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Wed June 23 2021

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Renew running ahead of expectations

4 Sep 20 While the knock-on effects of Covid-19 have damaged the performance of many companies this year, engineering group Renew has been making record profits.

Network Rail is one of Renew's biggest clients
Network Rail is one of Renew's biggest clients

In a trading update to shareholders today, Renew said that its result for the financial year to 30th September 2020 were set to show an adjusted operating profit of between £39m and £40m, compared to £38m last year, which is better than had been expected.

The board said that trading over the last three or four months had been strong and engineering activities across rail, infrastructure and environmental markets had ‘remained robust and reliable throughout the Covid-19 pandemic’. 

The company said: “Our proven resilience and the reliable long-term nature of the UK infrastructure markets in which we are deeply embedded gives the board confidence in our strategy and the continued success of the group.”

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