{"id":510058,"date":"2024-11-26T12:45:21","date_gmt":"2024-11-26T12:45:21","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=510058"},"modified":"2024-11-26T11:31:09","modified_gmt":"2024-11-26T11:31:09","slug":"renew-revenue-soars-above-1bn-for-first-time","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/civils\/renew-revenue-soars-above-1bn-for-first-time-26-11-2024\/","title":{"rendered":"Renew revenue soars above \u00a31bn for first time"},"content":{"rendered":"

Contractor Renew Holdings has pushed its revenue above \u00a31bn for the first time due to onshore wind sector work.<\/p>\n

The contractor announced a \u201crecord financial performance\u201d in the year to 30 September 2024, with a revenue of \u00a31.1bn and a pre-tax profit of \u00a360.2m, up from \u00a356.8m the year before.<\/p>\n

In the previous year, turnover was \u00a3887.6m, according to a financial statement from the firm published on Tuesday (26 November) .<\/p>\n

Renew\u2019s update said growth was being driven by a move away from the specialist buildings sector towards the \u201chigh-growth\u201d onshore wind services market.<\/p>\n

Last month, the firm sold off its last specialist building business, Walter Lilly, to property specialist Size Holdings. A few days later, it acquired wind turbine provider Full Circle Wind Services for \u00a350.5m, which it said represented a \u201ccompelling strategic fit\u201d for Renew.<\/p>\n

\u201cIts leading market position enable[s] us to capitalise on the green energy transition,\u201d it added.<\/p>\n

The financial statement said the onshore wind services market was forecast to grow by 7.7 per cent by 2030, representing a \u201csignificant\u201d opportunity that is still \u201cgrowing at pace\u201d.<\/p>\n

Renew also welcomed the UK government\u2019s renewed focus on energy infrastructure. In July, chancellor Rachel Reeves reversed a de facto ban on onshore wind<\/a> and prioritised progressing energy projects in the planning system at the time.<\/p>\n

Renew also expanded into the electricity transmission sector in 2024 after it completed the acquisition of electricity infrastructure contractor Excalon in June. Along with Full Circle, the acquisition of Excalon has \u201cbuoyed\u201d Renew heading into 2025, the firm said.<\/p>\n

Before those acquisitions, Renew focused mainly on the water and rail sectors.<\/p>\n

Renew chief executive Paul Scott said: \u201cThe start of new control periods in our largest sectors along with access to new market sectors marks a particularly exciting milestone for the group and I am confident we are entering FY25 well-placed to deliver on our ambitious long-term growth strategy.\u201d<\/p>\n

Renew\u2019s order book stood at \u00a3889m on 30 September, which the firm said was underpinned by its position on long-term frameworks, in the rail and water sectors in particular.<\/p>\n

According to the contractor, it is the biggest provider of maintenance and renewal services to Network Rail and is the client\u2019s third biggest supplier overall.<\/p>\n

It also works for 10 of the UK\u2019s 12 waste and water companies in the UK.<\/p>\n

The firm\u2019s cash more than doubled to \u00a377.7m, from \u00a335.7m the year before.<\/p>\n

According to the latest edition of the CN100, Renew is the 25th biggest contractor<\/a> in the UK.<\/p>\n","protected":false},"excerpt":{"rendered":"

Contractor Renew Holdings has pushed its revenue above \u00a31bn for the first time due to onshore wind sector work. The contractor announced a \u201crecord financial performance\u201d in the year to 30 September 2024, with a revenue of \u00a31.1bn and a pre-tax profit of \u00a360.2m, up from \u00a356.8m the year before. In the previous year, turnover …<\/p>\n","protected":false},"author":90643,"featured_media":477936,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false},"categories":[549,556],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n