Renew remains on track to achieve its target of a 4.5% group operating margin by 2017, the board said.聽
Group operating profit, prior to amortisation charges, increased by 7% to 拢10.5m (2015: 拢9.8m) on revenue up 5% to 拢265.1m (2015: 拢252.1m). Operating margin measured on this basis increased to 4.0% (2015: 3.9%).
Pre-tax profit increased by 14% to 拢8.8m (2015: 拢7.7m).
In Engineering Services, revenue grew by 6% to 拢221.3m (2015: 拢209.8m), representing 84% of group revenue. Operating profit prior to amortisation charges increased by 8% to 拢10.4m (2015: 拢9.7m), giving an improved operating margin of 4.7% (2015: 4.6%).
In Specialist Building, which now operates mainly in the top-end residential market in London and the Home Counties, delivered an operating profit of 拢1.1m (2015: 拢1.0m) on revenue of 拢44.4m (2015: 拢42.5m).
, Brian May will retire as chief executive of Renew on 30th September 2016 and will be succeeded by current director of engineering services Paul Scott.
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