25 November 2025

 

Renew Holdings plc

 

("Renew" or the "Group" or the "Company")

 

Final Results

 

Record revenues and operating profit underpinned by considerable strategic progress

 

Renew (AIM: RNWH), the leading Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure, announces its final results for the year ended 30 September 2025 (the "Period").  

 

Financial Highlights

 

Year ended 30 September	2025	2024	Change
Group revenue1	£1,116.1m	£1,057.0m	5.6%
Adjusted operating profit1	£72.1m	£70.9m	1.7%
Operating profit	£60.6m	£61.2m	(0.9%)
Adjusted operating margin1	6.5%	6.7%	(20bps)
Profit before tax	£56.7m	£60.2m	(5.8%)
Adjusted earnings per share1	67.1p	65.9p	1.8%
Full year dividend	20.0p	19.0p	5.3%
Pre IFRS16 net cash1	£6.2m	£25.7m	(£19.5m)

 

·	Another record financial performance with strong, high-quality revenue and adjusted operating profit.
·	Group revenue increased 5.6% to £1,116m (2024: £1,057m).
·	Record Group order book at £915m (2024: £889m), underpinned by long-term framework positions.
·	Adjusted operating margin consistent with our compounding model financial framework
·	Full year dividend of 20.00p, an increase of 5.3%, reflecting the strong trading performance, forward momentum and the Board's positive outlook for the coming period.

 

Operational Highlights

·	In Rail, we successfully navigated the challenging start to the year and we are set to move through the remainder of CP7 in a stronger position in terms of geographical reach, breadth of service offering and framework successes across a wider client base.
·	Momentum continues to build in Water and we entered AMP8 in our strongest position yet, having secured key frameworks for 10 of the 12 largest combined waste and water companies, versus three at the beginning of AMP7.
·	Since entering the Transmission and Distribution market in 2024, the scale of the opportunity and the progress we have made, has exceeded our expectations.
·	The increasingly collaborative focus of our work in Highways is delivering solid growth. The partnership between AmcoGiffen and Carnell (AGC) has proven key to unlocking a wider range of geographies and work banks, setting us up well to capitalise on a significantly larger addressable market at the commencement of RIS3.
·	We acquired Full Circle in October 2024 facilitating our entry into the highly fragmented onshore wind services market.
·	Disposed of Walter Lilly in October 2024 which has improved the balance of the Group, positioning us as a pureplay engineering services business serving high-growth sectors with significant barriers to entry.
·	We continue to make significant investments in our safety, health, environmental and quality programmes to ensure the highest standards of performance across all our operations.
·	We remain committed to investing in our industry leading early talent programmes, and we now have 378 apprentices, trainees and graduates working across the Group.

 

Post-period End

·	On 13 October 2025 Excalon acquired Emerald Power Ltd, a specialist in overhead lines, focused on the maintenance and upgrade of electricity networks for Distribution Network Operators in the North West. This acquisition has taken Excalon into the fast-growing overhead line maintenance and repair market across voltages ranging from 11kV to 132kV and will be immediately earnings enhancing.
·	On 27 October 2025 we announced the successful refinancing of our existing Revolving Credit Facility (RCF) with a new facility providing improved terms and an extended maturity. The new £140m RCF reflects the continued confidence of the Group's banking partners in Renew's resilient business model, strong cash generation and long-term growth prospects.

 

Outlook

·	Entered FY26 with positive momentum as a pureplay engineering services provider.
·	Remain strategically well positioned to capitalise on the UK Government's committed investment as part of its "decade of renewal" strategy and we continue to broaden our market leading offering with increasing diversification into new, complementary markets.
·	Compelling M&A pipeline alongside other organic investment opportunities supported by our strong balance sheet.
·	Record order book moving into 2026 through highly visible, committed, long-term spending cycles providing confidence in delivering against our FY26 expectations.

Paul Scott, CEO of Renew, commented:

 

"I am very pleased with the performance delivered across the Group during FY25. Despite well-documented headwinds in specific areas, our teams have worked tirelessly to deliver another year of record revenues and operating profit alongside the successful execution of a number of our key strategic priorities. As a result, the foundations of this business have never been stronger.

 

"Our ongoing focus on collaboration, diversification and the expansion of our client portfolio continues to pay dividends and is further supported by our strategic entry into new high-growth markets through targeted acquisitions. The successful acquisitions of Full Circle and, post period end, Emerald Power have further differentiated the strength and breadth of the Renew offering into new, high growth sectors. 

 

"On behalf of the Board, I would like to take this opportunity to thank all of our colleagues for their unwavering dedication to delivering our mission-critical services focused on protecting and improving the UK's critical infrastructure. The momentum with which we have entered the new financial year provides the Board with confidence in our ability to meet our FY26 expectations and we look forward to continuing to execute against our growth strategy in the current period and beyond."  

 

For further information, please contact:

 

Renew Holdings plc	www.renewholdings.com
Paul Scott, Chief Executive Officer	via FTI Consulting
Sean Wyndham-Quin, Chief Financial Officer	020 3727 1000
Deutsche Numis (Nominated Adviser and Joint Broker)	020 7260 1000
Stuart Skinner / Kevin Cruickshank / Will Wickham
Peel Hunt LLP (Joint Broker)	020 7418 8900
Ed Allsopp / Charlotte Sutcliffe
FTI Consulting (Financial PR)	020 3727 1000
Alex Beagley / Tom Hufton / Amy Goldup / Matthew Young	[email protected]

 

 

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 on Engineering Services in the key markets of Rail, Infrastructure, Energy (including Wind and Nuclear) and Environmental which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.

 

For more information please visit the Renew Holdings plc website: www.renewholdings.com

 

Chair's statement

 

Introduction

I am pleased to announce that the Group achieved another year of record financial performance, with a robust operating profit margin, strong operating cash generation and a further successful acquisition. This is despite the headwinds in Rail noted earlier in the year. These outstanding results highlight the Group's fundamental strengths and its solid position in sectors poised for long-term, sustainable growth.

 

Differentiated business model

Our distinctive compounding business model, along with the services we deliver, continue to underpin essential infrastructure assets in regulated markets. These markets benefit from committed funding, ensuring predictable and resilient revenue streams through long-term programmes of work. Operating in complex, challenging and highly regulated environments, our markets have high barriers to entry. Our direct employment of a highly skilled workforce enables us to respond swiftly and effectively to client requirements. We remain firmly committed to operating safely at all times and delivering value through continuous innovation and collaborative engagement.

 

Results

Group revenue¹ increased to £1,116.1m (2024: £1,057.0m) with adjusted¹ operating profit increasing to £72.1m (2024: £70.9m) and an adjusted¹ operating margin of 6.5% (2024: 6.7%). Statutory operating profit was £60.6m (2024: £61.2m). The adjusted¹ earnings per share has increased by 1.8% to 67.1p (2024: 65.9p) and basic earnings per share from continuing activities was 56.1p (2024: 55.6p). The Group had a pre-IFRS 16 net cash¹ position of £6.2m (2024: £25.7m), in line with our expectations following the €60m acquisition of Full Circle.

 

During the period we were delighted to announce the acquisition of Full Circle, a specialist provider of repair, maintenance and monitoring services for onshore wind turbines in the UK and Europe. This has enabled the Group to enter the high-growth and fragmented onshore wind services market and signifies the first move to accessing end markets outside of the UK through a low-risk and disciplined approach. The business continues to integrate in line with our plan and we are delighted to welcome the management and staff of Full Circle to the Renew family.

 

In the period the Group disposed of Walter Lilly & Co. Limited, consistent with the Group's strategy of focusing activities on Specialist Engineering where it targets end markets delivering maintenance and renewals programmes that benefit from long-term, non-discretionary funding programmes. 

 

Post period end, we announced that the Group's wholly owned subsidiary, Excalon Holdings, acquired Emerald Power, a specialist in overhead lines, focused on the maintenance and upgrade of electricity networks for Distribution Network Operators in the North West. Emerald's expertise and established relationships will strengthen the Group's position in the regulated electricity distribution sector.

 

Dividend

The Group's strong trading performance, cash position and positive outlook give the Board the confidence to propose a final dividend of 13.33p (2024: 12.67p) per share. If approved by shareholders, this will represent a full year dividend of 20.00p (2024: 19.00p) per share, an increase of 5.3%.

 

ESG

We remain committed to achieving net zero by no later than 2040 and during the year we have made further progress in supporting our subsidiary businesses in reducing their carbon emissions.  We were also pleased to retain our London Stock Exchange's Green Economy Mark, which recognises those companies that derive over 50 per cent of revenue from products and services that are contributing to environmental objectives.

 

The ongoing training and development of our workforce is fundamental to the Group's long-term strategic success. At present, we are proud to support approximately 380 trainees, apprentices, and graduates across our operations. In 2025, we continued to embed social value across our operations, contributing to community wellbeing, environmental sustainability and workforce development through targeted programmes and partnerships.

 

As a Board, we are responsible for ensuring the effective application of high levels of governance within our business, balancing the interests of all our stakeholders. Details of how the Group complies with the QCA Corporate Governance Code can be found in the corporate governance section of the Group's website and in the annual report. Risk management is led by the Board, which reviews the Group's risk profile on an ongoing basis alongside the Audit and Risk Committee.

 

Board changes

In January, Andries Liebenberg retired as a Director of the Company and from his role as Executive Director (Rail). The Board would like to recognise his contribution to the growth of Renew during his many years of service to the business.

 

In accordance with the QCA Corporate Governance Code the Board continually review the independence of non-executives. During the course of 2026 I will have completed 9 years tenure on the Board and this will be subject to the normal review to ensure continued leadership strength, continuity and independence.

 

People and safety

The Board would like to thank all its colleagues for their ongoing dedication and commitment to the success of the Group. The Group's priority is to maintain a safe and secure working environment that protects all colleagues and partners from harm across our operations and this is evidenced by the focus given to this important topic at Board level. Our focus on health and safety reflects its strategic importance and throughout the year we have continued to support our strong safety record by placing increased emphasis on the behavioural science aspects of safety management.

 

Future focus

The Group's long-term value creation is underpinned by a resilient business model, a disciplined financial framework, and a strong commitment to sustainability. Our ability to deliver consistent returns is closely linked to our investment in people and our focus on responsible growth. As the UK Government continues to prioritise the renewal and development of critical infrastructure, the Board remains confident in the Group's capacity to achieve continued growth through both organic initiatives and carefully targeted, earnings-accretive acquisitions.

 

David Brown

Chair

24 November 2025

 

Chief Executive Officer's Review

Record profits underpinned by considerable strategic progress; well positioned to unlock further growth across our end markets

I am very proud of the performance delivered across the Group in the last twelve months. We have delivered another year of record revenues and adjusted operating profit, in spite of some strong headwinds, and we have made continued progress against a number of our key strategic objectives. This includes entry into new high-growth markets through targeted acquisitions, further collaboration across the Group and expanding our client portfolio.

The record performance delivered during the period is not only testament to the hard work and dedication of our teams, but also the differentiated nature of our business model. These high quality revenues are driven by committed, long-term spending cycles delivering strong cashflows which we are able to deploy into attractive acquisitions.

We were pleased to see the UK Government reaffirm its commitment to investing in the maintenance and renewal of the UK's ageing critical infrastructure through its decade long infrastructure strategy. Renew remains uniquely placed to play a central role in delivering this ambition, which will see at least £725 billion invested in long-term funding through to 2034.  

The strength and breadth of the Renew service offering has been further expanded through the successful acquisitions of Full Circle (October 2024), and post period end, Emerald Power Ltd (October 2025), which have allowed us to enter and strengthen our positions in two high-growth sectors; onshore renewable energy, and transmission and distribution. These milestone acquisitions, alongside the disposal of Walter Lilly (October 2024), improve the balance of the Group and position us as a pureplay engineering services business serving attractive, high-growth sectors with high barriers to entry.

With a record order book, increasingly diversified business model and the clear revenue visibility afforded to us by committed regulatory spending cycles, we remain confident in our future success and ability to deliver against our FY26 expectations.

Our strong track record of resilient growth through economic cycles is testament to the Group's market leading capabilities, entrepreneurial drive and well-established reputation as a high-quality provider of mission-critical services in long-term, sustainable growth sectors.

 

Over the past five years*, we have delivered:

 

·	Group organic revenue growth of 40 per cent and total revenue growth of 80 per cent;
·	adjusted earnings per share growth of 63 per cent;
·	Seven strategic acquisitions supported largely by our strong free cash flow, deploying £135.4m; and
·	Average ROCE of 27 per cent.

 

*Five years to 30 September 2025

 

Results overview

During the period, Group revenue1 increased to £1,116.1m (2024: £1,057.0m). The headwinds in rail impacted revenue progression in the period however we would point to our increase in organic revenue over the last 5 years reflecting longer term growth through economic cycles. The Group achieved an adjusted operating profit of £72.1m (2024: £70.9m) representing an adjusted operating profit margin of 6.5% (2024: 6.7%), in line with our guided range. Statutory operating profit was £60.6m (2024: £61.2m). As at 30 September 2025, the Group had pre-IFRS16 net cash of £6.2m (2024: £25.7m). The Group's order book at 30 September 2025 remained strong at £915m (2024: £889m) underpinned by long-term framework positions.

Dividend

The Group's robust trading performance, cash position and strong forward order book have given the Board the confidence to propose a final dividend of 13.33p (2024: 12.67p) per share. This represents a full year dividend of 20.00p which is a 5.3% increase over the prior year. Subject to shareholder approval, the final dividend will be paid on 20 March 2026 to shareholders on the register as at 13 February 2026, with an ex-dividend date of 12 February 2026.

Health & Safety

Our Group-wide safety programmes mean that our SHEQ (Safety, Health, Environment and Quality) performance in the period was once again ahead of our target for the year, but there is always more work to be done. We continue to invest to ensure the highest standards of safety are met across all of our operations and during the period we were pleased to receive a number of awards, underscoring our commitment to protecting our colleagues.

 

Rail

Navigated a challenging period, unlocking new routes to market, delivering landmark projects, and meeting rising demand for climate resilience and accessibility

In Rail, I am pleased by the way our business has emerged from the challenging start to this financial year, where we saw deferment and delay to a number of renewals schemes. Whilst we expect activity levels for these schemes to remain subdued, we are now in a more diversified position having taken advantage of increased maintenance activities, unlocked new routes to market, expanded our client base and delivered exceptional work on highly complex and iconic projects, including the Severn Tunnel and Estuary Resilience Programmes.

During the period our teams have capitalised on the strong demand for maintenance of the UK's Rail infrastructure. As a result, the Group will move through the remainder of CP7, which runs until March 2029, in a stronger position in terms of geographical reach, breadth of service offering and framework successes. This calendar year marks the 200th anniversary of the modern British Railway, and whilst this milestone naturally brings a period of reflection and celebration, it also underscores the critical nature of our work in protecting and restoring our ageing railways. The Group will continue to maximise its position as a leading provider of maintenance and renewal services across all five of Network Rail's devolved regions as well as accessing opportunities from a broader client base including Train Operating Companies (TOCs). The transition from CP6 to CP7 saw a 9% increase in maintenance and renewal spend to £31.9bn and we expect this prioritisation trend to continue over the medium and longer term. We note the progress being made on the formation of Great British Railways and we look forward to benefiting from the improved harmonisation between track and train.

Sector highlights:

 

·	Continued diversification of our routes to market with a significantly broader client base.
·	Awarded several new Network Rail CP7 frameworks.
·	Increased revenues across our climate resilience work banks, an area in which we anticipate to see greater demand in the coming years.
·	Continued success of our Rail Skills Academy, which has had more than 100 young people complete the programme.

 

Infrastructure

Highways

Successful collaboration and capability expansion is driving solid growth, positioning us well to capitalise on a significantly larger addressable market at the commencement of RIS3

In Highways we continue to play a critical role in supporting the UK Government's Road Investment Strategy 2 ("RIS2"), which has received investment of £27.4bn over the last five years. Addressing the nation's "deteriorating" road infrastructure remains a core component of the UK Government's ten-year Infrastructure Strategy that was announced in June 2025. This is largely as a result of 70% of National Highway's network of roads and bridges being more than 45 years old by the end of this calendar year, necessitating a "greater focus than ever before on the maintenance and renewal" of the network rather than on making large-scale enhancements. This direction complements Renew's strengths and uniquely positions us to deliver sustained growth in this market.

In August 2025, the Government published its draft RIS3 determination, which will run from 1 April 2026 to 31 March 2031, and the final RIS3 determination is expected by no later than March 2026. The draft strategy outlined a total funding envelope worth c.£24.5bn and we expect the budget for renewals and capital maintenance to double versus the previous cycle to circa £8.5bn.

The continued focus on renewing and maintaining the existing Strategic Roads Network within RIS3 presents the Group with further opportunities to broaden our range of services. Carnell's strategic acquisition of Route One in April 2024, alongside our incredibly successful collaboration efforts, such as the AGC partnership between AmcoGiffen and Carnell, have proven key to unlocking a wider range of geographies and work banks, contributing to an increased presence in a larger total addressable market.

Helpfully, ahead of the final RIS3 determination, National Highways have also been awarded an interim one-year funding cycle worth £4.8bn through to 2026 which included an 18% increase in spend on maintenance and renewals and contributed to a very successful end of the previous control period for the Group.

Sector highlights:

 

·	Strategic acquisition of Route One in April 2024 has enabled access to a broader range of market opportunities.
·	The increasingly impactful collaboration between our brands remains a clear differentiator, unlocking access to an increasing number of geographies and work banks.
·	Significant progression in preparing for RIS3 in 2026, which will see a number of new strategically important programmes coming to market.

Aviation

Well positioned to scale within this expanding sector

We have delivered solid growth in Aviation and our strategy to increase market share continues to yield positive results. We have successfully expanded our service offering through new routes to market at various locations and during the period we secured a number of new frameworks. In particular, our vital work on the Manchester Airport Group (MAG) airfields framework continues at three airports, alongside our airside maintenance framework positions across both MAG and Leeds Bradford Airport. I am also particularly pleased to confirm our involvement in the new Manchester Airport Terminal 2 link road; our work on this project was secured and successfully delivered during the period.

We remain excited by the growth opportunities in this sector, as demand for air travel continues to grow necessitating further investment in airport asset renewal and maintenance across the UK's 40 commercial airports. Moreover, six of the eight largest airports now have significant capacity enhancement programmes in place and we are well positioned to continue securing new opportunities.

Communication Networks

Strong momentum as demand for improvements to the UK's connectivity infrastructure increases and the Group continues to unlock new routes to market

In the Communication Networks sector, demand for improvements to the UK's connectivity infrastructure continues to grow at pace. Our strategy in this market focuses on broadening our range of capabilities and expanding our client base, while maintaining our position as a valued partner to both the nation's largest network providers and smaller private operators.

We continue to benefit from the increasing resource levels being dedicated to developing the UK's historically underinvested communications infrastructure. This significantly greater investment is becoming increasingly important as the consumption of data from mobile devices rapidly accelerates to accommodate more individuals and businesses utilising AI and business-critical connected services.

Moreover, the digital infrastructure market is evolving to enable greater connectivity between the organisations responsible for managing our critical assets including energy, water, rail and highways. This exciting and rapidly evolving part of the sector provides another opportunity to collaborate across the Group, helping to further differentiate our market leading proposition. As previously communicated, the Joint Venture between Vodafone and 3UK has committed to £11bn of investment in its shared network over 10 years, releasing significant resource dedicated to optimising services and to unwinding the current model. We remain well positioned to capitalise on the growth opportunity here as the work ramps up. Elsewhere, VM02 has committed a £700m investment to improve reliability and coverage in 2025/26 and we remain the number one direct supplier to VM02.

Sector highlights:

 

·	Growing demand from both new and existing clients across all capabilities, including exciting work on Project Reach, the biggest upgrade planned for the UK's rail telecoms infrastructure in decades.
·	Continued focus on developing our small cell service offering and we are now the market leader in small cell roll out across the UK.
·	Further progress made in building our presence across the Shared Rural Network programme.

 

Energy

Renewables

Successfully entered the high-growth onshore wind services market

The UK and European energy markets are growing at pace and offer significant long-term growth opportunities for the Group. As part of its clean energy transition strategy, the UK Government has committed to at least doubling its current level of investment in Clean Energy Industries to over £30bn per year by 2035. This will help facilitate doubling the current capacity of onshore wind to 27-29GW, an ambition that will drive a step‑change in renewable generation and energy storage, providing significant opportunities for growth. Alongside the UK, the European pathway to Net Zero is also underpinned by wind power, with onshore wind capacity expected to double by 2030 in France, Italy, Spain, Germany and Poland.

In October 2024, we successfully entered the highly fragmented onshore wind services market, through the acquisition of Full Circle, a specialist provider of repair, maintenance and monitoring services for onshore wind turbines in the UK and Europe. This was a strategic milestone for the Group that will, with the integration now complete, unlock significant long-term growth opportunities. Underpinned by UK and European commitments to deliver on their Net Zero 2050 targets, this market is expected to grow at 7.7% CAGR from 2024 to 2030.

Full Circle's performance in the period was impeded by the insolvency of one of its clients, Emergya Wind Technologies (EWT), this one-off challenge has now been successfully navigated. The strategy of the company remains to grow the order book beyond the EWT fleet by expanding Master Service Agreements with a broader client list. We are making good progress in this regard and we look forward to capitalising on the significant opportunities in this sector. 

Sector highlights:

 

·	The integration of Full Circle is now complete, unlocking significant future opportunities in a high-growth sector.
·	Growing number of Master Service Agreements ("MSA") contracts in line with pre acquisition expectations, with a strong pipeline in the coming years.
·	Evaluating an attractive pipeline of bolt-on M&A within this market.

 

Transmission & Distribution

Excalon performing ahead of expectations with post-period acquisition of Emerald Power providing further expansion into the fast-growing overhead line maintenance and repair market

Renew's diversified business model underpins our long-term success and we remain committed to our continued expansion into new complementary sectors with high barriers to entry and resilient characteristics. The success of this strategy is exemplified by our acquisition of Excalon in June 2024, which has provided access to a new, exciting market with significant growth opportunities. I am delighted to report that Excalon has continued to go from strength to strength, exceeding our expectations for the year and building very strong momentum throughout FY25 and into the new financial year.

The UK electricity Distribution Network Operator (DNO) market functions in five-year funding cycles. The existing funding for the RIIO-ED2 cycle, which commenced in April 2023, is valued at £22.5bn and Renew's entry into this dynamic market provides access to a number of opportunities, supporting critical upgrades to the grid to better enable the UK's zero-carbon generation and renewable energy objectives. The final determination for the next control period, RIIO-T3, which will run from April 2026 to March 2031, is expected before the end of 2025 and initial estimates suggest the sector is set to enter a period of unprecedented investment.

Transmission network operators have already committed to investing c.£67bn through to 2031 as the sector expands its capacity to accommodate for the 40 GW of additional renewable energy generation targeted by 2030. Within this funding model, c.£1.1bn is expected to be spent annually on asset replacement, with an additional c.£1.2bn on reinforcement and modification of the existing network to service evolving customer demands.

Post period end, the Group was pleased to expand its capabilities with the acquisition of Emerald Power Ltd (October 2025). Emerald's services are complementary to Excalon and include specialist high voltage overhead line expertise. We are extremely excited about the opportunities in this sector where we will benefit from the synergies and greater collaboration.

Sector highlights:

 

·	Secured a strong position in this exciting sector and are well positioned to scale alongside the market.
·	The combined skillset of Excalon and Emerald Power will unlock greater opportunities as we continue to provide high voltage and extra high voltage infrastructure to the UK electricity sector's broader client base.
·	Excellent progress made across intergroup collaboration, underscoring the strength of our combined offering.
·	Improved momentum across the EV sector, with significant opportunity for future growth.

 

Nuclear

Well placed to capitalise on significant long-term opportunities in this sector

In civil nuclear, we continue to see a number of significant long-term opportunities and we remain committed to leveraging our multidisciplinary expertise to adapt to the evolving needs of our clients as they respond to meet the UK's ambitious net zero targets as well as the requirement to safely decommission legacy nuclear assets.

In June 2025, we were pleased to see the Government reaffirm its commitment to delivering clean power by 2030, with nuclear set to play an integral part in this new energy strategy. As a result, there are a significant number of exciting opportunities for our civil nuclear business and we remain committed to leveraging our multidisciplinary expertise to maintain momentum. On the back of the Government's renewed commitment to invest in nuclear energy, we are experiencing the most positive nuclear market for a generation.

While the Nuclear Decommissioning Authority's spending has remained flat year-on-year, the long-term opportunity remains with visibility of three-year's committed spend as part of the government's c.£4bn decommissioning programme, underpinned by a 100-year decommissioning strategy. Approximately 75% of the programme's spend is currently allocated to Sellafield and with full site remediation expected to take until 2125, there remains long-term opportunities for the Group.

Sector highlights:

 

·	We remain one of the largest mechanical & electrical contractors at Sellafield, operating across several decommissioning frameworks.
·	Expanded into new geographies in nuclear decommissioning with increasing work outside of Sellafield.
·	Strengthened our position in the UK's new nuclear market, with a number of framework successes in the period.

 

 

Environmental  

Water

Momentum continues to build having entered AMP8 in our strongest position yet

On 1 April 2025, we entered AMP8 in our strongest position yet, having secured key frameworks for 10 of the 12 largest combined waste and water companies in the UK, up from three at the start of AMP7. The opportunities available to us in AMP8, which will run from April 2025 to March 2030, are significant and with a record total spend of £104bn over the course of the period, alongside increased investment in new infrastructure of £45bn (AMP7: £11bn), we are well positioned in this structurally growing addressable market.

The challenges of an increase in extreme weather events, rising population figures, ageing assets and the drive towards Net Zero targets creates a major opportunity within the water industry. Moreover, we welcome the introduction of price control deliverable penalties and time-based incentives by Ofwat. We believe these changes will lead to a more focused approach to delivery. This is an exciting time for our Water business and we look forward with confidence in our ability to capitalise on growth in this market.

Our operations with Thames Water remain unaffected by news headlines and our critical work in maintenance and renewal frameworks will continue regardless of the ownership structure.

Sector highlights:

·	Strong start to AMP8 with excellent pipeline visibility.
·	Expanded service offering and multidisciplinary approach has strengthened our position.
·	Increasing collaboration success across our four water brands, providing greater opportunities going forward.
·	Continued to provide an agile emergency response across the UK, amidst increasingly extreme weather events.

 

Flood and Coastal

Significant opportunities ahead in an expanding sector

Ongoing climate change and more extreme weather events have resulted in flood and coastal defences becoming an increasingly critical focus area. As a result, the Government has committed to investing £7.9bn in flood defences from 2026-2036. While this total budget excludes spending on routine maintenance and incident management activities, we remain well positioned in this expanding sector and are confident in our ability to capitalise once the spending cycle begins. Alongside the £7.9bn investment, an additional £2.65bn of funding has been committed to provide defences to 52,000 properties between 2024-2027, with similar programmes also planned in Scotland and Wales.

Sector Highlights:

·	Continued to progress our position, with work on all five lots of the Environment Agency's Asset Operations Maintenance & Repairs frameworks.
·	Expanded our range of capabilities, positioning us well to capitalise on future opportunities.

 

Sustainability

Continued progress against sustainability targets

The Group remains committed to achieving net zero by no later than 2040 and the Board is pleased with the progress we have made against our quantitative sustainability targets which serve to embed our ESG strategy across the business. The improvements delivered in the period include:

·	Undertaking additional carbon data assurance work to further improve how we measure and report our Scope 1 and 2 emissions, including collaborative work across our supply chain on the capture of Scope 3 emissions.
·	Good progress in overall carbon emission reduction.
·	Continued roll out of Battery Storage Units (BSUs) and Hydrotreated Vegetable Oil (HVO) to reduce carbon emissions from temporary site power setups and vehicle fleet.
·	Progression against the Group-wide mandatory EV commercial vehicle trial.

 

Talent retention, attraction and development

Continue to invest in our industry leading early talent programmes to ensure the Group is well positioned for the future

The training and development of our colleagues remains essential to ensure we are well positioned for long-term growth and I am thrilled to confirm we now have a total of 378 apprentices, trainees and graduates working across the business, an increase from 330.

To complement the development schemes offered by our individual subsidiaries, Renew also provides a number of dedicated programmes at Group-level, designed to further support employees as they progress on their chosen career paths.

The Board and I are also delighted by the ongoing success of our Rail Skills Academy. The purpose-built programme is designed to encourage and inspire the next generation of industry talent and our investment here continues to pay dividends with nearly all of those who have successfully completed the programme continuing to work in the sector.

Outlook

Renew's strategy is underpinned by long-term structural growth drivers with increasing diversification into new, complementary markets, alongside our sustained focus on mission-critical maintenance and renewal services. We remain ideally positioned to capitalise on the Government's committed investment in the UK's ageing critical infrastructure as part of its decade of renewal strategy.

The foundations of the business have never been stronger and through the continued leveraging of innovation, collaboration and talent retention we are uniquely placed to expand our presence in each of our attractive end markets as we capture the long-term growth opportunities available to us.

We were pleased to report further strategic successes through the post-period acquisition of Emerald Power and the refinancing of our revolving credit facility which provides further firepower to deliver on our exciting pipeline of potential acquisitions, alongside other organic investment opportunities. With a record order book afforded to us by highly visible, committed, long-term spending cycles, we look to the future with confidence and excitement as we continue to execute against our ambitious growth strategy. 

Paul Scott
Chief Executive Officer
24 November 2025

 

1 Renew uses a range of statutory performance measures and alternative performance measures when reviewing the performance of the Group against its strategy. Definitions of the alternative performance measures, and a reconciliation to statutory performance measures, are included in Note 9.

 

Group income statement for the year ended 30 September
		Before	Exceptional		Before	Exceptional
		exceptional	items and		exceptional	items and
		items and	amortisation		items and	amortisation
		amortisation	of intangible		amortisation	of intangible
		of intangible	assets		of intangible	assets
		assets	(see Note 3)	Total	assets	(see Note 3)	Total
		2025	2025	2025	2024	2024	2024
	Note	£000	£000	£000	£000	£000	£000
Group revenue including share of joint ventures*		1,116,053	-	1,116,053	1,056,985	-	1,056,985
Less share of joint ventures' revenue*		(35,154)	-	(35,154)	(48,015)	-	(48,015)
Group revenue from continuing activities		1,080,899	-	1,080,899	1,008,970	-	1,008,970
Cost of sales		(919,525)	-	(919,525)	(867,306)	-	(867,306)
Gross profit		161,374	-	161,374	141,664	-	141,664
Administrative expenses		(92,205)	(11,310)	(103,515)	(74,980)	(9,479)	(84,459)
Other operating income		2,853	-	2,853	4,165	-	4,165
Share of post-tax result of joint ventures		62	(161)	(99)	25	(224)	(199)
Operating profit		72,084	(11,471)	60,613	70,874	(9,703)	61,171
Finance income		559	-	559	791	-	791
Finance costs		(4,632)	-	(4,632)	(1,828)	-	(1,828)
Other finance income - defined benefit pension schemes		126	-	126	90	-	90
Profit before income tax	5	68,137	(11,471)	56,666	69,927	(9,703)	60,224
Income tax expense		(15,053)	2,797	(12,256)	(17,771)	1,558	(16,213)
Profit for the year from continuing activities		53,084	(8,674)	44,410	52,156	(8,145)	44,011
Profit/(loss) for the year from discontinued operations	4			4,404			(2,440)
Profit for the year				48,814			41,571
Basic earnings per share from continuing activities	7	67.07p	(10.96)p	56.11p	65.91p	(10.30)p	55.61p
Diluted earnings per share from continuing activities	7	67.06p	(10.96)p	56.10p	65.88p	(10.29)p	55.59p
Basic earnings per share	7	67.07p	(5.40)p	61.67p	65.91p	(13.38)p	52.53p
Diluted earnings per share	7	67.06p	(5.40)p	61.66p	65.88p	(13.37)p	52.51p
* Alternative performance measure, please see Note 9 for further details

 

Group statement of comprehensive income
for the year ended 30 September							2025	2024
							£000	£000
Profit for the year							48,814	41,571
Exchange differences on retranslation of foreign operations							731	-
Items that will not be reclassified to profit or loss:
Movement in actuarial valuation of the defined benefit pension schemes							(441)	81
Movement on deferred tax relating to the pension schemes							111	(5)
Total items that will not be reclassified to profit or loss							(330)	76
Total comprehensive income for the year net of tax							49,215	41,647