StockMarketWire.com - Engineering services group Renew posted a large rise in annual profit as it benefited from continued investment from its largely regulated customer base.

Pre-tax profit for the year through September rose to £27.0m, up from £14.7m on-year.

Revenue rose 11% to £600.6m and adjusted operating profit rose 23% to £38.3m.

Renew declared a full-year dividend of 11.5p per share, up 15% on-year.

'The group's focus remains on those markets where non-discretionary spending programmes exist to maintain critical infrastructure,' chairman David M Forbes said.

'These markets have excellent long-term prospects with growth driven by regulatory requirements.'

'The group has strengthened its position in markets which benefit from visible funding.'

'Our multidisciplinary engineering services are closely aligned with the requirements of the sustained investment in these markets which provides the board with confidence in future growth.'




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