Renew Holdings PLC AGM Statement (3962D)
31 January 2018 - 6:00PM
UK Regulatory
TIDMRNWH
RNS Number : 3962D
Renew Holdings PLC
31 January 2018
Renew Holdings plc
("Renew" or the "Group")
AGM Statement
Renew (AIM: RNWH), the Engineering Services Group supporting UK
infrastructure, will hold its Annual General Meeting at 11am today.
David Forbes, Non-Executive Director of Renew, will open the
meeting with the following remarks:
"Trading for the first quarter of the year has been in line with
the Board's expectations. The Group order book at 31 December 2017
was GBP511m (31 Dec 2016: GBP523m). The Engineering Services order
book stood at GBP433m (31 Dec 2016: GBP431m).
The Group's term loan will be fully repaid by 31 March 2018. A
slower than usual payment profile with certain customers in the
public sector has led to an increase in work-in-progress in the
first half. Nevertheless, cash balances as at 30 September 2018 are
forecast to be broadly in line with the previous year end.
We note the news this month regarding the liquidation of
Carillion and can confirm that we have no financial exposure.
I would like to use this opportunity to thank Roy Harrison for
the contribution he has made to the Group over the past 14 years.
Under his guidance, Renew has positioned itself as a leading
Engineering Services provider and grown significantly in both
revenue and profitability. He leaves the Group in a strong
financial position, well placed to continue to grow and deliver
shareholder returns. Unfortunately, Roy can't be with us today due
to a family funeral but we wish him well and good luck in his
retirement."
Further to the announcement made on 21 November 2017, Roy
Harrison will retire as Chairman following the conclusion of the
AGM and will be succeeded as Chairman by David Forbes.
A further trading update will be given in a pre-close
announcement on 3 April 2018 prior to the announcement of the
interim results on 22 May 2017.
Enquiries:
Renew Holdings plc Tel: 0113 281 4200
Paul Scott, Chief Executive
Sean Wyndham-Quin, Group
Finance Director
Numis Securities Limited Tel: 020 7260 1000
Stuart Skinner/ Kevin Cruickshank
(Nominated Adviser)
Michael Burke (Corporate
Broker)
Walbrook PR Tel: 020 7933 8780 or renew@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
About Renew Holdings plc
Engineering Services, which accounts for over 80% of Group
revenue and 90% of operating profit, focuses on the key markets of
Energy (including Nuclear), Environmental and Infrastructure, which
are largely governed by regulation and benefit from
non-discretionary spend with long-term visibility of committed
funding.
Specialist Building focuses on the High Quality Residential
market in London and the Home Counties.
For more information please visit the Renew Holdings plc
website: www.renewholdings.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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