Engineer posts solid full-year results

money cash

Engineer Renew is targeting further acquisitions to become a £500m-turnover consultant, the firm revealed today along with solid full-year results.

Renew’s revenue dipped slightly by 1% in the year ended 30 September 2013 to £334.6m, but the figure did not incorporate the firm’s acquisition of Cardiff-based £20m-turnover Lewis Civil Engineering for £8.2m in August.

The firm said in a statement it was targeting further growth: “The board’s ambition is to grow Group revenue to over £500m, an achievement which continues to be likely to require further acquisitions.”

Pre-tax profit was £10.7m, up 27% from £8.4m the pervious year.

Chairman Roy Harrison said: “The Group has delivered another set of record results with strong cash generation and has confirmed its growth strategy in Engineering Services with another successful acquisition.

“Renew is now firmly positioned as a leading infrastructure support services group and, with a record order book secured, the Board is confident of delivering further profitable growth.”