StockMarketWire.com - Engineering services group Renew said it expected to post a full-year profit 'materially ahead' of current market expectations.

Adjusted operating profit for the year through September was expected to be between £39m and £40m,' the company said.

'This improved forecast result is reflective of our defensive qualities, resilience and the implementation of numerous mitigation measures that have proven to be extremely effective in responding to the challenges of Covid-19,' it added.

Renew said the UK Government had designated the majority of activities in its rail, infrastructure and environmental division as critical to the Covid-19 response.

In the energy division the company reiterated that all site activities at Sellafield and Springfields were suspended in March.

'Site activities are steadily being re-mobilised, however we do not expect to be fully operational at these sites until the second half of our next financial year,' Renew said.

The company added that cash generation continued to be 'very strong' and that it anticipated reporting a net cash position at the year end, ahead of market expectations.




Story provided by StockMarketWire.com