Renew Holdings sees profit drop but increase in orders

Specialist engineering and construction services group Renew Holdings said yesterday its six-month pre-tax profit had slipped 30 per cent to £1.61m from £2.34m last year, but the firm’s order book increased by 31 per cent to £289m as of 31 March 2010 compared to £221m a year earlier. Earnings per share were 2.17 pence, lower than 3.62 pence in the year earlier period. Revenue from continuing activities for the half year ended 31 March, 2010 dropped to £138.64m from £171.6m in the prior year period. Chairman Roy Harrison said: “The group is appropriately sized for the challenging market conditions, has traded satisfactorily and remains debt free. The order book has increased since last year end which gives the board confidence for future trading.”