Renew Holdings (AIM: RNWH) great results but never much room for slip ups with this one
The AIM quoted Engineering Services Group supporting critical UK infrastructure, continues to defy the doubters, announcing record preliminary results for the year ended 30 September 2015 and increasing its full year dividend by 40%. This business continues to deliver remarkable numbers from its modest balance sheet.
The Group now comprises a somewhat bizarre mix of Engineering Services and Specialist Building; bizarre or not they appear to be delivering the numbers. Engineering Services, which accounts for 85% of Group revenue and 90% of operating profit, focuses on the key markets of Energy (including Nuclear), Environmental and Infrastructure, which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding. Specialist Building focuses on the High Quality Residential market in London and the Home Counties. Group revenue increased by 12% to £519.6m with operating profit prior to exceptional items and amortisation increasing by…