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Delivering Specialist Construction Services Annual Report & Accounts 93035_Renew_R&A_2008_Cover.qxp:93035_Renew_R&A_2008_Cover 12/12/08 13:38 Page 1 renew holdings plc renew annual report & accounts | 2008 delivering specialist construction services annual report & accounts annual report Renew Holdings plc Yew Trees, Main Street North Aberford, West Yorkshire LS25 3AA | 2008 tel: 0113 281 4200 fax: 0113 281 4210 web: www.renewholdings.com Company Number: 650447 Registered in England & Wales 93035 RENEW R&A 2008 COVER PAGE OBC 93035 RENEW R&A 2008 COVER PAGE OFC 93035_Renew_R&A_2008_Cover.qxp:93035_Renew_R&A_2008_Cover 12/12/08 13:38 Page 2 Renew delivers specialist construction services in engineering and building through its branded businesses which operate in robust and sustainable markets 01 financial highlights 36 independent auditors’ report 02 chairman’s statement 37 group income statement 03 chief executive’s review 37 group statement of recognised income and expense 05 financial review 38 group balance sheet 06 review of operations 39 group cash flow statement 06 specialist engineering 40 notes to the accounts 14 specialist building 66 company balance sheet 24 corporate social responsibility 67 notes to company accounts 26 directors’ report 74 shareholder information 30 directors’ remuneration report 75 directors and advisors 33 corporate governance 76 notice of annual general meeting 35 statement of directors’ responsibilities 80 group businesses Produced by Salient Communications. Tel: 01635 861112. 93035 RENEW R&A 2008 COVER PAGE IFC 93035 RENEW R&A 2008 COVER PAGE IBC 93035_Renew_R&A_2008_Text.qxp:93035_Renew_R&A_2008_Text 12/12/08 18:09 Page 1 financial highlights annual report & accounts 2008 01 financial highlights revenue £390.6m UP 12% (2007: £348.1m) profit * before tax £9.5m UP 29% (2007: £7.4m) earnings * per share 12.2p (2007: 12.2p) full year dividend 3.0p UP 67% (2007: 1.8p) net cash balance £28.2m UP 15% (2007: £24.4m) net assets £14.3m UP 43% (2007: £10.0m) *Figures given prior to exceptional items and amortisation charges 93035 RENEW R&A 2008 TEXT PAGE 1 93035_Renew_R&A_2008_Text.qxp:93035_Renew_R&A_2008_Text 12/12/08 18:09 Page 2 02 chairman’s statement annual report & accounts 2008 chairman’s statement Introduction project selectivity and quality of earnings as I am pleased to report a strong set of results. we seek to continue to improve percentage We are successfully meeting our strategic operating margins in these more challenging objectives for our two main business market conditions. streams. In Specialist Engineering we have continued to grow revenue, which was Dividend bolstered by a full year’s contribution from In accordance with the Group’s progressive Seymour, while in Specialist Building we saw policy, a final dividend of 2.0p per share a marked increase in revenue and particularly (2007: 1.2p) is being proposed. This takes in operating profits prior to exceptional items. the total dividend for the year to 3.0p (2007: 1.8p), a 67% increase over last year. Against a background of increasingly difficult The dividend will be paid on 23 February market conditions, the results again illustrate 2009 to shareholders on the register as at the quality and sustainability of earnings with 30 January 2009 and in accordance with our forward order book indicating an increased accounting standards will be accounted for level of work in our specialist sectors. in the 2009 financial year. The shares will become ex-dividend on 28 January 2009. * Results Group revenue for the year ended Growth strategy 30 September 2008 was £390.6m Our declared strategy of focusing on two (2007: £348.1m), a 12% increase over the distinct business streams, Specialist 10 £9.5m corresponding period last year. Profit before Engineering and Specialist Building, remains income tax for the year prior to exceptional in place. £7.4m items and amortisation charges was up 29% (£m) to £9.5m (2007: £7.4m). Profit after tax, Our aim is to increase revenue in Specialist exceptional items and amortisation charges Engineering both organically and by was £5.3m (2007: £7.3m). acquisition, with operating margins of at least £4.6m 4%. In Specialist Building, our aim is to At 30 September 2008, the Group’s net cash continue to increase operating margins with position stood at £28.2m (2007: £24.4m). a medium-term target of 2%. Currently our Profit Before Tax Tax Before Profit Specialist Building margin stands at 1.7%. As has been well documented, conditions 0 in the house building market, which is Our medium-term objective remains to 2006 2007 2008 the principal end market for our Land develop a Specialist Construction business *Figures given prior to Remediation business, have worsened with overall operating margins of 2.5% and exceptional items and considerably over the last six months. with Specialist Engineering providing 33% amortisation charges We are also seeing weaker market conditions of revenue. for our non-specialist and retail businesses 50 which jointly accounted for 46% of Outlook Specialist Building revenue in 2008. Market conditions are more challenging but the Group is operating from a position of As stated in our pre-close announcement on strength, supported by a strong balance 1 October 2008, the Board has taken sheet with cash resources available to take (£m) £28.2m decisive action to address these issues by advantage of carefully considered £24.4m realigning the Land Remediation activities to opportunities which may arise. Our £19.4m address the more robust regional civil management team, led by our Chief Executive engineering market, whilst retaining its land Brian May, is very experienced and I am Net Cash remediation capability. In Specialist Building, confident in their ability to deliver excellent the Group has reduced capacity by 15%. performance in the difficult economic climate. Whilst these actions have resulted in an 0 exceptional charge in 2008 of £1.5m for The impact of the decisive action taken in 2006 2007 2008 redundancy costs, the resultant saving in September to realign and reduce capacity, annual costs will be in excess of £5m. and the continued resilience of our specialist markets, gives the Board confidence that we The Group’s order book at 30 September can continue to grow the Group’s operating 2008 stood at £219m (2007: £252m) margin percentage albeit on reduced levels of with, pleasingly, 79% represented by repeat activity in 2009. order work. The 13% reduction, which is predominantly in non-specialist areas, is Roy Harrison OBE in line with the implemented capacity Chairman reductions. This reflects our emphasis on 25 November 2008 93035 RENEW R&A 2008 TEXT PAGE 2 93035_Renew_R&A_2008_Text.qxp:93035_Renew_R&A_2008_Text 12/12/08 18:09 Page 3 chief executive’s review annual report & accounts 2008 03 chief executive’s review Overview Wide framework were 70% above those Our strategy of seeking growth in Specialist anticipated. Our four frameworks continue at Engineering, whilst maintaining target Sellafield with extensions recently agreed on margins, combined with growing margins in both Demolition and Decommissioning. Our Specialist Building continues. PPS subsidiary, which we acquired in 2006, had an exceptional year, outperforming In Specialist Engineering, revenue increased forecasts and repaying its acquisition cost by 36%, which included a full year’s within two years. We have also secured a contribution from Seymour which we position in a consortium with EnergySolutions acquired in July 2007. Whilst margins were to process Metals Recycling at Sellafield and lower due to falling demand for Land Drigg. We continue to have activity at the Remediation related to the house building Springfields facility at Preston and have also sector, they remain at 3.7%, over double that been awarded a decommissioning project at of the margins in Building. The forward order Capenhurst, which is our first award at book in Specialist Engineering stands at this site. £49m (2007: £54m). Land Remediation Revenue in Specialist Building increased by In response to the downturn in the house 11% with a 34% increase in operating profit building market, we have quickly realigned to £4.9m prior to exceptional charges. The the VHE business to access regional civil 50 forward order book in Specialist Building is engineering opportunities. This is £170m (2007: £198m), 14% lower than last demonstrated by the recent £15m award of year which is in line with the capacity the Cudworth Bypass which is the fifth major (%) reductions implemented in September. award in recent years from Barnsley MBC. VHE retains its Land Remediation capability Our total order book remains strong at and has established itself as the leading 24% £219m (2007: £252m), with 86% being in specialist contractor for local authority 20% our specialist sectors and 79% in the form of remediation works under Part llA of the repeat business. These key performance Environment Act, completing five such 15% indicators remain ahead of our targets of residential projects during the year, with a 66% in each case. further recent £2m award in Glasgow. We are Specialist Engineering also seeing renewed activity for 2009 from 0 As part of our strategy of developing our the National Grid framework. 2006 2007 2008 Specialist Engineering business we continue % of Group revenue to look for complementary acquisitions that Water can meet our demanding criteria. The Seymour acquisition has been fully Immediately following the year end, we integrated into the Group and is performing in completed the acquisition of C.&A. Pumps line with our expectations and acquisition 5 Limited (“C&A”), a specialist water services plans, with 15% organic growth achieved this business based in County Durham but which year. The Northumbrian Water framework (%) operates nationally. C&A will combine with continues to provide a significant level of Seymour to offer an extended package of activity with good visibility out to 2010. We capability to the Water industry.
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