Renew Holdings acquisition of Amco Group Holdings Limited (“Amco”) in February 2011, together with continued organic growth and the decision to withdraw from non-specialist public sector building markets, has accelerated the Board’s repositioning of Renew as an Engineering Services Group supporting UK infrastructure.
The Group has recorded results for the year ended 30 September 2011 which are in line with market expectations. Group revenue was £356.7m (2010: £290.4m). Profit before income tax prior to exceptional items and amortisation charges was £8.1m (2010: £4.6m). Adjusted earnings per share, calculated prior to exceptional items and amortisation charges, was 9.6p (2010: 5.3p). Engineering Services revenue was £176.7m (2010: £127.4m), an increase of 39%, with operating profit prior to exceptional items increasing by 78% to £7.4m (2010: £4.2m). These results include seven months of Amco’s trading. Amco has integrated very well into the Group and has performed in line with expectations.
Brian May, Chief Executive said "Renew is now positioned as an Engineering Services Group supporting UK infrastructure. 2011 has been a significant year for the Group which, with further organic growth and the acquisition of Amco, has achieved its target of shifting the balance of operations into Engineering Services. The acquisition of Amco has accelerated the transformation in the shape of the Group and offers Renew a range of opportunities for further growth in Engineering Services markets.”
Back to all News