Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Renew reports record order book, warns of delays in rail sector
(Sharecast News) - Renew Holdings reported in an update on Friday that trading for the year ending 30 September was set to be below market expectations due to ongoing delays in its rail sector operations. The AIM-traded firm said the slower-than-anticipated start to Network Rail's Control Period 7, which began last April, had continued to impact activity levels, leading to lower performance in the segment.
Despite the challenges, the board said it expected adjusted operating profit to surpass the prior year's figure of £70.9m.
The company said it was confident that the situation would normalise over time as clients remained committed to record levels of investment in maintaining and renewing the UK rail network to meet regulatory obligations.
However, uncertainty regarding the timing of several renewal programmes was persisting.
Outside of rail, Renew reported strong performance in its environmental division, with activity levels in the water sector exceeding expectations.
The firm said it anticipated further growth momentum as it transitioned to the new regulatory period, AMP8, commencing this April.
Recent contract awards from Affinity Water for two major five-year frameworks had bolstered its position ahead of the next control period.
Trading in the energy and infrastructure sectors remained in line with expectations, while the integration of recent acquisitions, Excalon and Full Circle, was progressing as planned, with both businesses expected to meet their full-year forecasts.
Renew said it was continuing to explore acquisition opportunities as part of its growth strategy.
The group's order book reached a record £905m as of 31 December, up from £795m a year earlier, reflecting continued framework successes and providing long-term revenue visibility.
Renew said it would issue a further trading update for the six months ending 31 March on 1 April.
At 0946 GMT, shares in Renew Holdings were down 21.29% at 715.52p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
