Interim revenue for the half year to 31 March 2011 was up 12% to £155.5m. Underlying operating profit was up 32% to £2.2m. Operating margin was 1.4% (2010: 1.2%).
Pre-tax profit of £579,000 was significantly down on the £1.6m of the same period the year before, but only because of exceptional items including £1.3m in fees relating to the acquisition of railway engineering contractor Amco in February.
Renew chairman Roy Harrison said: "2011 is a transformational year for the group as it repositions itself as a specialist provider of engineering support to UK infrastructure, particularly in the fields of energy, environmental and rail.
Chief executive Brian May said: “The established strategy of Renew to move the balance of its activities towards the Specialist Engineering business stream has seen significant progress during the period with over 60% of future revenue anticipated from this sector.
“The group is now well positioned to provide a nationwide multidisciplinary engineering service to maintain and develop infrastructure in the energy, environmental and rail sectors. Our remaining Specialist Building activity is now focused in resilient and sustainable sectors in the south.”
The confirmed order book at 31 March 2011 was £334m compared to £289m at 31 March 2010. Forecast revenue for the full financial year is secured, Mr May said.
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