StockMarketWire.com - Engineering group Renew upgraded is annual earnings guidance, with its performance buoyed by regulatory spending on UK infrastructure.

Adjusted operating profit for the year through September was now expected to be at least £50 million, versus a current consensus forecast of £45.8 million.

Renew said it had continued to deliver a strong trading performance since the announcement of its half-year results.

Trading, it added, was driven by ongoing demand for critical asset maintenance and renewals services, and continued operational progress across engineering services end markets.

'Activity levels are supported by long-term regulatory spend and the positive outlook for UK infrastructure,' Renew said.

'Pleasingly, the integration of the group's two acquisitions during the period, Browne and REL are proceeding to plan and trading is in line with management's expectations.'

'The group's order book remains strong, underpinned by our long-term framework positions while net debt and cash generation are in line with expectations.'


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