Specialist engineering sectors proving resilient as contractor records half year profit of £3.9m

Renew has recorded a 21% rise in profit as it reported a strong first half’s trading despite the current economic conditions.

The company, which focuses on higher margin work in the specialist engineering and building sectors, reported a pre-tax profit of £3.9m for the six months to 31 March, compared with £3.2m for the same period last year. Turnover grew 11% to £192.9m over the same period.

Chairman Roy Harrison said: “Our specialist sectors are demonstrating resilience in the current economic environment. Our order book remains strong and we are continuing to secure good quality opportunities to tender and negotiate.”

He added: “The board believes that this will enable the group to deliver further progress in the second half of the year”.