Renew Holdings PLC

RNWH

Equity

ISIN GB0005359004 / Valor 181831

LSE London Stock Exchange, SETS (2026-04-29)

GBP 8.89-0.34%

Renew Holdings PLC
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About company

Renew Holdings PLC is a UK-based company that provides specialist engineering services across various critical infrastructure sectors. The company operates through independently branded subsidiary businesses, delivering multidisciplinary engineering solutions. Its services encompass infrastructure civils, specialist drainage, lighting, and electricals, primarily for the strategic highways network under asset delivery framework agreements with National Highways. Renew Holdings is also involved in wireless telecoms network infrastructure, aviation support, and asset care. In the energy sector, the company supports the maintenance and upgrade of the UK's electricity distribution network and provides services to renewable energy sites, thermal power generation plants, and onshore wind turbines. Additionally, Renew Holdings plays a significant role in the rail industry as one of the largest providers of maintenance and renewals engineering services to Network Rail. The company also supports water infrastructure networks, including flood alleviation and river and coastal defense schemes, and undertakes high-hazard risk reduction operations at nuclear facilities, focusing on waste treatment, reprocessing, decommissioning, and decontamination.

Summarized from source with an LLMView SourceSector: Industrials

Top-line and margins

Revenue increased to £1,116.1m (FY24: £1,057.0m). Adjusted operating margin was 6.5% (FY24: 6.7%), reflecting modest margin compression despite higher revenue.

Profit, EPS and tax

Adjusted operating profit was £72.1m (FY24: £70.9m). Profit before tax was £56.7m (FY24: £60.2m) after higher net finance costs (£3.9m vs £1.0m) and increased exceptional items & amortisation (£11.5m). Adjusted EPS rose to 67.1p (FY24: 65.9p); profit after tax was ~£44.4m.

Returns and capital efficiency

ROCE was 22% in FY25 (FY24: 25%) but remains well above the stated WACC of 9.8% and the group cites a 5‑year average ROCE of ~27%.

Cash, debt and funding

Pre‑IFRS16 net cash was £6.2m (FY24: £25.7m). IFRS16 net debt was £21.5m (FY24: £1.1m). A £140m RCF is secured until October 2029 (margin ~150bps, commitment fee 35bps), supporting acquisition firepower.

Cash generation and free cash flow

Renew reports strong cash generation (LTM cash bridge and EBITDA figures shown) with multi‑year free cash flow conversion averaging ~69%; FY25 cash fell from £25.7m to £6.2m after dividends, acquisitions and other outflows.

Dividend and shareholder returns

The full year dividend is 20.00p (FY24: 19.00p), underpinned by the board’s view of continuing cash generation and the order book.

Order book and outlook

Order book increased to £915m (FY24: £889m), supporting confidence for FY26; management highlights continued investment in people, innovation and framework wins across rail, energy and environmental markets.

Strategic activity and M&A

Post‑period and recent activity includes the acquisition of Full Circle (£50.5m, Oct 2024) and Emerald Power (£12.3m, Oct 2025), plus the disposal of Walter Lilly (Oct 2024); M&A remains a stated growth lever.

Balance sheet items and provisions

Pension buy‑out of the Amco scheme completed. A £10.0m provision for historic Allenbuild liabilities was maintained (cash outflow £2.8m in year). Net assets were £241.1m at 30 Sept 2025.

Summarized from source with an LLMView Source

Key figures

21.8%1Y

22.3%3Y

41.1%5Y

Performance

25.1%1Y

27.6%3Y

28.5%5Y

Volatility