Renew Holdings increases the 2013 interim dividend by 5%

DividendMax Ltd.

Renew Holdings increases the 2013 interim dividend by 5%

Renew, the Engineering Services Group supporting UK infrastructure, announces record interim results for the six months ended 31 March 2013 demonstrating further growth in both operating profit and operating margin accompanied by good cash generation.

In line with the Company's progressive dividend policy, the interim dividend has increased by 5% to 1.10p (H1 2012: 1.05p).

Financial Highlights

 

H1 2013

H1 2012

 

Revenue

£152.4m

£182.4m

 

Adjusted operating profit*

£5.2

£4.8m

+8%

Operating margin

3.4%

2.6%

+31%

Profit before tax

£4.6m

£4.3m

+7%

Adjusted earnings per share*

6.20p

5.65p

+10%

Interim Dividend per share

1.10p

1.05p

+5%

Operating Highlights

Engineering Services revenue up 4.8% to £110.4m (H1 2012: £105.3m).

o Representing 72% of Group revenue (H1 2012: 58%).

o 14% increase in Engineering Services order book to £261m (H1 2012: £229m).

Engineering Services operating profit up 6.5% to £4.9m (H1 2012: £4.6m).

o Representing 83% (H1 2012: 82%) of operating profit, prior to central costs.

Engagement at Sellafield has strengthened further and Renew has become the first contractor to receive Supply Chain Accreditation for the provision of services at the site.

Net debt reduced to £3.2m (H1 2012: £6.9m).

Order book up 19% as of 31 March at £361m (H1 2012: £304m).

R J Harrison OBE, Chairman said: "I am pleased to announce record interim results for Renew Holdings for the first half of 2013. The Group has a record order book with all of our forecast revenue for the second half of the current financial year fully secured, enabling the Board to look to the future, confident of delivering further profitable, cash generative growth."

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