Renew Q1 trading remains in line with expectations

Engineering services group Renew said on Wednesday that first-quarter trading continued to be in line with the board's expectations.

Renew stated the group order book was £677.0m at the end of 2020, up from £651.0m at the conclusion of the prior year, with its engineering services order book standing at £583.0m, up from £549.0m.

Net debt and cash generation were also said to be in line with the expectations.

The AIM-listed group, which will hold its annual general meeting on Wednesday, highlighted that since the introduction of the latest national lockdown in early January, it had experienced continuity in demand for its services across all markets.

"The group's operations have remained largely unaffected and, based on our experiences to date, we do not anticipate any material impact on our financial performance," said chairman David Forbes.

As of 0830 GMT, Renew shares were up 1.27% at 563.07p.