Engineering services company, Renew, has posted a record financial performance with revenue, cash, and operating profit ahead of expectations.
Group revenue for the year ended 30 September 2024 was just over £1 billion, up 19.1 per cent from the £887.6 million achieved in the previous financial period, generating a pre-tax profit of £60.2 million (FY2023: £56.8 million).
The result followed the acquisitions of TIS, Route One, and Excalon during the year, enabling Renew to expand into complementary sectors with strong growth potential.
In October, Renew also announced it would exit the Specialist Building market with the disposal of Walter Lilly, wishing instead to focus on Specialist Engineering activities.
Shortly after, the group announced its entry into onshore wind services with the acquisition of Full Circle for £50.5 million, also enabling it to capitalise on the green energy transition.
In Rail, Renew is the largest provider of maintenance and renewals services to Network Rail nationally and the third-largest supplier overall.
In Water (AMP8), the business now works for 10 of the 12 combined waste and water companies, compared with three at the beginning of AMP7.
Renew’s group order book remained strong at £889 million (FY2023: £777 million), underpinned by long-term framework positions.
Renew said its strong balance sheet, with a net cash position of £25.7 million (FY2023: £35.7 million), leaves it well positioned to benefit from the UK Government’s commitment to critical infrastructure.
At year end, Renew reported an operating profit of £61.2 million, a more than 6 per cent rise from the £57.7 million recorded the year prior.
“I am very pleased to report we have delivered another excellent performance in FY24 with significant organic and acquisitive growth,” said Paul Scott, CEO of Renew.
“We have further strengthened our order book and expanded our service offering, strengthening the foundations of our business.
“The group successfully delivered three value-accretive acquisitions in the period and post-period end we executed our strategic exit from Specialist Building as well as entering into the high-growth onshore wind services market with the acquisition of Full Circle.
“The start of new control periods in our largest sectors along with access to new market sectors marks a particularly exciting milestone for the group and I am confident we are entering FY25 well placed to deliver on our ambitious long term growth strategy.”
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