West Yorkshire’s Renew Holdings secures expected revenue after significant financial growth

West Yorkshire’s Renew Holdings, an engineering services firm, has seen a strong first half to 2015, with significant growth in both operating profit and overall revenue.

Financial statistics

The company’s record interim results for the six months ended 31 March 2015, revealed that the overall revenue has risen by 21% to £252.1m, compared to 2014’s halfway stage of £207.6m.

There was another 21% increase in Renew Holdings operating profit, prior to amortisation, which came in at £9.8m (2014: £8.1m), and operating margin was sustained at 3.9% with adjusted earnings per share rising by 20% to 12.24p (2014: 10.23p).

Profit before tax, prior to amortisation, also increased by 19% to £9.5m (2014: £8.0m).

Furthermore, the company’s expected revenue for the second half of 2015 is already secured after its order book was up 28% to £471m (2014: £369m). An additional 25% increase occurred in Engineering Services order book to £382m (H1 2014: £306m).

Comment

R J Harrison OBE, Chairman of Renew Holdings, said: “The Group’s position as a leading provider of engineering support services to the UK’s Energy, Environmental and Infrastructure markets has continued to strengthen by focusing on our clients’ long term operational spending programmes.

“Our strategy has delivered excellent organic growth which, together with our record order book, provides the Board with confidence that the Group’s results will meet market expectations for the full financial year.”

Summary

Due strengthening its position as a leading provider of engineering support services in the UK’s Energy, Environmental and Infrastructure markets, the company will meet market expectations for the full financial year.