Group puts emphasis on engineering sector as turnover falls 拢74m in 2009
Pre-tax profit at Renew Holdings fell 18% from 拢6.7m to 拢4.9m in the year to 30 September 2009.
After one-off items, which included 拢2.2m of redundancy costs, the profit figure was down 83% to 拢1.2m.
Meanwhile turnover dropped 19% from 拢390.6m in 2008 to 拢316.6m.
The group said its Specialist 黑洞社区 division had seen worsening conditions result in its revenues slashed from 拢294.6m last year to 拢202.4m.
These reductions were principally experienced in the retail and non-specialist sectors which accounted for 27% of Specialist 黑洞社区 revenue in 2009 compared to 46% in 2008. The division delivered operating profits prior to exceptional items and amortisation charges of 拢2.5m (2008: 拢4.9m).
Meanwhile, the group continues to focus its efforts on its specialist engineering division, where turnover grew from 拢93.3m to 拢114.8m.
The company said: 鈥淥ur aim is to increase revenue in specialist engineering both organically and by acquisition, while maintaining operating margins in target range of 3% to 4%.
As of 30 September 2009, the Group鈥檚 order book stood at 拢202m, compared with 拢219m last year.
Chairman Roy Harrison said: 鈥淭he continuing difficult market presents challenges however our debt free balance sheet with available cash resources puts Renew in a position of strength. I am confident that the Group will deliver a resilient performance and trade profitably through the recession.鈥�
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