Renew Holdings raises dividend as first half profit grows
Renew Holdings reported a gain in pre-tax profit for the first half of this year on rising revenue, and said it was increasing the interim dividend by 50%.
FTSE AIM 100
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16:54 18/04/24
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Renew Holdings
913.00p
16:40 18/04/24
Support Services
10,449.40
17:14 18/04/24
The engineering services company posted a pre-tax profit of £7.7m up 7% from £7.2m in the same period last year.
Revenue came in at £252.1m, up 21% from last year’s £207.6m, as revenue from the engineering services segment rose 24% to £209.8m.
The company’s order book grew 28% to £471m and it said that expected revenue for the second half was secured.
Renew raised the interim dividend to 2.25p a share from 1.50p last year.
“The group’s position as a leading provider of engineering support services to the UK’s energy, environmental and infrastructure markets has continued to strengthen by focusing on our clients’ long-term operational spending programmes,” said chairman, Roy Harrison.
“Our strategy has delivered excellent organic growth which, together with our record order book, provide the board with confidence that the group’s results will meet market expectations for the full financial year.”