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Renew broadens UK water market exposure with J Browne acquisition
StockMarketWire.com
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Engineering services group Renew has agreed to acquire J Browne for a cash consideration of £29.5 million and also reported that it expects trading for the first half of the year to be ahead of the previous year.
Chief executive Paul Scott said: 'This acquisition broadens Renew's exposure to the UK water market and is consistent with our strategic objectives. 'This market offers attractive long-term growth opportunities underpinned by committed regulatory spend and is a sector we understand well from our established relationships in other water regions.'
The consideration of £29.5 million on a cash-free/debt-free basis will be funded by a combination of cash and the group's existing revolving credit facility provided by HSBC and Natwest.
Renew said it expects the acquisition to be immediately earnings enhancing and to deliver high single digit earnings accretion on a full-year basis.
The group also reported that trading for the first half of the year was in line with management expectations and that the latest national lockdown has not had any material impact on trading, with continuity in demand for its services across all markets.
Renew said that its order book 'continues to be underpinned by long-term framework positions, including new awards during the first half of the year, and is expected to be in-line with that reported at our AGM in January'.
At 1:40pm: (LON:RNWH) Renew Holdings PLC share price was 0p at 448p
Story provided by StockMarketWire.com
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