Renew made a pre-tax profit of 拢11.7m for the six months ended 31st March 2019, compared to a 拢1.6m interim loss last year. Adjusted operating profit increased 39% to 拢18.4m (2018 H1: 拢13.2m) on revenue up 15% to 拢301m (2018 H1: 拢262m).
Chief executive Paul Scott said that the record results were partly due to the 拢80m acquisition of QTS in May 2018. QTS contributed 拢37m in revenue during the period.
Net debt at 31st March 2019 was just 拢17.2m, which is 拢4.2m lower than six months previously.
High-profile projects during the period include restoration activity at the Palace of Westminster where work continues on the cast iron roof restoration framework and structural repair works to the Elizabeth Tower (Big Ben).
鈥淥ur involvement with a number of phases of work at this UNESCO World Heritage site positions us well for major long-term refurbishment programmes,鈥� Paul Scott said.
Renew also secured all the Network Rail CP6 renewals frameworks that it tendered for, maintaining its positions from CP5. This includes the five-year geotechnical & earthworks framework and the five-year multidisciplinary renewals framework in the Scotland North East (SNE) region.
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