Record rail orders boost engineer Renew Holdings

0
Have your say

Engineer Renew Holdings reported record levels of activity at its rail business, which counts Network Rail among its biggest clients.

The Leeds-based group said it has seen strong trading in the first half to March 31, driven by growth in all of its engineering services markets.

The group, which also serves Sellafield nuclear plant and Northumbrian Water, said its order book at the end of December rose 27 per cent at £433m, up from £340m last year.

The firm, Yorkshire’s third best share performer in 2013, said trading is well ahead of last year.

Renew reported a strong performance in its specialist engineering division, particularly so in infrastructure.

In energy, revenue in nuclear was at record levels.

​I​n the environmental market, ​it said its recently acquired water subsidiary Lewis is performing ahead of expectations, as is Seymour, its water business in the North East.

The group said that in its specialist building division, high quality residential and new 
build affordable housing both performed in line with expectations and potential future work lists offer “excellent opportunities”.

The engineering services order book stood at £306m at the end of December, up 25 per cent on the previous year.

​The group, which will report interim results on May 20, has set itself the ambitious target of becoming a £500m turnover company within the next three years.

Renew’s work at Sellafield is focused on the decommissioning of the plant and it makes up 15 per cent of Renew’s overall business.

Renew has been on site at the plant for over 60 years and has 700 staff based there​. The plant w​ill no​t be decommissioned for another 60 years.

In total Renew is working at nine nuclear plants and a further five fossil fuel plants including Eggborough and Ferrybridge.

The Government spends £3bn every year on nuclear decommissioning and of this £1.8bn is spent at Sellafield.

Renew recently started work on a £9m project to restore the cast iron roofs on the Houses of Parliament in London.

HE Syed Ibne Abbas the Ambassador of Pakistan, speaking in Bradford17th August 2017 ..Picture by Simon Hulme

UK plans to deepen trade ties with Pakistan after Brexit