Renew restructures building activities

14th Mar 2011 18:32

Renew Holdings says that its figures for the six months to March 2011 will be satisfactory and it is on course to meet expectations for the year - excluding redundancy and restructuring costs. The building and engineering company says it intends to withdraw from non-specialist public building projects once its contracts are completed. That will cost £3.5m in this financial year. Renew will concentrate its building activities in the south of England and focus on growing the specialist engineering operations. Renew acquired rail and mining engineer Amco last month. By 2011-12, Renew should generate three-fifths of its revenues and even more of its profit from specialist engineering. Renew will report its interim figures on 24 May.