LONDON (ShareCast) - Despite sales shrinking slightly, AIM-listed infrastructure engineer Renew Holdings claimed record annual profits as it continued to shift its emphasis away from construction services.

Although revenue declined 1% to £334m in the year to September 30th, adjusted profit before tax rose 7% to £10.7m and the board lifted the dividend 14% to 3.6p.

Chairman Roy Harrison said: "The Group has delivered another set of record results with strong cash generation and has confirmed its growth strategy in Engineering Services with another successful acquisition.”

Engineering services revenue now accounts for 70% of Group revenue, up from 63% at the same time last year thanks to organic growth and the acquisition of water industry specialist Lewis Civil Engineering, with the group order book 26% higher at £416m at the year end, with Engineering Services orders up 28% to £301m.

House broker Numis said Lewis will boost growth in the coming year, while a strong balance sheet suggests further bolt-on acquisitions.


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