Renew鈥檚 preliminary results for the year ended 30th September 2022 Renew generated group revenue up 7% to 拢849.0m (2021: 拢791.0m) and made a pre-tax profit up 21% to 拢49.5m (2021: 拢40.8m).
Chief executive Paul Scott said: "Given the difficulties faced by most UK businesses in 2022, I am extremely pleased to be presenting another set of record results for the group鈥� The last three years have presented a unique set of unprecedented circumstances and our continued outperformance in each year illustrates the resilient nature of our differentiated, high-quality, low-risk business model.鈥�
Renew has also just invested 拢15.6m cash on the acquisition of Enisca Group, a multi-disciplinary engineering business operating in the water and environmental sector with headquarters in Cookstown, Northern Ireland. This is expected to add annual sales of 拢30m and operating profit of 拢2.1m to Renew鈥檚 books.
Paul Scott said: 鈥淭his acquisition broadens Renew's exposure to the UK water market and is consistent with our stated strategic objectives. Enisca is a highly regarded business with a strong track record and is well known to Renew having been a joint venture partner of Browne since the start of AMP6 in 2015. Our existing multidisciplinary water capability, complemented by the inclusion of Enisca will significantly enhance Renew's proposition ahead of AMP8 procurement in 2024.鈥�
He concluded: 鈥淎s we look ahead, we are committed to building on our strengths and will continue to leverage the combined expertise of our subsidiary businesses. Pleasingly, our positive trading momentum has continued into the new financial year and we enter 2023 with a strong order book and believe the structural growth drivers in our end markets, underpinned by committed regulatory spend, continue to provide the group with significant opportunities."
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