Renew Holdings (RNWH) H1 2025 earnings summary

Executive summary

• Achieved record results and strong first-half performance, supported by strategic acquisitions, disposals, and entry into electricity transmission, distribution, and renewables, transforming into a pureplay engineering services business.

• Maintained a resilient, diversified business model with high barriers to entry, focusing on mission-critical, regulated services and robust talent development.

• Record order book of £908m as of 31 March 2025, underpinned by long-term frameworks and regulatory spending cycles.

• Transitioned to a pure-play engineering model with the disposal of Specialist Building and Walter Lilly.

Financial highlights

• Revenue up 13% to £569.3m (HY24: £505.4m); full-year revenue reached £1.1bn, up 6% year-over-year.

• Adjusted operating profit £32.0m (HY24: £32.3m); operating margin 5.6% (HY24: 6.4%); full-year operating profit £72.1m, up 1.7%.

• Profit from continuing activities £25.3m (HY24: £22.1m); basic EPS from continuing operations 31.91p (HY24: 27.98p); full-year EPS 67.1p, up 1.8%.

• Interim dividend increased 5% to 6.67p per share; full-year dividend up 5.3% to 20p.

• Pre-IFRS16 net debt of £11.8m at 31 March 2025 (HY24: net cash £42.5m); full-year pre-IFRS16 net cash £6.2m; net debt (IFRS16) at £21.5m.

Outlook and guidance

• Confident outlook for 2026 and beyond, supported by a record order book, strong framework foundations, and robust demand for renewal and maintenance services.

• Positioned as a pure-play engineering services provider, with growth opportunities in renewables and electricity distribution.

• Active M&A pipeline and continued focus on both organic and acquisitive growth, supported by a strong balance sheet.