Contractor Renew Holdings has pushed its revenue above £1bn for the first time due to onshore wind sector work.
The contractor announced a “record financial performance” in the year to 30 September 2024, with a revenue of £1.1bn and a pre-tax profit of £60.2m, up from £56.8m the year before.
In the previous year, turnover was £887.6m, according to a financial statement from the firm published on Tuesday (26 November) .
Renew’s update said growth was being driven by a move away from the specialist buildings sector towards the “high-growth” onshore wind services market.
Last month, the firm sold off its last specialist building business, Walter Lilly, to property specialist Size Holdings. A few days later, it acquired wind turbine provider Full Circle Wind Services for £50.5m, which it said represented a “compelling strategic fit” for Renew.
“Its leading market position enable[s] us to capitalise on the green energy transition,” it added.
The financial statement said the onshore wind services market was forecast to grow by 7.7 per cent by 2030, representing a “significant” opportunity that is still “growing at pace”.
Renew also welcomed the UK government’s renewed focus on energy infrastructure. In July, chancellor Rachel Reeves reversed a de facto ban on onshore wind and prioritised progressing energy projects in the planning system at the time.
Renew also expanded into the electricity transmission sector in 2024 after it completed the acquisition of electricity infrastructure contractor Excalon in June. Along with Full Circle, the acquisition of Excalon has “buoyed” Renew heading into 2025, the firm said.
Before those acquisitions, Renew focused mainly on the water and rail sectors.
Renew chief executive Paul Scott said: “The start of new control periods in our largest sectors along with access to new market sectors marks a particularly exciting milestone for the group and I am confident we are entering FY25 well-placed to deliver on our ambitious long-term growth strategy.”
Renew’s order book stood at £889m on 30 September, which the firm said was underpinned by its position on long-term frameworks, in the rail and water sectors in particular.
According to the contractor, it is the biggest provider of maintenance and renewal services to Network Rail and is the client’s third biggest supplier overall.
It also works for 10 of the UK’s 12 waste and water companies in the UK.
The firm’s cash more than doubled to £77.7m, from £35.7m the year before.
According to the latest edition of the CN100, Renew is the 25th biggest contractor in the UK.
