Renew Holdings PLC AGM Statement (0678N)

TIDMRNWH

RNS Number : 0678N

Renew Holdings PLC

27 January 2016

Renew Holdings plc

("Renew" or the "Group")

AGM Statement

Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, will hold its Annual General Meeting at 11am today. Roy Harrison OBE, Chairman of Renew, will open the meeting with the following remarks:

"Trading for the first quarter of the year has been in line with the Board's expectations.

In the Energy market, I am pleased to report that Shepley Engineers Ltd has been awarded a position on the Decommissioning Delivery Partnership framework for Sellafield Ltd. This major ten year framework which has an indicative value of GBP500m, is an essential part of the site's long term decommissioning strategy. The arrangement includes extra headroom to cover additional scope, should this be required, up to a value of GBP1.5bn over the full term.

In the Environmental market, Lewis Civil Engineering Ltd has been appointed by Wessex Water to the Civils & EMI Capital Delivery Partners AMP6 (Asset Management Programme) framework. This framework, which will run until 2020, has an estimated total value of GBP350m and includes an extension option to cover the AMP7 period through to 2025.

The Group order book at 31 December 2015 has increased by 15% to GBP515m (31 Dec 2014: GBP449m). The Engineering Services order book stood at GBP413m (31 Dec 2014: GBP369m), an increase of 12% over the comparative position last year.

Cash generation in the first quarter has been good. The Board continues to expect the Group to report a net cash position by the end of the financial year.

These factors confirm the Board's confidence in the Group's future financial performance. A further trading update will be given in a pre-close announcement at the end of March 2016 prior to the announcement of the interim results on Tuesday 24 May 2016."

Enquiries:

 
 Renew Holdings plc                                                    Tel: 0113 281 4200 
 Brian May, Chief Executive 
 John Samuel, Group Finance 
  Director 
 
 Numis Securities Limited                                              Tel: 020 7260 1000 
 Stuart Skinner (Nominated 
  Adviser) 
 James Serjeant (Corporate 
  Broker) 
 
 Walbrook PR                                   Tel: 020 7933 8780 or renew@walbrookpr.com 
 Paul McManus                                                          Mob: 07980 541 893 
 Lianne Cawthorne                                                      Mob: 07584 391 303

About Renew Holdings plc

Engineering Services, which accounts for 85% of Group revenue and 90% of operating profit, focuses on the key markets of Energy (including Nuclear), Environmental and Infrastructure, 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 market in London and the Home Counties.

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGMUNONRNAAAUAR

(END) Dow Jones Newswires

January 27, 2016 02:00 ET (07:00 GMT)

Renew (LSE:RNWH)
Historical Stock Chart
From Jun 2024 to Jul 2024