Renew Holdings revenue, profit to slightly beat market expectations

(Sharecast News) - Engineering service group Renew Holdings said in a trading update on Monday that, thanks to sustained high demand in its markets and its dealing with inflationary challenges, it anticipated revenue and operating profit for the year just ended to exceed market expectations slightly. The AIM-traded firm said that as of 30 September, its financial health remained robust.

Its net cash was projected to surpass market anticipations, emphasising its sustained strength in an unpredictable environment.

"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," the company said in its statement.

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

At 1234 BST, shares in Renew Holdings were up 2.38% at 730p.

Reporting by Josh White for Sharecast.com.