Engineering services company Renew has delivered a record financial performance in its latest results.
Group revenue for the year ended 30 September 2023 was up 13.2 per cent on the previous financial period (£849 million) to £960.9 million, with organic growth of 10 per cent.
Operating profit was also up 18 per cent to £59 million, compared to £50 million in FY2022.
Profit before tax was reported at £58.1 million, a 17.4 per cent increase on the prior period (FY2022: £49.5 million).
The group order book also remained strong at £860 million (FY2022: £775 million).
Renew’s net cash position for the period was £35.7 million, compared to £20.2 million in 2022.
A full-year dividend of 18 pence was 5.8 per cent up on the previous trading period, reflecting the board’s confidence in the group’s trading performance.
The results also showed the “resilient nature” of the group amid a “turbulent macroeconomic landscape”, combined with a strong demand in its end markets, it said.
Operational highlights included the acquisitions of Enisca and Rail Electrification Limited, opening new business opportunities.
Renew also recently announced the acquisition of TIS Cumbria Limited, a nuclear manufacturing and fabrication specialist, for £4.7 million cash.
It added it is currently positioned to seize both organic and new acquisitive growth opportunities.
“I am very pleased to report that we have once again delivered record results despite the turbulent macroeconomic landscape,” said Paul Scott, CEO of Renew. “Continued growth in revenue, profit and our solid operating cash generation is testament to the strength of our business model and the group’s well-established positions in attractive and sustainable growth markets.
“Our core strengths leave us well placed to build on our strong track record of long-term value creation as we look ahead with impressive trading momentum and a strong forward order book.
“We remain excited about the significant growth opportunities across the group, underpinned by the increasing national demand for the maintenance and renewal of existing UK infrastructure, which will continue to be a domestic priority regardless of the outcome of the next election.”
He added: “On behalf of the board, I would like to sincerely thank all of our dedicated colleagues whose hard work and commitment has enabled the group to deliver yet another record performance.”
Was this interesting? Try Buckingham collapse sees Heron Bros lose stadium job
If you have a tip or story idea that fits with our publication, please contact the head of editorial rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.