Record results for Leeds engineering services group

Credit: SasinTipchai

Renew Holdings, the Leeds-based engineering services group, has posted another record set of results.

The company said the results for the year ended 30 September reflected, in part, a full year’s contribution of QTS, which it acquired back in May 2018.

Group revenue for the period was £600.6 million, up from the £541.5 million reported for last year.

Specifically, revenue for Engineering Services grew 21% from £466.5 million to £564.5 million. There was a rise in Engineering Services order book from £510 million to £542 million.

Adjusted operating profit rose from £31.1 million to £38.3 million with profit before tax up from £14.7 million to £27 million.

“The Group’s focus remains on those markets where non-discretionary spending programmes exist to maintain critical infrastructure,” said Chairman David M Forbes.

“These markets have excellent long-term prospects with growth driven by regulatory requirements. The Group has strengthened its position in markets which benefit from visible funding.

“Our multidisciplinary engineering services are closely aligned with the requirements of the sustained investment in these markets which provides the Board with confidence in future growth.”