Renew hunts more acquisitions in quest for £500m turnover

26 Nov 13 Engineering services group Renew is on the lookout for more acquisitions to continue its current growth trajectory.

Renew today reported revenues of £334.6m for the year to 30 September 2013 and revealed ambitions to grow this to £500m. Reported pre-tax profit was up 27% to £10.7m (2012: £8.4m).

In August Renew bought Cardiff-based Lewis Civil Engineering, for a cash consideration including costs of £8.2m. Lewis works mainly through framework agreements in the water industry.

As a result, Renew’s group order book is now at a record high, up 26% to £416m (2012: £331m) with its engineering services order book up 28% to £301m (2012: £235m).

Chairman Roy Harrison said: “Renew is now firmly positioned as a leading infrastructure support services group and, with a record order book secured, the Board is confident of delivering further profitable growth. It remains the board's strategy to grow the business, both organically and by selective acquisitions, developing Renew's position as a leading medium-sized engineering support services group. The board's ambition is to grow group revenue to over £500m, an achievement which continues to be likely to require further acquisitions.”

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