Renew (AIM: RNWH) Encouraging results from a business firmly repositioned
The AIM quoted provider of specialist engineering services and housing announced encouraging results for the year ending 30th September 2011 in what amounted to a period of great change.
Group revenue was up 23% to £356.7m and adjusted profit before tax up 76% to £8.1m. Adjusted earnings per share, calculated prior to exceptional items and amortisation charges, was 9.6p (2010: 5.3p).
Following the acquisition of Amco Group Holdings Limited in February 2011 Renew is firmly repositioned as an Engineering Services Group supporting UK Infrastructure. Benefiting from 7 months of Amco trading revenue from Engineering Services was up 39% to £176.7m with adjusted operating profit…
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