Interim results for the six months ended 31st March 2023 show revenue up 14% for Renew to 拢471.8m and pre-tax profit up 21% to 拢26,3m.
Excluding Enisca, acquired in November 2022, organic growth was 11.6%.
Group order book of stand at 拢890m, up from 拢771m a year earlier.
Renew is a portfolio of companies focused on infrastructure maintenance and services, including Amco Giffen, QTS, Carnell, V and Clarke Telecom, as well as the high-end building firm Walter Lilly.
Chief executive Paul Scott said: "We are pleased to report another period of outstanding performance, once again illustrating the resilient and differentiated nature of our high-quality, low-risk business model. Supported by the commercial terms within our frameworks, the group has been able to successfully alleviate inflation challenges throughout the period, delivering operating profit and revenue ahead of strong prior half-year comparatives. Our results in a difficult macroeconomic environment highlight the strength of our business model, which is underpinned by committed regulatory spending periods and long-term frameworks resulting in repeatable revenue streams and highly visible earnings. Further, the mission-critical nature of the work we perform fosters long-lasting relationships with our clients illustrated through our strong track record of repeat contract wins.
鈥淥ur focus on asset maintenance and renewal means we are not dependent on large, capital-intensive contract awards, providing Renew with a significantly lower risk profile than others operating in our sectors.
鈥淲ith ongoing strong demand in our end markets, we enter the second half of the year confident in our full year performance and, longer term, in the attractiveness of the structural growth drivers."
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