25 May 2012

Renew wins £26m Sellafield contract

06/12/2011 Ben Jaglom

Specialist engineering and construction concern Renew Holdings (RNWH) has won a £26 million contract with the Sellafield nuclear reprocessing site.

The contract - to be carried out over four years - is for a variety of services relating to its decommissioning and eventual demolition and is with 'Integrated Project Team' - which comprises both Sellafield Limited and construction company ACKtiv Nuclear. The work itself is to be carried out through its 'Shepley Engineers' subsidiary.

In addition Renew reported that a framework agreement with the National Grid mentioned in its final results is expected to generate approximately £30 million per annum for an initial period of three years. Furthermore deals with Scottish Water and Welsh Water are to last for three years and are expected to produce a total of £16 million over the period.

Analysts at Arbuthnot are forecasting pre-tax profits of £9.4 million (EPS: 11.6p) on sales of £349.9 million for the year to September 2012. In 2013 profits of £10.2 million (EPS: 12.5p) on revenues of £365 million are expected. A dividend of 3p is pencilled in for both years.

Last rated by Growth Company Investor this November at 66.5p the latest announcement solidifies its position in the nuclear sector, with Renew already carrying out a number of existing contracts at the Sellafield site. Currently trading at 67.5p we reiterate our long-term buy rating.

Tags: Construction on AIM, Engineering concern, GCI Long-term buy

Sector: Construction & Materials

Companies: Renew

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