After writing off 拢10.5m on exceptional items and intangible items, Renew made an interim pre-tax profit of just 拢2.0m (2017 H1: 拢5.6m) for the six months ended 31 March 2018. With a 拢2.3m tax bill and a 拢1.3m loss from discontinued activities, Renew鈥檚 overall loss for the period was 拢1.6m, compared to 拢2.8m profit for the same period last year.
The bulk of the damage came from the decision in February to exit the gas infrastructure market. The sale of its Forefront subsidiary incurred a loss on disposal of 拢3.0m and resulted in a 拢6.9m write-off of goodwill.
Excluding that impact, Renew's adjusted operating profit for the half-year was unchanged from last year at 拢12.9m, on revenue down 7% to 拢262.2m (2017 H1: 拢281.8m).
Chairman David Forbes, who succeeded Roy Harrison in January, said that the results were 鈥渋n line with management expectations鈥�.
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