Renew’s profit leaps 72%

Pre-tax profit rose to £3.1m for the six months to 31 March 2007, compared with £1.8m in its previous first half. Turnover rose 6% to £173m.

At the end of last year the company, which is listed on the alternative investment market, divided itself into two divisions, specialist building and specialist engineering. Both reported strong results.

As part of its rebuilding after the £6.9m loss sustained by Montpellier in 2004, Renew is considering acquisitions in the nuclear and land remediation sectors, which make up its engineering business.

The company has appointed David Walker from PriceWaterhouse Coopers as the corporate development officer who will lead the expansion.

The firm has recently been awarded its third framework contract at Sellafield, to provide M&E services and minor civil works. This is expected to be worth £25m over the next two years.

The company, which is based in London, is relocating its head office to Yorkshire this summer to better reflect the spread of its work.

Brian May, chief executive, said: “I’m confident about delivering further improvement in the second half of this year.”

He added that the firm was looking to further grow margins in its building division.

Renew changed its name from Montpellier at the end of 2005 after the firm brought in Brian May to help it recover from losses.