Site still under construction.

Just the way I like a company, involved in all the nasties. Forward P/E of only just over 7 and has plenty of cash and assets proping it up. Held the share for over a year now but it looks from the chart that its breaking out once more. Well worth keeping an eye on this one, especially in uncertain markets were it seems to do well. Not a fashionable stock so theres not much research around, but its certainly got a very strong balance sheet. A good strong management team aswell.

Used to be called Montpellier Group MPL.

CHIEF EXECUTIVE'S REVIEW as at last results to 30/9/2005.

In the period to the end of the financial year, and subsequently, I have visited
all of our subsidiary businesses, met our senior staff and visited a large
number of our projects. These visits have enabled me to undertake a detailed
assessment of the performance and prospects for each business. The majority of
the Group's businesses have been profitable for many years and trade under
well-respected and long-standing brand identities operating in selected markets,
defined by specialist activity, regional knowledge and experience.

This review process has enabled me to gain a full understanding of the Group's
businesses and agree with the Board a strategy for the Group going forward.
This is fundamentally a development of the Group strategy which was implemented
last year, focusing on the specialisms of our constituent brands which sets them
apart from others in the market. As mentioned in the Chairman's Statement it is
proposed to change the Group's name to Renew Group Plc to better reflect this
strategy.

The Group's specialist areas of activity are:

Land remediation
Nuclear decommissioning
Social housing
High quality residential
Structural refurbishment
Restoration
Retail
Science and Education
Rail infrastructure

These markets have good future prospects and the Board will look to grow the
Group's operations in each while building on client relationships which have
been developed over many years. All the Group's businesses will continue
developing these relationships to ensure longer term working arrangements and
increased repeat and negotiated business.

Key to the Group's strategic objectives is having an effective and efficient
executive control in place. I have formed an Executive Management Committee
comprising the Managing Directors of the subsidiary businesses, who will all
report directly to me. This new committee will co-ordinate the strategy, across
the Group, sharing knowledge and best practice, and continue to implement key
processes to ensure that we effectively manage all our risks and safely deliver
high quality services.

In addition, control will be enhanced by regular visits to the individual
businesses by me and my senior financial and commercial colleagues to ensure
that all controls are being implemented and that Group policies are communicated
widely.

The specialist differentiators within the Group give us an excellent opportunity
to develop the business further and I am confident that we will deliver reliable
and growing profits in the years ahead.



DYOR.

cheers GF.

MIDAS SHARE TIPS: Change of focus brings 95% profit boom at engineer RenewBy Joanne Hart
PUBLISHED: 22:08, 16 June 2012 | UPDATED: 10:35, 18 June 2012

..Maintenance work might not be glamorous, but in times of austerity a business whose work comes in regardless of economic conditions stands out from the crowd.

Misunderstood Renew Holdings is widely associated with its 200-year history in construction, but this is misguided as the company is focused on essential maintenance work.

It should also benefit as customers cut back on capital spending and instead look after existing infrastructure for longer.


In the swim: Renew builds indoor pools at top homes
Last month, determined chief executive Brian May, who took the helm in 2005, announced a 95 per cent surge in underlying pre-tax profits to £4.4million for the six months to March 31 and a 40 per cent increase in the engineering services order book to a record £229million.
The company knows these orders will come in over the coming months and its confidence in the future was highlighted by a five per cent rise in the interim dividend to 1.05p, the first half-year increase since 2008.


More...MIDAS UPDATE: Shares rise 61% since our tip at confident RPC
FUND FOCUS: Continental optimism despite the euro crisis

May is ambitious for Renew and has set a number of targets for the next two years. He has a clear strategy for growth and the shares are almost certain to respond.

First, he wants to increase turnover from £350million to £500million by 2014 through organic growth and acquisitions. Second, he wants to raise profit margins from 2.5 per cent to more than three per cent. And third, he wants to increase Renew’s focus on engineering services.
In 2005, this accounted for 15 per cent of group turnover. Today it accounts for 60 per cent and May intends to boost that to 75 per cent by 2014.


Determined: Renew's chief executive Brian May
Originally known as YJ Lovell, the company, based in Aberford, West Yorkshire, spent most of the past 200 years in construction, with engineering playing second fiddle.

When May joined and changed the name to Renew, he set out a plan to reduce its dependence on building and increase its engineering presence. A number of strategic acquisitions took place and non-core, unprofitable divisions were sold.

Today the company is firmly focused on two solid sectors – specialist building and engineering, particularly the provision of essential maintenance work.
On the building side, Renew has two arms. It is a leading social housing contractor in London and the South-East and, at the other end of the spectrum, a specialist in complex residential building work for multi-million pound houses and flats in central London.
Projects include indoor pools and private underground car parks, each requiring top engineering skills as customer expectations are high and neighbours will not put up with too much disruption.

Renew’s technical expertise comes into its own not just in the London property market but in its engineering services business, which covers three main sectors – environmental, infrastructure and energy.

Clients include Sellafield nuclear power station, Network Rail, Northumbrian Water and London Underground. In each case, Renew is responsible for repairs that simply have to be done, either for regulatory reasons or to keep infrastructure up and running.

With Network Rail, for example, it covers every aspect of maintenance except repairing the tracks, from mending bridges and fixing tunnels to removing foliage.
At Sellafield, the group carries out specialised maintenance and decommissioning work, often involving extremely hazardous waste. It also cleans contaminated land for the Environment Agency and it helps to maintain wind farms and power stations for energy companies, such as EDF and SSE.

Engineering contracts tend to last a long time so the company’s prospects can be more easily monitored and the business is generally more profitable than building, so May’s strategy makes sense.

Midas verdict: Many brokers still associate Renew with the construction sector, so it is undervalued by the market. But this should change as May pushes ahead with his growth strategy. At 75p, the shares are a buy


Read more: http://www.thisismoney.co.uk/money/investing/article-2160308/MIDAS-SHARE-TIPS-Change-focus-brings-95-profit-boom-engineer-Renew.html#ixzz1yhTlXZwi

CockneyRebel 13 Jan'06 - 10:16 0 0

Charts

Long Term Chart

Fundamental Data
Sector CONSTRUCTION & MATERIALS
Mkt.Sector AIM Mkt.Segment AIM
Turnover 337 Profit 8.42
Norm EPS 7.90 PE Ratio 11.14
Market cap 52.71 NMS -
News
27/11/2012 07:00 UKREG Renew Holdings PLC Preliminary Results
26/11/2012 07:00 UKREG Renew Holdings PLC Holding(s) in Company
20/11/2012 10:09 UKREG Renew Holdings PLC Holding(s) in Company
13/11/2012 09:53 UKREG Renew Holdings PLC Framework award

A new thread for the new name which took place today after yesterdays AGM

Websites:

http://www.montpelliergroup.plc.uk/



http://www.britanniaconstruction.co.uk/index.htm

http://www.vhe.co.uk/

http://www.walterlilly.co.uk/index.php?document=1

http://www.allenbuild.co.uk/



CR

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Miss Anne Thrope 27 Nov'12 - 09:36 - 4803 of 4813 0 0

I wonder how much ` contractual claims expectation of payment`is on the books, not that it will be easily available to private holders.

lignum 27 Nov'12 - 10:07 - 4804 of 4813 0 0

WJCCGHCC - there's only small (1.4m) outflow on working capital but I agree there are some huge working capital balances particularly around construction contracts where we are dependent on the company's internal controls (and auditors review).

In particular I see Note 13 to the 2011 accounts which shows a net receivable of 68.8m on construction contracts representing 3.25Bn of work done to date less 3.18Bn of billings to date under contracts. With total annual revenues of 337m (including shorter term specialist building revenues) this suggests that most of the revenues accrue under contracts which have run for more than 10 years. This gives me comfort that (i) the customer must be happy with RNWH as supplier (ii) the processes for controlling, reviewing and auditing these contracts must be well established.

Rationalising the construction contracts in progress balance suggests they are carrying around 90 days of unpaid work but this is offset by accrued income in creditors. Both debtors and creditors reduced by around 10m in 2012 so presumably they have settled up some contracts and offset cash received in advance against construction contract work completed - we'll need to see the full R&A to get the details.

interceptor2 27 Nov'12 - 10:12 - 4805 of 4813 0 0

Brought in here this morning. Have been watching these for years now, since I first held in appx 2006.

Results were very strong imo. I like to use the EPS figure of 11.9p, this doss exclude the loss on discontinued business, but includes amortisation of intangibles. I think this figure gives true reflection on how they really performed, and gives a good idea to how brokers should increase their estimates.

Pleased to see net debt continues to fall, and net margins continue to rise. They are 2.1% now, which may sound on the low side (nature of business) but the highest level achieved since 2006.

ic2...

hvs 27 Nov'12 - 10:18 - 4806 of 4813 0 0

They comes and they goes buy Brian May is a STAR

SoundBuy 27 Nov'12 - 10:25 - 4807 of 4813 0 0

This am.

RNWH Panmure Gordon Buy 87.50 82.00 Tp. 100.00p Tp . 100.00 Reiterates

RNWH Numis Buy 87.50 82.00 - Tp. 110.00p Initiates/Starts

rivaldo 27 Nov'12 - 11:51 - 4808 of 4813 0 0

And WH Ireland have increased their valuation to 130p:

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=20525295

"Renew Holdings: Numis initiates with a target price of 110p and a buy recommendation. WH Ireland raises target price from 125p to 130p, buy recommendation kept."

SoundBuy 27 Nov'12 - 13:15 - 4809 of 4813 0 0

RNWH N+1 Singer Buy 87.00 82.00 Tp 120.00 Tp. 120.00 Retains

penpont 27 Nov'12 - 16:14 - 4810 of 4813 0 0

From IC who update with a BUY rec.

"We are materially undervalued," said Brian May of Renew (RNWH). Of course, as chief executive of the engineering services group, he's expected to say that. But in this instance he has a strong case. Following a major reorganisation of the business from construction to engineering services, Renew announced a 22 per cent rise in underlying pre-tax profits to a record £10m, falling debt levels and a rising dividend. Moreover, broker N+1 Singer has raised current year adjusted pre-tax profit estimates from £9.9m £10.3m, giving EPS a 11 per cent boost to 13.3p.

Last year's acquisition of Amco has accelerated the shift of Renew's business and the engineering services division reported adjusted operating profits up £2.1m to £9.6m, on a 24 per cent rise in revenues to £214m. The £15m loan taken on to fund that deal is also quickly being paid back and net debt was cut from £6.8m to £5.5m.

The outlook is good as well. Maintenance and decommissioning work at Britain's ageing nuclear sites such as Sellafield was behind a 50 per cent-plus surge in the energy order book, which secures all that division's revenue for the year ahead. Spending is also being increased on maintaining Britain's rail network, which boosted Renew's infrastructure order book by 23 per cent to £74m. The specialist building business delivered double-digit operating profit growth on much improved margins as the unit withdrew from public sector building work in the north of England.

harrogate 27 Nov'12 - 17:08 - 4811 of 4813 0 0

Let's see if he puts his hand in his pocket to show how undervalued!!

2006stocktaker 27 Nov'12 - 17:19 - 4812 of 4813 0 0

Numis: Renew Holdings (Buy, TP: 110p) Initiation of coverage

We initiate coverage of Renew on the back of a good set of full year results, which is testament to the success of the model to date and also what we see as the attractive outlook the company faces. We also outline a target price of 110p which offers good upside in the share price - even though at this target price Renew would only trade in line with new-build companies in the built environment (where conditions are presently more challenging), and therefore still a discount to other built environment related services companies. We initiate with a Buy recommendation.

• Full year PBT of £10m to September 2012 was some 22% ahead of last year and above current year consensus estimates of £9.5m. We publish estimates here for the first time as we initiate on Renew.

• The strong improvement in EBIT (+30%) and PBT was in part due to the benefit of the Amco acquisition. We believe that organic growth for the Engineering Services - as the major driver of the group - was +4% last year and we expect this to be sustainable in the current year, notably as Energy and Rail showed strong growth over the year. Indeed, the Engineering Services orderbook rose 31% in the year with the key factor being the nuclear orderbook which increased 51% and accounts for 46% of the divisional orderbook.

• Renew's focus is into providing maintenance and renewal services into low discretionary areas where opex needs to increase over time - energy/nuclear, environmental/water and infrastructure/rail as the major areas. Moreover the group provides high technical services where procurement routes are adapting. This should lead to sustainable organic growth, which with margin mix benefits gives the group a resilient growth profile relative to other companies in the built environment universe.

• In our view this provides a major opportunity as Renew is currently valued at a P/E discount to UK building services companies, and even to construction companies with higher new-build exposure where the current outlook is clearly challenging. This seems harsh given that Renew is clearly demonstrating both revenue growth and margin gains as its business model takes effect. Our target price of 110p is based on a 2013E P/E of 8.0x, which is not demanding given that some two-thirds of group exposure is into non-discretionary maintenance work where we believe growth is underpinned.

sammy_smith 27 Nov'12 - 17:32 - 4813 of 4813 0 0 edit

Audio interview with Brian May, Chief Executive Officer, and John Samuel, Group Financial Director.
Brian May, CEO, and John Samuel, Group Finance Director of Renew Holdings, discuss the preliminary results for the year ended 30 September 2012. The record financial results were a result of a constantly growing order book and large opportunities for growth remain.

Click the link below;
http://www.brrmedia.co.uk/event/106917/brian-may-chief-executive-officer-and-john-samuel-group-financial-director

If renew only achieves a profit performance 3% ahead of this year it will hit broker targets. That leaves the shares , on a 6.6 times forecast earnings , too lowly rated.

Renew Holdings

LINK

anyone still looking at this thread? here's a nice overview of their acquisition by the CEO presentation

Excellent chart.

12 Aug 2013 Numis Add 121.50 113.50 - 130.00 Reiterates

Great performance.

AGM Statement

Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, will hold its Annual General Meeting at 11am today. Roy Harrison OBE, Chairman of Renew, will open the meeting with the following remarks:

"Trading for the first quarter of the year has been strong and well ahead of the comparative position last year. The Board expects this to continue through the second quarter of the financial year and, as a result, that the results for the year ending 30 September 2014 to be much more evenly weighted between first and second half than hitherto.

In Specialist Engineering, a strong performance has been seen in all markets but particularly so in Infrastructure where our Rail business has been experiencing record levels of activity. In the Environmental market, Lewis, the water subsidiary based near Cardiff which was acquired in August 2013, is performing ahead of expectations, as is Seymour, our water business in the North East. In Energy, revenue in Nuclear has also been at record levels.

In Specialist Building, our businesses in High Quality Residential and New Build Affordable Housing have both performed in line with expectations and potential future work lists continue to offer excellent opportunities.

The Group order book at 31 December 2013 has strengthened by 27% to £433m (31 Dec 2012: £340m). The Engineering Services order book stood at £306m (31 Dec 2012: £245m), an increase of 25% over the comparative position last year.

Reflecting the profitable trading, cash generation in the first quarter has also been strong. The Group's net cash position together with its strong order book enables the Board to look forward with confidence to further profitable growth.

The Board expects to give further guidance in its pre-close announcement at the end of March 2014 prior to the announcement of the interim results on Tuesday 20 May 2014."

Moving up nicely and why not after that bullish statement.

Should be broker upgrades out in next 48 hours.

WH Ireland Increases Renew Holdings Plc Price Target to GBX 275 (RNWH)
Posted by John Perry on Jan 29th, 2014

Renew Holdings Plc logoWH Ireland boosted their price target on shares of Renew Holdings Plc (LON:RNWH) from GBX 235 ($3.87) to GBX 275 ($4.53) in a research note issued on Wednesday, Stock Ratings Network.com reports. The firm currently has a “buy” rating on the stock. WH Ireland’s price target suggests a potential upside of 50.27% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Analysts at Numis Securities Ltd downgraded shares of Renew Holdings Plc to an “add” rating in a research note to investors on Wednesday. They now have a GBX 215 ($3.54) price target on the stock, up previously from GBX 185 ($3.05). Separately, analysts at Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Renew Holdings Plc in a research note to investors on Tuesday, November 26th. They now have a GBX 185 ($3.05) price target on the stock.
Renew Holdings Plc (LON:RNWH) opened at 197.00 on Wednesday. Renew Holdings Plc has a 52-week low of GBX 84.00 and a 52-week high of GBX 109.00. The stock’s 50-day moving average is GBX 181.0 and its 200-day moving average is GBX 146.4.
Renew Holdings plc is a United Kingdom-based holding company engaged in engineering services and specialist building.

Crossed 200p level.

Trading Update

Trading Update

Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, announces an update on trading ahead of the interim results for the half year ended 31 March 2014.

Trading for the first half of the year has been strong and well ahead of the comparative position last year, in line with the Board's expectations. Performance is being driven by growth in all of our Engineering Services markets but particularly so in Infrastructure where our Rail business is continuing to experience record levels of activity. Specialist Building is performing in line with expectations.

The Board also anticipates reporting an increased forward order book and strong cash generation.
Renew's interim results for the six months ended 31 March 2014 will be announced on Tuesday 20 May 2014.

Listen: Renew Holdings (RNWH) - Acquisition of Forefront Group Limited

Click here to listen

Analyst interview - Renew Holdings

Click here

Renew Holdings - Preliminary results

Click here

Watch: Renew Holdings - Interim results video

click here