Renew ends first half in line with expectations

Engineering service provider Renew said in an update on Monday that trading in the first half just ended was in line with management expectations.

The AIM-traded company said its healthy order book remained supported by long-term framework positions, and was expected to be similar to that reported during the annual general meeting in January.

It said it was net cash positive, with cash generation also in line with planned expectations for the six months ended 31 January.

The firm said it had been able to successfully manage inflationary pressures and supply chain challenges in the wider economy.

In November, Renew acquired Enisca, which was said to be integrating well with the wider group and trading in line with management expectations.

“The board remains confident of a successful performance in the second half of the year,” the directors said in their statement.

Renew said it would announce interim results for the six months ended 31 March on 16 May.

At 1145 BST, shares in Renew Holdings were down 0.99% at 669.32p.

Reporting by Josh White for Sharecast.com.