Solid first half not enough to boost Renew

AIM-listed engineering service group Renew Holdings (LON:RNWH) saw its shares sink by 5.85% to 354p (as of 13:40 GMT) after it said it expected results for the half year ended 31st March to be in line with expectations. Management said that COVID-19 was causing disruption to current trading, but it was trying to remain operational where safe to do so.

CEO Paul Scott commented: “The health, safety and wellbeing of our people and all stakeholders impacted by our activities remains our highest priority. We have responded quickly and effectively to the incredible challenges of the Covid-19 pandemic and I am immensely proud of the reaction to this event by my colleagues and our entire workforce who remain fully committed to our mitigation measures.

“While we are experiencing interruption, the situation is continuously evolving and we have many defensive qualities which provide resilience in these unprecedented circumstances.

“Our strong trading performance in the period is reflective of the reliable long-term nature of the UK infrastructure markets in which we operate. We continue to work very closely with all of our customers and where we can satisfy the requirements of Public Health England guidance we are delivering essential network services that the UK Government has classified as critical to the Covid-19 response.

“Despite the unique challenges the country is currently facing, we are well placed to play a significant role in the long- term opportunities that will emerge for UK infrastructure services, a sector that will play an important role in rebuilding our economy“.