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Renew Holdings plc provided a Year End Trading Update for the financial year ended 30 September 2024, announcing it expects revenue and operating profit to be ahead of market consensus, which was £1,081.0m for adjusted revenue and £70.1m for adjusted operating profit. Operating margins are anticipated to be within the 6%-7% range, with net cash at 30 September 2024 also ahead of market expectations of £22.1m. The Company's preliminary results for the year ended 30 September 2024 will be announced on Tuesday 26 November 2024.
| Date | 1 Oct 2024 |
| Time | 07:00:04 |
| Category | Trading updates |
| ID | 3172G |
1 October 2024
Renew Holdings plc
("Renew" or the "Group")
Year End Trading Update & Notice of Results
Strong organic growth resulting in financial performance ahead of market consensus with continued momentum into FY25
Renew (AIM: RNWH), the leading Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure, provides the following trading update for the financial year ended 30 September 2024.
The Board is expecting the Group to report revenue for the year ahead of market consensus with operating profit also marginally ahead.1 Operating margins are expected to be within the range previously guided (6%-7%), reflecting Renew's resilient and differentiated business model.
The Group expects to report strong organic growth in the year and the momentum into the new financial year is underpinned by a robust order book which benefits from the UK's committed infrastructure spending programmes and to client's long-term operating budgets.
The Company's balance sheet continues to be strong with net cash at 30 September 2024 anticipated to be ahead of market expectations.1
The Group remains well positioned in its core markets giving the Board confidence in the year ahead.
Notice of Results
Renew's preliminary results for the year ended 30 September 2024 will be announced on Tuesday 26 November 2024.
1Company derived consensus for adjusted revenue is £1,081.0m, adjusted operating profit of £70.1m and pre-IFRS 16 net cash of £22.1m.
ENDS
For further information, please contact:
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Renew Holdings plc |
www.renewholdings.com |
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Paul Scott, Chief Executive Officer |
via FTI Consulting |
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Sean Wyndham-Quin, Chief Financial Officer |
020 3727 1000 |
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Deutsche Numis (Nominated Adviser and Joint Broker) |
020 7260 1000 |
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Stuart Skinner / Kevin Cruickshank / Will Wickham |
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Peel Hunt LLP (Joint Broker) |
020 7418 8900 |
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Ed Allsopp / Pete Mackie / Charlotte Sutcliffe |
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FTI Consulting (Financial PR) |
020 3727 1000 |
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Alex Beagley / Tom Hufton / Amy Goldup / Matthew Young |
Renew@fticonsulting.com |
About Renew Holdings plc
Renew is a leading UK Engineering Services business, performing a critical role in keeping the nation's infrastructure functioning efficiently and safely. The Group operates through independently branded subsidiaries across its chosen markets, delivering non-discretionary maintenance and renewal tasks through its highly skilled, directly employed workforce.
Renew's activities are focused into two business streams: Engineering Services, which accounts for over 95 per cent of the Group's adjusted operating profit, focuses on the key markets of Rail, Infrastructure, Energy (including Nuclear) and Environmental which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.
Specialist Building focuses on the High Quality Residential, Landmark and Science markets in London and the Home Counties.
For more information please visit the Renew Holdings plc website: www.renewholdings.com