Renew Holdings (LSE:RNWH) reported record interim results for the six months ended 31 March 2026, with revenue increasing 3.5% to £589 million and adjusted operating profit rising 4.4% to £33.4 million. The improvement also led to a modest increase in operating margins and helped the group move into a pre-IFRS 16 net cash position of £10.6 million.
The company’s order book reached a record £945 million during the period, reflecting strong demand across its infrastructure markets. Renew also increased its interim dividend to 7.0p per share, supported by solid cash generation and improved visibility over future workloads.
Operationally, the group continued to strengthen its position across core sectors. Renew retained its status as Network Rail’s largest infrastructure services supplier while also delivering record activity levels within its water operations. Management highlighted increasing collaboration between the company’s subsidiaries as part of its broader growth strategy.
The business also expanded through targeted acquisitions, completing the purchase of Emerald Power during the reporting period and subsequently acquiring Edwards Diving Services and PWR-X after the period end. The deals broaden Renew’s capabilities across specialist water services, overhead line infrastructure and high-voltage power markets.
Management said the acquisitions support the group’s active M&A strategy, which is intended to complement organic growth and expand exposure to long-term regulated infrastructure spending programmes. Organic growth during the first half reached 2.2%, with the company expecting stronger momentum in the second half of the year.
Over the five years to September 2025, Renew has delivered consistent compounded growth through a combination of operational expansion and seven strategic acquisitions, reinforcing its position as a relatively low-risk provider of essential infrastructure maintenance and renewal services.
The company’s outlook remains supported by steady revenue growth, disciplined cash management and resilient demand across regulated end markets. While technical indicators suggest some near-term share price weakness, valuation metrics remain broadly reasonable and are complemented by a moderate dividend yield.
More about Renew Holdings plc
Renew Holdings plc is a UK engineering services group specialising in the maintenance and renewal of critical national infrastructure. Through a portfolio of independently branded subsidiaries, the company provides non-discretionary services across regulated sectors including rail, energy, environmental services and infrastructure, benefiting from long-term funding commitments and recurring maintenance demand.
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