Renew Holdings PLC Trading Update (0062Y)
September 04 2020 - 2:00AM
UK Regulatory
TIDMRNWH
RNS Number : 0062Y
Renew Holdings PLC
04 September 2020
Renew Holdings plc
("Renew" or the "Group")
Trading Update
Renew (AIM: RNWH), the Engineering Services Group supporting UK
infrastructure, announces an update on trading in advance of its
annual results for the financial year ended 30 September 2020 which
will be announced on Tuesday 8 December 2020.
Trading since the announcement of our interim results has been
strong and consequently the Board expects the Group's full year
results to be materially ahead of current market expectations with
adjusted operating profit forecast to be between GBP39m-GBP40m.
This improved forecast result is reflective of our defensive
qualities, resilience and the implementation of numerous mitigation
measures that have proven to be extremely effective in responding
to the challenges of Covid-19.
Our engineering activities in our Rail, Infrastructure and
Environmental markets have remained robust and reliable throughout
the Covid-19 pandemic. The UK Government designated the majority of
our activities as critical to the Covid-19 response and we have
safely and proactively responded to the ongoing network demands. In
Energy, as previously announced, all site activities at Sellafield
and Springfields were suspended in March. Site activities are
steadily being re-mobilised however we do not expect to be fully
operational at these sites until the 2(nd) half of our next
financial year.
We are pleased to confirm that the integration of Carnell,
acquired in January 2020, is complete and it is trading in line
with our expectations and unaffected by Covid-19 reflecting the
strength of its market and the nature of the essential services it
provides.
Cash generation continues to be very strong and we anticipate
reporting a net cash position at the year end, ahead of market
expectations.
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.
Enquiries:
Renew Holdings plc Tel: 0113 281 4200
Paul Scott, CEO
Sean Wyndham-Quin, CFO
Numis Securities Limited (Nominated Adviser Tel: 020 7260 1000
& Broker)
Stuart Skinner/ Kevin Cruickshank
Walbrook PR Tel: 020 7933 8780 or renew@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
Nick Rome Mob: 07748 325 236
About Renew Holdings plc
Engineering Services , which accounts for over 90% of Group
revenue and over 95% of operating profit, focuses on the key
markets of 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 and
science markets in London and the Home Counties.
For more information please visit the Renew Holdings plc
website: www.renewholdings.com
This announcement is released by Renew Holdings plc and contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 (MAR). It is disclosed in accordance
with the Group's obligations under Article 17 of MAR. Upon the
publication of this announcement, this information is considered to
be in the public domain.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of Renew Holdings plc by Sean Wyndham-Quin, Chief Financial
Officer.
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END
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