Renew reinstates dividend as annual profit rises 19%

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Engineering services group Renew posted a 19% rise in annual profit and reinstated its dividend amid a recovery in trading levels back to pre-pandemic levels.

Pre-tax profit for the year through September increased to £32.1 million, up from £27.0 million year-on-year, as revenue climbed 3.3% to £620.4 million.

Renew, which did not pay an interim dividend, declared a final payout of 8.33p per share, which was up 8.6% year-on-year.

Its full-year dividend, however, was lower than the 11.50p paid out a year earlier due to the absence of the interim payout.

Renew said the 'majority of its activities' were now at pre-pandemic levels.

Chief executive Paul Scott said the pandemic had demonstrated the strengths of a business model that involved providing 24/7 specialist engineering services to clients in complex, challenging and regulated environments.

'Thanks to our differentiated and cash generative earnings model, we delivered a record trading performance, with a solid margin, strong cash flow and continued earnings per share growth,' Scott said.

'Trading in the new financial year has started well and we are ideally positioned to play a significant role in the long-term recovery opportunities that will emerge across UK infrastructure, a sector that will play an important role in rebuilding the economy over the next decade and beyond.'


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