Renew ends year ahead of expectations
By Josh White
Date: Tuesday 01 Oct 2024
(Sharecast News) - Infrastructure engineering services group Renew Holdings flagged a stronger-than-expected financial performance for the year ended 30 September in an update on Tuesday.
The AIM-traded company said it anticipated both revenue and operating profit to come in ahead of market consensus, driven by robust organic growth.
Operating margins were set to be in line with guidance at 6% to 7%.
The firm said its strong financial performance was underpinned by a healthy order book, benefiting from the UK's ongoing infrastructure investment and the long-term budgets of its clients.
That, the board said, provided the business with continued momentum heading into 2025.
It said its balance sheet remained solid, with net cash at year-end expected to exceed market expectations, further strengthening its financial position.
Looking ahead, Renew said it was confident in its outlook, supported by its position in core markets and the UK's committed infrastructure spending.
The company planned to announce its full-year results on 26 November.
At 0948 BST, shares in Renew Holdings were up 6.08% at 1,116p.
Reporting by Josh White for Sharecast.com.
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