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Wed June 23 2021

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Renew nudges towards 4.5% margin target

24 May 16 Engineering services group Renew has unveiled record interim results for the six months ended 31st March 2016.

Renew remains on track to achieve its target of a 4.5% group operating margin by 2017, the board said. 

Group operating profit, prior to amortisation charges, increased by 7% to £10.5m (2015: £9.8m) on revenue up 5% to £265.1m (2015: £252.1m). Operating margin measured on this basis increased to 4.0% (2015: 3.9%).

Pre-tax profit increased by 14% to £8.8m (2015: £7.7m).

In Engineering Services, revenue grew by 6% to £221.3m (2015: £209.8m), representing 84% of group revenue. Operating profit prior to amortisation charges increased by 8% to £10.4m (2015: £9.7m), giving an improved operating margin of 4.7% (2015: 4.6%).

In Specialist Building, which now operates mainly in the top-end residential market in London and the Home Counties, delivered an operating profit of £1.1m (2015: £1.0m) on revenue of £44.4m (2015: £42.5m).

As previously reported, Brian May will retire as chief executive of Renew on 30th September 2016 and will be succeeded by current director of engineering services Paul Scott.

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