Renew trading in line as it wins Network Rail tenders

Engineering services group Renew told shareholders on Wednesday that its trading in the first quarter was been in line with its expectations, with its order book as at 31 December standing at £570m, up from £511m year-on-year.

The AIM-traded firm, which was holding its annual general meeting, said its engineering services order book stood at £522m, up from £433m, while net debt and cash generation remained in line with the board’s forecasts.

“Since the year end, the board is delighted to announce that we have secured all of the Network Rail Control Period 6 (CP6) Infrastructure Projects Frameworks that we have tendered for, and that we have maintained our positions from CP5,” said Renew chairman David Forbes.

“QTS continues to perform in-line with management expectations and has renewed all of its CP6 frameworks.”

Renew said a further trading update would be given in a pre-close announcement on 1 April, prior to its interim results on 21 May.