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Renew Holdings says operations mostly unaffected by current coronavirus restrictions

Chairman David Forbes will tell investors at the group's AGM on Wednesday that he does not expect any material impact on the engineering group's performance

Renew Holdings  - Renew Holdings says operations mostly unaffected by current restrictions

Renew Holdings PLC (LON:RNWH) is holding its annual general meeting on Wednesday where chairman David Forbes will tell shareholder that operations have remained largely unaffected by the current coronavirus (COVID-19) restrictions.

“Since the introduction of the latest national lockdown in early January 2021, we have experienced continuity in demand for our services across all our markets where our employees continue to implement strict COVID-19 precautions in line with Public Health England advice,” Forbes says in the AGM statement.

“Based on our experiences to date, we do not anticipate any material impact on our financial performance."

Forbes will also say that trading for the first quarter of the year, net debt and cash generation are in line with expectations.

The group’s order book was £677mln as of December 31, 2020, with Renew engineering services segment standing at £583mln, he will add.

"The government spending review in November should filter down to Renew, despite its focus on maintenance," analysts at Liberum noted.

"We increase our target price from 535p to 560p but maintain our HOLD [recommendation], as we believe there are cheaper companies with higher earnings per share growth in the peer group."

Shares rose 1% to 563.07p early on Wednesday.

--Adds analyst comment, shares--

Quick facts: Renew Holdings

Price: 510 GBX

Market: AIM
Market Cap: £401.27 m

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