Renew enters new year in line with expectations

(Sharecast News) - Renew Holdings said in an update on Thursday that trading in the opening months of its new financial year had continued in line with expectations, supported by a record order book and strong positions across its core infrastructure markets. In a statement ahead of its annual general meeting, chair David Brown said first-quarter trading "continues to give the board confidence in meeting its full year expectations," underpinned by a record group order book of £924m as at 31 December, up from £905m a year earlier.

He said that reflected the group's strong framework positions across regulated UK infrastructure.

Brown said Renew's balance sheet remains robust and continues to support an active mergers and acquisitions pipeline focused on its target growth sectors.

He added that Emerald Power, which was acquired in October, had integrated well and was trading in line with expectations.

Looking ahead, Brown said the group was well positioned to benefit from long-term opportunities driven by "the enduring structural growth drivers in the UK's regulated infrastructure markets" and the strength of Renew's specialist engineering capabilities.

He said the board "looks to the future with confidence."

Renew said it would provide a further trading update covering the six months to 31 March on 1 April.

At 1157 GMT, shares in Renew Holdings were up 2.37% at 949p.

Reporting by Josh White for Sharecast.com.