LONDON (ShareCast) - Property group Renew Holdings saw full year pre-tax profit leap 55% and said it expects turnover of at least £500m by 2010.

Pre-tax profit rose to £7.2m in the year to 30 September from £4.6m last time on turnover from ongoing operations of £347.8m against £341.7m previously.

Net assets have almost doubled to £10.1m from £5.3m last year and the group's net cash balance at 30 September was £24.4m compared to £19.4m in 2006, after paying for the £5.9m acquisition of Seymour.

Renew’s specialist engineering activities grew organically by over 20%, while the specialist building unit was up by 42%.

“The group is now in a position of strength and we have exceeded all of our performance targets for the year,” said chairman Roy Harrison.

“There is substantial work being done in pursuing further strategic acquisitions. The board is confident that the excellent progress made during the year will continue,” he added.

The final dividend is up 50% to 1.8p per share.

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