Water acquisition keeps Renew on the rise

Engineering services group Renew Holdings has posted record financial results for the second successive year and made an acquisition.

Chief executive Paul ScottRenew’s preliminary results for the year ended 30th September 2022 Renew generated group revenue up 7% to £849.0m (2021: £791.0m) and made a pre-tax profit up 21% to £49.5m (2021: £40.8m).

Chief executive Paul Scott said: "Given the difficulties faced by most UK businesses in 2022, I am extremely pleased to be presenting another set of record results for the group… The last three years have presented a unique set of unprecedented circumstances and our continued outperformance in each year illustrates the resilient nature of our differentiated, high-quality, low-risk business model.”

Renew has also just invested £15.6m cash on the acquisition of Enisca Group, a multi-disciplinary engineering business operating in the water and environmental sector with headquarters in Cookstown, Northern Ireland. This is expected to add annual sales of £30m and operating profit of £2.1m to Renew’s books.

Paul Scott said: “This acquisition broadens Renew's exposure to the UK water market and is consistent with our stated strategic objectives. Enisca is a highly regarded business with a strong track record and is well known to Renew having been a joint venture partner of Browne since the start of AMP6 in 2015. Our existing multidisciplinary water capability, complemented by the inclusion of Enisca will significantly enhance Renew's proposition ahead of AMP8 procurement in 2024.”

He concluded: “As we look ahead, we are committed to building on our strengths and will continue to leverage the combined expertise of our subsidiary businesses. Pleasingly, our positive trading momentum has continued into the new financial year and we enter 2023 with a strong order book and believe the structural growth drivers in our end markets, underpinned by committed regulatory spend, continue to provide the group with significant opportunities."