For the six months ended 31st March 2020, Renew posted an adjusted operating profit of 拢19.9m (2019: 拢18.4m) on revenue of 拢313.6m (2019: 拢301.0m). Pre-tax profit was up 5% to 拢15.2m (2019: 拢14.5m).
The results include a contribution from roadworks contractor Carnell, which was acquired in January 2020.
The order book at 31st March 2020 was 拢690m (2019: 拢580m) and there has been no significant change in the order book characteristics as a consequence of the Covid-19 pandemic, the company said.
Renew鈥檚 services were much in demand when storms hit in February. 聽In response to the effects of Storm Ciara and Storm Dennis in February 2020, which flooded rail and road networks across the country, Renew saw 鈥渟ignificant and sustained demand for our emergency support services across the most severely impacted locations in Wales, North West and Central, Eastern and Scotland鈥�.
Chief executive Paul Scott said: 鈥淲orking around the clock, despite the challenging weather conditions and remote locations, our teams undertook vital works to ensure the integrity and safety of the railway for passengers and freight customers, minimising disruption and protecting community transport links. Works included repairs to a major landslide between Thornhill and Dumfries in Scotland and slope failure repairs at Auldgirth, Scotland. Emergency repairs were also undertaken on the Glasgow South Western Line following a significant landslip and at a number of locations on the Hereford to Newport Line in South Herefordshire.鈥�
Approximately 80% of Renew鈥檚 activities have continued during the health crisis as they are deemed critical works. With lockdown restrictions beginning to ease, it is now planning to remobilise the remaining 20% of its operations. Only about 13% of the workforce has been furloughed.聽
Chairman David Forbes said: 鈥淭he strength of the group鈥檚 position in its markets and the essential nature of the work we undertake gives the board confidence that Renew remains well placed to play a significant role in the long-term opportunities that will emerge across UK infrastructure, a sector that will play an important role in rebuilding our economy.鈥�
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