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Renew Holdings - Ultimate bit of refocusing with disposal of Allenbuild

December 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

When we met finance director, John Samuel, in March (226p; verdict: Buy) we asked when Renew was likely to do the ultimate bit of refocusing and sell its building division. Samuel called ours a “heinous suggestion” but eight months on Renew has sold the bulk of that division with the disposal of Allenbuild, the new build affordable housing unit, for £2.5m after an approach. Allenbuild has sales of £50m and achieved a 1.25% margin over the last couple of years but recently suffered from cost price inflation in London (read across from Morgan Sindall), which had left it at breakeven. Full year results this month (with Allenbuild as a discontinued operation) were excellent with sales up 64% to £464m ...

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Renew - Full year results in the bag (June 2012)

Renew - Engineering services now 66% of order book (February 2012)

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Renew - Cash of £28m (December 2008)

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Renew Holdings (June 2008)

Renew Holdings (May 2008)

Renew Holdings - FY08 forecasts raised again (December 2007)

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Renew Holdings - Focus of building on retail, education and social housing improves margins (January 2007)

Renew Holdings - Chart looks set to move sharply higher (May 2006)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Renew Holdings - Ultimate bit of refocusing with disposal of Allenbuild

December 2014

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