Win helps put company on track to meet expectations
Specialist construction services company Renew Holdings has won a £44m contract to build a campus for the Kirklees College in Huddersfield.
Work is due to be completed in the summer of 2012.
Renew has also said that it remains on track to meet expectations for the year, and will announce its interim results on 25 May 2010.
In its last set of results for the year ended September 2009, the group reported that turnover fell 19% from £390.6m to £316.6m, which was largely due to the weaker performance of its specialist building division, which covers education and the high-end residential refurbishment market. The arm’s turnover fell by almost a third from £294.6m to £202.4m.
Pre-tax profit at the group fell 18% from £6.7m to £4.9m but after one-off items, which included £2.2m of redundancy costs, the profit figure was down 83% to £1.2m.
Renew made 300 redundancies at its building division owing to the fall-off in work, leaving its overall staff level at 1,200.
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