Member Article

West Yorkshire engineering services firm Renew increases revenue 64% after Network Rail wins

West Yorkshire’s Renew Holdings, an engineering services firm, has reported a 64% increase in revenue on the back of wins in the rail and transport sector.

The largest area of growth was in the firm’s Rail business which experienced high levels of demand for emergency repair works following last winter’s extreme weather conditions.

Alongside this was Network Rail’s “enhanced spend” programme which together added £64.7 million of non-recurring revenue.

Their position with Network Rail has been recently strengthened following our appointment to seven Control Period 5 Infrastructure Projects frameworks with an advertised value of £450 million over the next five years.

R J Harrison OBE, chairman said: “I am pleased to announce another record set of preliminary results for the Group. Renew enters the 2014/15 financial year in a strong position having made excellent progress in expanding its position as a leading provider of engineering support services with strong organic growth coupled with two acquisitions into new markets.

“Our record order book of £439 million gives the Board confidence for the next financial year.

“The Board’s growth strategy for its Engineering Services business is proven and continues to deliver shareholder value which is reflected in the 39% increase in dividend.

“The Board has set targets for Group revenue in excess of £500 million and a Group operating margin of at least 4.5% within the next three years.”

This was posted in Bdaily's Members' News section by Clare Burnett .