Renew Holdings trades as expected in first half

2nd Apr 2024 09:00

(Sharecast News) - Engineering services provider Renew Holdings said in an update on Tuesday that its first half trading performance matched management's projections, with robust demand across all its primary markets.

The AIM-traded company said its order book remained solidly supported by long-term framework positions, maintaining levels similar to those reported in January, offering promising visibility into the second half of the year.

Moreover, the half-year net cash position was set to meet management's expectations, fostering confidence in continued progress throughout the latter half.

In a notable directorate change, Andries Liebenberg, who had served as executive director of rail for over eight years, had announced his intention to retire, effective from 31 January 2025.

To ensure a seamless transition, Simon Ellison would join the group's senior management team as rail sector director later in April.

With an extensive background spanning 25 years at Costain in leadership roles within rail and transportation, Renew said Ellison would bring valuable expertise to his new role.

Renew Holdings said it would announce its interim results for the six months ended 31 March on 14 May.

At 1150 GMT, shares in Renew Holdings were down 1.04% at 914.4p.

Reporting by Josh White for Sharecast.com.