Published 2nd Oct 2023, 09:00 BST

Leeds-based Renew has provided investors with a trading update for the financial year ended September 30 2023.

The statement said: “Continued robust demand across our end markets combined with the company's ability to successfully navigate ongoing inflationary pressures has resulted in the board expecting the group to report revenue and operating profit for the year marginally ahead of market consensus, reflecting Renew's resilient and differentiated business model.

“The company's balance sheet continues to be strong with net cash, at September 30 2023, anticipated to be ahead of market expectations.

The Yorkshire engineering services group Renew said it achieved continued trading momentum over the last financial year with results expected to be marginally ahead of market expectations. (Photo by Yui Mok/PA Wire)

The statement added: “The board looks to the year ahead with confidence, with the group well positioned to continue to benefit from the UK's committed infrastructure spend.

"Renew's exposure to long term operating budgets continues to provide demand across our core markets.”

Renew's activities are focused into two business streams: engineering services, which accounts for more than 95 per cent of the group's adjusted operating profit and specialist building, which focuses on the residential and science markets in London and the Home Counties.

Renew Holdings reports robust demand in face of inflationary pressures