Chief executive receives 拢201,000 in bonuses as firm reports 27% rise in pre-tax profit

The executive directors of engineer Renew have received up to a 10% pay rise as the firm reported a 27% rise in pre-tax profit in its last financial year.

According to the firm鈥檚 annual report, chief executive Brian May saw his remuneration rise 8% to 拢556,000 in the year to 30 September 2013, up from 拢510,000 in the previous year.

His remuneration in the 2013 year included bonuses totalling 拢201,000.

Meanwhile, the other executive director, John Samuel, the firm鈥檚 finance director, saw his remuneration rise 10.5% to 拢439,000 from 拢393,000. His remuneration included bonuses totalling 拢169,000.

The three non-executive directors, including chair Roy Harrison, received pay rises of between 1.8% and 3.2%.

The firm as a whole saw staff costs, including remuneration of all five directors, increase 6.7% to 拢94.3m.

In the year to 30 September 2013, Renew reported a pre-tax profit of 拢10.7m, up from 拢8.4m the previous year.

It also reported a slight decline in revenue to 拢335m, down from 拢337m the previous year.

The firm鈥檚 engineering services business reported a rise in operating profit to 拢10.1m in Renew鈥檚 2013 financial year, up from 拢8.7m the previous year.

But its specialist building division slipped to an operating loss of 拢1.5m down from an operating profit of 拢1.5m over the same period. This was because the division bore the brunt of 拢4m of losses from exceptional items, the division reported exceptional items totalling a loss of 拢3.5m.

The group鈥檚 biggest exceptional items for the year were a 拢4.9m write down on the value of land stock it owns in the USA; 拢2.7m of provisions against old building contracts and 拢500, of cost related to storm damage. However, these costs and other costs were partially offset by a 拢9.2m profit from sale of land.

Roy Harrison, chair of Renew, said the results 鈥渄emonstrate Renew鈥檚 position as a leading provider of multidisciplinary engineering services鈥� and that it entered the 2013-2014 financial year in a 鈥渟trong position鈥�.

He added: 鈥淚t remains the boards strategy to grow the business both organically and by selective acquisitions, developing Renew鈥檚 position as a leading medium sized engineering support services group.鈥�

The number of staff at the firm grew 6% to 2,006 in the year to 30 September 2013, up from 1,890 the previous year.

The firm also grew its order book to 拢41.6m at 230 September 213, up from 拢331m the previous year.

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