Supporting UK 
Infrastructure
Renew Holdings plc Annual Report and Accounts 2015
Renew Holdings plc 
Annual Report and Accounts 
Year ended 30 September 2015 4
STRATEGIC REPORT
4
Supporting UK 
Infrastructure
Renew provides multidisciplinary Engineering 
Services through its independently branded 
businesses supporting essential UK infrastructure.
Infrastructure – p28
Rail and wireless telecoms delivery 
infrastructure
Environmental – p26
Water infrastructure and land remediation
Specialist Building – p31
High Quality Residential
Keep up to date on our website:
www.renewholdings.com
Strategic Report
IFC Highlights
02 Renew at a glance
04 Investment case
06 Chairman’s statement
08 Chief Executive’s review
12 Financial review
14 Our markets
16 Our business model
18 Our strategy
20  Our KPIs
21 Risk management
22 Operational review
24 Energy
26 Environmental
28 Infrastructure
31 Specialist Building
32 Corporate social responsibility
Corporate Governance
36 Directors’ report
39 Directors’ remuneration report
43 Corporate governance
45 Statement of directors’ responsibilities
Accounts
46 Independent auditor’s report
47 Group income statement
48 Group statement of 
comprehensive income
48 Group statement of changes in equity
49 Group balance sheet
50 Group cashflow statement
51 Notes to the accounts
75 Company balance sheet
76 Notes to the company accounts
83 Directors, officers and advisors
84 Shareholder information
85 Our subsidiary businesses
Energy – p24
Nuclear, traditional and renewable power 
and gas infrastructure
Highlights
The Group has successfully grown its 
Engineering Services business, with an increase 
in revenue and operating profit in 2015. 
 n Record order book of £502m
 n Engineering Services revenue up 15% 
to £441m
 n Adjusted EPS growth of 25% to 26p STRATEGIC REPORT
Adjusted earnings 
per share*
26.0p
20.8
26.0
12.4 12.4
9.7
11 12 13 14 15
Net assets 
£25.0m
13.9
25.0
10.3
8.9 9.0
11 12 13 14 15
Revenue 
£520m
11 12 13 14 15
464
520
283
270
246
11 12 13 14 15
Adjusted operating 
profit*
£20.4m
16.4
20.4
10.0
9.6
7.9
Financial highlights 
RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015 01
Dividend per share 
7.0p
5.0
7.0
3.6
3.0
11 12 13 14 15
3.15
* Results are shown prior to exceptional items and amortisation charges and exclude the results of discontinued operations. 02 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Responding to our 
clients’ requirements
Renew at a glance
Key highlights
 n We remain the largest 
mechanical, electrical and 
instrumentation employer 
on site at Sellafield
 n Awarded a new 4 year E,C&I 
framework for Magnox
 n Work carried out at a nuclear 
waste fuel processing facility 
at Springfields
Key highlights
 n Continued our long-standing 
relationships with 
Northumbrian Water, Wessex 
Water and Welsh Water
 n Awarded AMP6 Sewerage 
Repairs and Maintenance 
framework with 
Northumbrian Water
 n Revenue with the Environment 
Agency has doubled following 
the 2014 MEICA framework 
northern region award 
Key highlights
 n Asset Management 
frameworks extended for 
2 years with Network Rail
 n Increased opportunities through 
Network Rail’s Infrastructure 
Project frameworks
 n Further sea defence works 
awarded with Network Rail 
following work at Dawlish
Capabilities
 n Maintenance and 
decommissioning 
of nuclear facilities
 n Maintenance of thermal and 
renewable energy facilities
 n Replacement of low and 
medium-pressure gas mains
Capabilities
 n Supporting the water industry 
in maintaining and renewing 
its networks 
 n Supporting flood risk 
management programmes
 n Providing land remediation 
solutions
Capabilities
 n Provision of “off-track” 
renewal and maintenance 
of Network Rail assets
 n Planned, reactive 
and 24/7 emergency 
maintenance services 
 n Multidisciplinary services to 
the wireless telecoms network 
infrastructure market
Energy
Page 24
Environmental
Page 26
Infrastructure
Page 28
Specialist 
Building
Page 31
Specialist Building
 n operational support and asset care;
 n critical planned and reactive maintenance and renewals; and
 n civil, mechanical and electrical engineering.
Integrated Engineering Services
With our range of integrated Engineering Services we are ideally positioned to access 
essential maintenance and renewal spending programmes across our markets.
Our businesses 
provide:
Key highlights
 n We completed a number of 
residential refurbishment 
projects for private clients
 n £85m of new projects 
secured during the 
financial year
 n Revenue fully secured 
for 2015/16
 
 
 
Capabilities
 n Refurbishment of prestigious 
private residences
 n Major structural works above 
and below ground
As a leading provider 
of prestigious 
private residential 
refurbishment projects.
 n s p e c i a l i s t t e m p o r a r y  
works design 
and engineering. 03 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT
Our subsidiary businesses
Our independently branded subsidiary 
businesses, supported by the strength 
of the Renew Holdings Group, deliver 
Engineering Services aligned to our 
clients’ local needs. Our regional 
knowledge and specialist expertise 
provide key differentiators.
Learn more about our businesses:
www.renewholdings.com
Large-scale 
opportunities through 
national infrastructure 
spending programmes
We focus on a direct delivery model 
through our strong, strategically 
located brands, supporting 
customers across the UK.
Our opportunities
 n National rail network
 n Medium and low-pressure gas pipelines
 n Water network
 n Traditional power stations
 n Nuclear power stations
 n Wireless telecoms network
 Our markets – p14
 Sources – p15
£3.2bn
investment programme  
in AMP6
300k
estimated hectares of 
land could be contaminated, 
providing an opportunity 
to meet housing 
requirements
£3bn
of expenditure by Nuclear 
Decommissioning 
Authority per annum 
£38bn
Network Rail spending 
plans agreed until 
March 2019 (CP5)
£2.3bn
Defra spending plans 
on flood and coastal 
defence improvements 04 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Investment case
A strong platform  
for growth
We continue to drive growth by developing long-term 
relationships with clients responsible for the renewal 
and maintenance of essential operational assets.
Working in the Energy, Environmental and Infrastructure 
markets, our subsidiary businesses are aligned to respond 
to the ongoing maintenance needs of our clients’ assets. 
Key growth drivers
Consistent delivery of strategic targets
The Group continues to deliver its strategic 
targets which, since 2006, have focused 
on expanding its engineering operations 
organically and through acquisitions.
Continued growth
The Group continues to deliver organic growth 
whilst looking to build on its strengths through 
additional earnings enhancing acquisitions.
Operating in markets with high 
barriers to entry
The markets in which we operate demand 
a highly skilled workforce and a proven track 
record of safe delivery.
Delivery of integrated engineering services
Our subsidiary businesses offer a range 
of integrated multidisciplinary Engineering 
Services solutions, delivering both time and 
cost efficiencies.
Operating in mainly regulated markets
Our target markets are mainly regulated which 
drives long-term programmes of spending on 
asset renewal and maintenance.
Long-term relationships with key clients
Our range of services and responsiveness 
position us as a key supplier to our clients 
as we assist them in maintaining their assets 
and providing continuity of service.
Growing operating margins
The Group has delivered continual operating 
margin improvement, growing from 1% in 2006 
to 3.9% in 2015.
Strong balance sheet
The Group’s net assets have grown from 
£5m to £25m over the last 9 years.
Capital growth
The Group has grown its market capitalisation 
more than eightfold since 30 September 2005 
without recourse to new equity.
Driving 
growth
Consistent delivery 
of strategic targets
Capital
growth
Strong balance
sheet
margins
Growing operating
regulated markets
Operating in mainly
Continued
growth
Operating in markets
with high barriers
to entry
key clients
relationships with
Long-term
engineering services
integrated
Delivery of 05 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT
We grow our Engineering Services business through:
STRATEGIC REPORT
Our ability to respond 
to the critical 
requirements of key 
operational assets, 
enabling required 
service levels to 
be maintained.
Our ability to deliver 
locally through our 
branded subsidiary 
businesses.
Investment in 
the skills of our 
multi-skilled, 
directly employed 
workforce. 
The successful 
integration of our 
complementary 
acquisitions. 
Consideration of 
further strategic 
earnings enhancing 
opportunities.
1 2 3 4 5 06 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Strongly positioned 
with record results 
Chairman’s statement
R J Harrison OBE
Results 
Record results for the year ended 
30 September 2015 demonstrate that the 
Group continues to progress as a leading 
provider of engineering services, supporting 
critical UK infrastructure. 
Group revenue increased by 12% to £519.6m 
(2014: £464.5m) with operating profit prior to 
exceptional items and amortisation increasing 
by 24% to £20.4m (2014: £16.4m). Earnings 
per share on this basis increased by 25% to 
26.03p (2014: 20.80p) with basic earnings 
per share on continuing activities up 27% 
to 21.34p (2014: 16.83p). 
The Engineering Services business has seen 
growth of 15% across its Energy , Environmental 
and Infrastructure markets with revenue of 
£440.5m (2014: £382.5m). When the effect of 
acquisitions and non-recurring Rail revenue is 
eliminated, the underlying organic growth in 
Engineering Services is 22%.
Engineering Services now accounts for 85% 
of Group revenue (2014: 82%). Engineering 
Services operating profit was up 23% to 
£20.1m (2014: £16.3m) with a margin of 
4.6% (2014: 4.3%). 
Specialist Building remains focused on the 
High Quality Residential market in London 
and the Home Counties. Revenue was £79.5m 
(2014: £82.1m) with an operating profit of 
£2.3m (2014: £2.2m) resulting in an improved 
margin of 2.9% (2014: 2.6%). 
Dividend
The Board is proposing a final dividend 
of 4.75p per share, increasing the full year 
dividend by 40% to 7.0p (2014: 5.0p). 
The dividend will be paid on 1 March 
2016 to shareholders on the register as 
at 29 January 2016. The Board continues 
to grow dividends progressively.
Order Book
The Group’s contracted order book at 
30 September 2015 stood at £502m 
(2014: £439m), a 14% increase, with the 
Engineering Services order book up 11% 
to £400m (2014: £361m). The order book 
reflects our established position in attractive 
markets with long-term visibility of revenue.
Cash
Cash generation has been good with a year-end 
cash position of £10.7m (2014: £5.6m) giving 
a net debt of £4.8m (2014: £16.1m). The Board 
expects the Group to report a net cash position 
by the end of the 2015/16 financial year.
People
We are pleased to report our commitment to 
providing a safe working environment which has 
seen the Group continue to record an Accident 
Incidence Rate substantially lower than the 
industry average. These results and the success 
of the Group demonstrate the skills and 
commitment of all our employees for which 
the Board would like to extend its gratitude.
Highlights
 n Record results for the year ended 30 September 2015
 n The Engineering Services business has seen growth of 15% 
across its Energy, Environmental and Infrastructure markets
 n Engineering Services adjusted operating profit has seen 
a 23% increase to £20.1m 07 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT
Strategy
In Specialist Building, the Group concentrates on 
the High Quality Residential market in London 
and the Home Counties. Our expertise is in 
refurbishment of prestigious private residential 
projects where we specialise in engineering 
solutions for major structural alterations. 
In Engineering Services, the Group continues 
to develop its position as a leading provider of 
engineering services to support critical UK assets 
in the Energy , Environmental and Infrastructure 
markets. The markets we operate in are mainly 
governed by regulation. Our operations focus 
on the long-term programmes of essential 
maintenance spending in these markets, which 
provide good visibility of future opportunities 
and more sustainable earnings streams. 
It remains the Board’s strategy to continue the 
growth of its Engineering Services business, both 
organically and through selective acquisitions. 
Over the last nine years, Renew has completed 
six major acquisitions without recourse to 
shareholders for funding. Substantial, profitable 
growth has been generated from this strategy 
which, complemented by organic growth, has 
enabled the Board to deliver a six fold increase 
in market capitalisation since 2006. In recent 
weeks, the Board has seen a number of good 
quality , potential acquisitions across all market 
sectors of our Engineering Services business 
and we continue to pursue appropriate earnings 
enhancing additions to the Group. 
Outlook
The Group enters the 2015/16 financial year 
in a strong position.
The Board previously published targets for 
2017 of Group revenue in excess of £500m, 
Group operating profit margin prior to exceptional 
items and amortisation of 4.5% and growth 
in EPS on that basis of at least 40% from the 
reported level of 20.8p in 2014. The Group 
revenue target has been achieved with these 
results. The Group has also delivered an 11% 
improvement in Group operating margin to 
3.9% and a 25% increase in EPS giving the 
Board confidence that the Group is on track 
to deliver on these strategic targets.
R J Harrison OBE
Chairman
24 November 2015
“ Record results for the year demonstrate that the 
Group continues to progress as a leading provider 
of engineering services” . 08 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Renew delivers engineering support services 
to the UK’s critical infrastructure assets. The 
Group has strong, long-term relationships built 
on responsiveness with a range of clients in 
the Energy, Environmental and Infrastructure 
markets. The Group operates in mainly regulated 
markets which have high barriers to entry. 
Integrated engineering services are delivered 
through our strong, independently branded UK 
subsidiary businesses which directly employ a 
highly skilled workforce. Our operations support 
the day-to-day running of key operational 
assets including nuclear and traditional power 
generation sites, water and gas pipes along 
with the rail and wireless telecoms networks. The 
Group also has a Specialist Building operation 
focusing on the High Quality Residential market 
in London and the Home Counties.
Engineering Services
Revenue in Engineering Services increased by 
15% to £440.5m (2014: £382.5m) and accounted 
for 85% (2014: 82%) of Group revenue and 
90% (2014: 88%) of Group operating profit 
prior to exceptional items, amortisation 
and central activities. This generated an 
improved margin of 4.6% (2014: 4.3%). The 
Engineering Services order book has grown 
11% to £400m (2014: £361m).
Energy
In Energy, the Group provides integrated 
engineering support to assets in the nuclear, 
traditional and renewable energy markets 
and in the gas infrastructure market.
During the year, we were appointed by the UK’s 
largest nuclear decommissioning company, 
Magnox, as the sole provider on the £30m 
Electrical, Controls & Instrumentation framework, 
which runs to 2019, across 10 UK sites. The 
Group now delivers multidisciplinary engineering 
services at 15 nuclear licenced sites, where 
we support operational plant associated with 
long-term waste treatment and processing, 
decommissioning and the clean-up of redundant 
facilities. The Nuclear Decommissioning 
Authority’ s expenditure continues at approximately 
£3bn per year, of which 67% is allocated to the 
Sellafield site in Cumbria where the majority of 
our work is undertaken. The Group has operated 
at Sellafield for over 70 years and remains the 
largest mechanical, electrical and instrumentation 
employer on site.
As part of the high hazard risk reduction 
programme at Sellafield, work on the 
Evaporator D project has again grown 
materially ahead of expectation. During the 
year , the Group increased its resources to 
complete critical milestones as the project 
moves towards commissioning. This increased 
scope is now expected to deliver up to £100m 
of work over the duration of the project.
Highlights
 n Continued progression as a leading provider of Engineering Services
 n The Engineering Services order book has grown 11% to £400m
 n Strengthened position in our mainly regulated markets, where 
we undertake essential work
Relationships built 
on responsiveness
Chief Executive’s review
B W May 09 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT
Work on the Multi Discipline Site Works (“MDSW”) 
framework continues and our operations remain 
focused on the largest scope of work, Production 
Operations Support. The MDSW framework, 
where we operate as one of three participants, 
has been extended for two years to early 2017 
and is advertised to deliver £70m annually. 
Other framework extensions during the year 
include the Bundling Spares, Site Remediation 
& Decommissioning Project and Bulk Sludge 
Retrievals Facility frameworks.
The Group also operates in the traditional and 
renewable energy markets for clients including 
E.ON, SSE, Scottish Water and Dwr Cymru 
Welsh Water (“DCWW”) where work includes 
long-term maintenance and asset renewal 
services. Achievements in the year include 
good progress on the hydroelectric scheme at 
Tyn Y Waun Water Treatment Works for DCWW, 
reappointment to the maintenance framework 
at Deucheran Hill Wind Farm by E.ON and the 
refurbishment of the Cuaich Aqueduct on the 
Tummel hydroelectric scheme for SSE.
In the gas infrastructure market work continues 
for National Grid and Southern Gas Networks on 
the 30/30 Iron Mains Replacement programme 
as well as on the London Medium Pressure 
Strategic Gas Mains Replacement programme. 
New frameworks for the delivery of these 
programmes have been slow to gain momentum 
and as a result this business has not performed 
to our expectations, however the addressable 
market is both substantial and visible with the 
national programme for iron mains replacement 
running to 2032 with an estimated value 
of £1bn per annum.
Environmental
The Group provides operational support to 
the water industry where the focus remains 
on maintaining and renewing infrastructure 
assets as well as the flood alleviation and 
river and coastal defence programmes. 
In the year, we continued our long-standing 
relationships with our clients Northumbrian 
Water, Wessex Water and Welsh Water. 
Awards included Northumbrian Water’s AMP6 
Sewerage Repairs and Maintenance Framework 
where we operate as one of two suppliers; 
the framework has an advertised value 
of over £14m per annum to 2024.
Work for Wessex Water continued on the 
Workstream framework during the year with 
new awards including the AMP6 Minor Civils 
framework. Major projects completed included 
the Taunton Grid Scheme. 
Revenue for the Environment Agency has 
doubled in the year where our relationship was 
extended with the award of a £10m MEICA 
framework in 2014. This exclusive framework, 
which runs to March 2018, covers flood and 
water management sites throughout the 
Northern region. The appointment follows 
our success on the existing four Minor Works 
frameworks which were extended for a further 
two years.
In Land Remediation, we operate for National 
Grid on a number of frameworks nationally. 
Other frameworks include the Land Quality 
Services framework with Magnox to remediate 
the sites of former nuclear power generation 
across the UK and a new Landfill Engineering 
framework with Viridor for the North of England 
and Scotland regions. 
Engineering Services revenue
£441m
+ 15%
173
214
232
382
441
11 12 13 14 15
Engineering Services operating profit
£20.1m
+23%
7.5
9.6
10.6
16.3
20.1
11 12 13 14 15
Engineering Services 
as % of Group revenue
85%
49
64
82 82
85
11 12 13 14 15
“ The Group has strong, long-term relationships built on 
responsiveness with a range of clients in the Energy, 
Environmental and Infrastructure markets. ” 10 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Infrastructure
The Group delivers nationally a wide range 
of off-track asset renewal and maintenance 
engineering services as well as providing a 
24/7 emergency service to the rail network. 
These services are provided through Infrastructure 
Projects and Asset Management support for 
Network Rail where we are a top four supplier. 
Following the award in 2014 of a number of 
infrastructure renewal frameworks for Network 
Rail, which run to 2019, we have good visibility 
of future workflow. During the year, works were 
undertaken to enhance the Dawlish lower sea 
wall following our successful operation in 2014 
to reinstate the wall after severe storms. 
Further to our work at Dawlish we have been 
appointed to undertake another coastal line 
protection scheme at Saltcoats in Scotland. 
We are now established as the major structures 
renewals & maintenance contractor in Scotland. 
In Asset Management our frameworks have 
been extended by two years to 2017. We carry 
out infrastructure maintenance works to bridges, 
viaducts, tunnels, culverts, embankments, 
level crossings and line side structures. During 
the year , we have delivered over 5,000 individual 
schemes ranging from minor brickwork repairs to 
major sea defence works and our responsiveness 
was recognised at the National Rail Awards 
where we were presented with “Maintenance 
Team of the Year” . 
In the wireless telecoms infrastructure delivery 
market the Group works for the major cellular 
network operators and original equipment 
manufacturers. This market has seen major 
corporate M&A activity during the year which 
has caused volatility and a performance below 
our expectations. The attraction of this market 
remains as demand for 4G mobile internet 
access and communications is outstripping 
current capacity, requiring additional 
infrastructure, upgrading of existing networks 
and decommissioning of redundant assets. 
Specialist Building
In Specialist Building revenue of £79.5m 
(2014: £82.1m) and an operating profit of 
£2.3m (2014: £2.2m) generated an improved 
margin of 2.9% (2014: 2.6%). Our Specialist 
Building order book stands at £102m (2014: £78m). 
In the High Quality Residential market in London 
and the Home Counties our subsidiary , Walter Lilly , 
is a market leading luxury brand. It focuses on 
major structural engineering works including 
extending properties below ground. In excess 
of £85m of new projects has been secured 
in the period. 
Discontinued operation
On 31 October 2014, the Board reached 
an agreement to sell Allenbuild Ltd to Places 
for People Group Ltd (“PFP”) for a total 
consideration of £2.75m payable in cash. 
PFP paid the initial 50% of the consideration 
on 31 October 2014 and will pay the balance 
on 31 January 2016. Allenbuild Ltd is a business 
focused on the new build affordable housing 
market and as such was not core to the Group’s 
strategy to develop its Engineering Services 
business. In accordance with IFRS 5, the results 
of Allenbuild Ltd have been treated as a 
discontinued business. During the transition 
period, Renew retains the cost and benefit of 
certain contracts. These were secured during 
the recession and subsequently supply chain 
prices have risen markedly resulting in post-tax 
losses of £7.3m in the discontinued business.
Summary
In Specialist Building, our business operates in 
the consistently robust High Quality Residential 
market and continues to improve its quality of 
earnings with an emphasis on risk mitigation.
In Engineering Services, we have strengthened 
our position in our chosen, mainly regulated 
markets, undertaking essential work on critical 
assets where funding is derived from clients’ 
operational expenditure budgets.  Our key 
markets’ characteristics combined with the 
Group’s integrated engineering support services 
model will continue to provide opportunities 
for further profitable growth.
B W May
Chief Executive
24 November 2015
“ Our operations support the day-to-day running of key 
operational assets including nuclear and traditional power 
generation sites, water and gas pipes along with the rail 
and wireless telecoms networks. ”
Chief Executive’s review continued
B W May 11 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015 11 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT 12 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Financial review
Dividend growth of 40%
Results
Group revenue from continuing activities was 
£519.6m (2014: £464.5m) with an operating 
profit before tax from continuing activities of 
£20.4m (2014: £16.4m) prior to exceptional 
items and amortisation charges. A tax charge 
of £3.6m (2014: £3.3m) resulted in a profit 
after tax for the year of £16.1m (2014: £12.8m) 
prior to exceptional items and amortisation 
charges. The profit for the year from continuing 
activities was £13.2m (2014: £10.3m). After 
accounting for discontinued activities, the 
profit for the year was £5.9m (2014: £5.2m).
Fair value adjustments
In accordance with IAS 36, the Board reviewed 
the fair value of assets and liabilities of both 
Clarke Telecom Ltd and Forefront Group Ltd 
using information available up to 12 months 
after the date of acquisition. Fair value was 
calculated using Level 3 inputs as defined 
by IFRS 13. 
No fair value adjustments arose at Clarke 
T elecom Ltd. At Forefront Group Ltd, the Board 
concluded that the fair value of property, 
plant and equipment was overstated at the 
date of acquisition by £1.1m. Furthermore, 
the depreciation policy has now been aligned 
with that of the Group. 
The Board also recognised two onerous 
contracts which existed at the acquisition 
date and has set aside a provision based 
on projected cash flows to the forecast 
conclusion date. The resulting fair value 
adjustment amounted to £2.1m. Additionally, 
certain debtors at the point of acquisition have 
proved to be irrecoverable and a fair value 
adjustment of £0.2m arose. 
When deferred tax is calculated as a consequence 
of these fair value adjustments, a total fair 
value adjustment of £2.8m arises, resulting 
in a corresponding increase to goodwill.
Cash
The Group’s profitability, together with further 
improved working capital generation, has led 
to our reporting a cash balance of £10.7m 
(2014: £5.6m) at the year end. As a result, the 
Group’s net debt position as at 30 September 
2015 was £4.8m (2014: £16.1m). The Group 
has complied with the covenants associated 
with the term loans throughout the year. 
Pension schemes
The IAS 19 valuation of the Lovell Pension 
Scheme, which was closed to new members in 
2000, has resulted in a substantial accounting 
surplus of £12.4m (2014: £0.6m) after accounting 
for deferred taxation. In 2011, the Board, in 
conjunction with the T rustees of the Lovell Scheme, 
completed a buy-in of part of the pensioner 
liabilities of the scheme. This measure, which 
was completed without any further cash 
contribution to the scheme by the Group, 
has reduced the risks associated with those 
liabilities and, at the year end, the annuities 
purchased represent 26% of the scheme’s 
total liabilities. 
Highlights
 n A final dividend of 4.75p (2014: 3.5p) per share bringing 
the total for the year to 7.0p (2014: 5.0p)
 n The Group’s profitability, together with further improved working 
capital generation, has reduced net debt by £11.3m in the year 13 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT
Following the triennial valuation of the scheme 
which was carried out as at 31 March 2015, 
the scheme actuary has measured the deficit 
in the scheme to be £12.1m, a material reduction 
from the £24.1m deficit which was recorded 
at the previous valuation. In accordance with 
the scheme specific funding requirements of 
the Pensions Act 2005, the Board has reached 
an agreement with the Trustees of the scheme 
on the level of future contributions of £4.3m 
per annum. This recovery plan is projected 
to eliminate the deficit under the Statutory 
Funding Objective of the Pensions Act 2004 
by 31 July 2018. The next triennial valuation 
is due as at 31 March 2018. 
The IAS 19 valuation of the Amco Pension 
Scheme shows a deficit of £0.5m (2014: surplus 
of £0.6m) after accounting for deferred taxation. 
In 2013, the Board, in conjunction with the 
Trustees of the Amco Scheme, completed a 
buy-in of part of the pensioner liabilities of the 
scheme. This measure, which was completed 
without any further cash contribution to the 
scheme by the Group, has reduced the risks 
associated with those liabilities and, at the 
year end, the annuities purchased represent 
49% of the scheme’s total liabilities.  
Following the triennial valuation of the scheme 
which was carried out as at 31 December 2013, 
the scheme actuary has measured the deficit 
in the scheme to be £2.1m, compared to 
the £2.5m deficit which was recorded at the 
previous valuation. In accordance with the 
scheme specific funding requirements of the 
Pensions Act 2005, the Board has agreed the 
level of future contributions with the Trustees 
of the scheme at £0.3m per annum. This 
recovery plan is projected to eliminate the 
deficit under the Statutory Funding Objective 
of the Pensions Act 2004 by 31 October 2020. 
The next triennial valuation is due as at 
31 December 2016. 
Taxation
The UK tax charge on profit for the year is £2.9m 
(2014: £2.7m). This represents an effective Group 
tax rate of 18.3% (2014: 20.8%). Following the 
sale of Allenbuild Ltd, the Group’s available tax 
losses have been reduced although, due mainly 
to the tax deductibility of pension scheme 
contributions which are not charged to the 
Income statement, the rate of corporation tax 
payable in each of the next few years is expected 
to remain below the headline rate.
Distributable profits
The distributable profits of Renew Holdings plc 
stood at £37.5m (2014: £27.9m) enabling the 
Board to recommend a final dividend of 4.75p 
(2014: 3.5p) per share bringing the total for the 
year to 7.0p (2014: 5.0p), an increase of 40%.
J Samuel
Group Finance Director
24 November 2015
“ The Group’s profitability, together with further improved 
working capital generation, has led to our reporting a cash 
balance of £10.7m (2014: £5.6m) at the year end. ” 14 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Growth built on the continuing 
requirement for asset care
Our markets
Our clients are responsible for keeping many of the country’s key assets operational.  
We provide integrated engineering services to help them achieve continuity of service.
Nuclear
 n The Nuclear Decommissioning Authority (“NDA”) is 
responsible for the clean-up and waste management 
of the UK’s nuclear legacy. The NDA’s expenditure 
continues at approximately £3bn per annum, over half 
of which is allocated to the Sellafield site in Cumbria.
1
 n An estimated investment of around £60bn is expected 
in new nuclear power stations in the UK by 2030 as most 
of the existing fleet of nuclear power stations is retired.
2
Traditional and renewable power 
and gas infrastructure 
 n As demand for energy increases, it is likely that the UK’s 
existing traditional generating assets will continue to require 
investment in long-term maintenance programmes.
 n Demand for renewable energy is expected to increase 
following the government’ s commitment to deliver 15% of the 
UK’ s energy consumption from renewable sources by 2020.
3
 n As part of ongoing improvements to the gas network, 
the UK is currently undertaking a number of essential 
gas network asset replacement programmes. Following 
concerns over iron gas mains safety, the Health and 
Safety Executive has implemented the national Iron 
Mains Risk Reduction Programme to replace gas 
mains within 30m of a building by 2032 or earlier.
4
Water
 n UK water companies, regulated by the Water Services 
Regulation Authority, Ofwat, undertake large-scale 
investment programmes to maintain and renew their 
water and sewerage infrastructure assets. Work on Asset 
Management Programme 6, the next five-year regulatory 
period in the water industry, commenced in April 2015 
and focuses on maximising the efficient use of existing 
assets through integrated solutions. 
 n The UK government made a six-year commitment to invest 
record levels in improving flood and coastal defences 
to 2021.
5
Land remediation
 n The Homes and Communities Agency (“HCA ”) is responsible 
for the disposal of publicly owned land, including former 
industrial land transferred from the previous Regional 
Development Agencies. 
 n The HCA Corporate Plan 2014–2018 includes specific 
targets in relation to the use of such legacy sites and 
funding arrangements to achieve economic growth, 
providing suitable housing stock across the UK and 
stimulating strategic inward investment.
6
Markets Opportunities
 n Strong position at Sellafield with an established long-term 
programme of decommissioning. 
 n Continued spending on existing power assets to plug the 
“energy gap” .
 n HSE 30/30 Gas Iron Mains Replacement Programme and 
long-term frameworks operating for National Grid and SGN.
 n £3.2bn investment programme in AMP6 for Northumbrian 
Water, Wessex Water and Welsh Water.
 n £2.3bn Defra spending plans on coastal and river 
flood risk management.
 n Previous estimates suggest there could be around 300,000 
hectares of land affected by contamination
9
 providing an 
opportunity to meet housing requirements.
Energy Environmental 15 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT
Specialist Building
Rail
 n Demand for rail services is anticipated to grow by more 
than 30% over the next decade. To meet this challenge, 
Network Rail is investing around £38bn over the next 
five years to 2019 (CP5) on running, maintaining 
and improving Britain’s railway, which includes some 
30,000 bridge, tunnel and embankment assets.
7
Wireless telecoms
 n Demand for mobile data could be as much as 45 times 
higher than today by 2030 as the market continues to 
expand, with growth largely driven by the increasing use 
of mobile devices and internet services.
 n As demand for service on the existing mobile network 
infrastructure increases, substantial investment is required 
to add new infrastructure, upgrade existing networks 
and decommission redundant assets. Ofcom set a 2017 
deadline for network operators to provide comprehensive 
2G, 3G and 4G coverage across the country.
8
High Quality Residential
 n The High Quality Residential market in London and the 
Home Counties remains strong with improved visibility. 
We have particular specialist engineering expertise 
in major structural alteration works both above and 
below ground.
 n This market requires knowledge and experience. 
Our strong brand and excellent reputation has been 
developed over many years.
Opportunities
 n Revenue for 2015/16 fully secured.
 n Specialist capabilities in robust market.
Sources
1 Nuclear Decommissioning Authority, Business Plan – financial year beginning 
April 2015 to financial year ending March 2018 (March 2015).
2. HM Government, Industrial Strategy: government and industry in partnership. 
The UK’s Nuclear Future (2013).
3. Department of Energy & Climate Change, UK Renewable Energy Roadmap 
(July 2011).
4. Health and Safety Executive, Enforcement Policy for the iron mains risk reduction 
programme 2013-2021.
5. Department for Environment, Food and Rural Affairs, Reducing the risks of 
flooding and coastal erosion: An investment plan (December 2014).
6. Homes and Communities Agency, Corporate Plan 2014-18 (July 2014).
7. Network Rail Limited, Annual report and accounts 2014 (June 2014).
8. Ofcom, Mobile Data Strategy Statement (May 2014).
9. Environment Agency, Reporting the evidence. Dealing with contaminated land in 
England and Wales (January 2009).
 n
£38bn Network Rail spending plans agreed until March 
2019 (CP5).
 n Increasing wireless capacity to meet consumer demand 
for mobile data, particularly 4G.
Infrastructure 16 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Our business model
Delivering value  
to shareholders
We add value through the management and effective control of 
our subsidiary businesses, delivering capital growth together with 
a progressive dividend policy. 
Delivering value to shareholders...
We improve
We maintain
We renew
Development and delivery 
of our growth strategy
Development of 
long-term positions 
in target markets
Ensuring thorough 
risk management
Ensuring the consistent 
delivery of quality
Ensuring the  
safe delivery of  
our operations
...through our wholly owned subsidiary companies
Directly employed 
workforce
Highly skilled with 
local knowledge
Strong  
relationships
Long-term positions 
with our clients
Robust risk 
management
Effective controls and 
operational framework
Commitment to good 
corporate governance
Group-level committees 
provide control
Underpinned by 17 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT
Ensuring the safe delivery of our operations
Safety remains the Group’s priority. Our safe operations are managed and delivered 
locally by our subsidiary businesses alongside their safety advisors who have specific 
knowledge in the individual environments.
Attention to delivering services safely ensures the continued improvement in our 
accident incidence rate, which has improved by over 90% in the last nine years and 
is materially lower than the industry average.
  Corporate social responsibility 
– p32
Ensuring the consistent delivery of quality
A key factor in our success in our markets is the consistent delivery of quality. The type 
of work the Group undertakes involves a high volume of low-cost tasks throughout 
the UK’s infrastructure networks. 
We are committed to ensuring we consistently deliver quality and our businesses focus 
on maintaining and improving standards in logistics, training, technology, corporate 
social responsibility and in the management of their supply chain. We strive to continue 
to develop and improve our business processes with key initiatives such as our 
aftercare service programmes and supply chain workshops.
 Operational review – p22
Ensuring thorough risk management
Our subsidiary businesses are governed by a system of controls which include 
overarching requirements to adhere to Group minimum standards monitored by internal 
audit processes to ensure compliance. Internal controls include risk management, 
control environment and activities, information and communication and the evaluation 
of effectiveness to deliver robust commercial risk management. 
Regular operational and financial reporting is supported by monthly management 
meetings, attended by a Group Executive member, Executive Management Committee 
meetings and monthly Main Board meetings. 
Each subsidiary business is required to have a management system in place certified 
to ISO:9001.
 Risk management – p21
Development of long-term positions in target markets
We provide integrated engineering services concentrating on supporting the day-to-day 
operational requirements of some of the country’s key infrastructure, where we fulfil a 
high volume of low-cost tasks. Our work covers asset care and maintenance, both planned 
and reactive, as well as emergency repair services under long-term framework agreements.
Our responsive integrated engineering services, and consistent delivery, mean that 
we work on some of the largest frameworks designed to deliver asset care and 
maintenance services fuelled by our clients’ operational expenditure budgets.
 Our markets – p14
Development and delivery of our growth strategy
We focus on developing our engineering services both organically and by acquisition 
where we can broaden our service offering to existing and new clients. Organic growth 
is achieved through the alignment of our operating subsidiaries with their clients’ day-
to-day service requirements on their key infrastructure assets. Our responsiveness 
and ability to provide an integrated solution are differentiators in our markets.
The Group also continues to look for complementary acquisition opportunities where 
businesses have strong relationships in regulated markets.
  Our strategy and KPIs –  
p18 and p20 18 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Delivering our  
growth strategy
Our strategy
To be a key provider 
of Engineering 
Services in our 
target markets
Focus on 
asset support, 
maintenance 
and renewals 
programmes with 
non-discretionary 
funding
Expand our direct 
delivery model 
through strong 
local brands
Establish long-
term relationships 
through 
responsiveness 
to clients’ needs
Continue to 
deliver organic 
growth combined 
with selective 
complementary 
acquisitions
Our strategic priorities
We improve
We maintain
We renew
Since 2006, it has been the Group’s strategy to expand its Engineering Services 
activities both organically and through selective acquisitions.
It is the Group’s ambition to deliver Group revenue in excess of £500m, a Group 
adjusted operating profit margin of 4.5%, and growth in pre-exceptional EPS 
of at least 40% over the 2014 level of 20.8p by 2017.
Our strategic targets for 2017:
£500m Group revenue 
4.5% Group adjusted operating profit
40% growth in adjusted EPS from 2014 base of 20.8p 19 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT
Our strategic priorities
Our strategic priorities Our progress
 n Developed long-term relationships in our 
markets, evidenced by increasing workloads 
and framework extensions.
 n Integrated the skills and capabilities 
associated with the Group’s 2014 
strategic acquisitions.
 n Collaborative working and sharing best 
practice initiatives undertaken. 
 n Continued to develop our strategically 
important client relationships.
 n Developed the range of capabilities we 
offer our clients using skills from across 
the Group’s subsidiary businesses.
Be a key provider of 
Engineering Services in the 
UK’s Energy, Environmental and 
Infrastructure markets
 
 n Worked closely with our clients to 
undertake essential operational renewal 
and maintenance tasks to support the UK’s 
infrastructure assets.
 n Developed as a partner of choice through 
our responsive service.
 n Assisted our clients in the day-to-day 
operation of their assets, ensuring 
long-term continuity of service.
Focus on non-discretionary spend 
in asset support, maintenance 
and renewals programmes
 n Continued to develop our subsidiary 
businesses as strong recognised brands 
within their markets.
 n Invested in our directly employed, 
highly skilled workforce.
 n Built on our businesses’ reputations for 
local knowledge and quality delivery.
Expand our direct delivery 
model through our subsidiary 
businesses’ strong local brands
 n Many of our clients have extended their 
relationship with us during the year where 
our ability to respond quickly proves 
a differentiator .
 n Developed our ability to understand our 
clients’ requirements in the short term, whilst 
delivering their long-term objectives, helping 
us to establish strong working relationships.
 n Continued to closely align our business to 
reflect the requirements of our key clients.
 n Ensured we continue to deliver a high 
quality of service.
Establish long-term relationships 
through responsiveness to 
clients’ needs
 n The Group has seen underlying organic 
growth in its Engineering Services business 
of 22%.
 n The Group continues to develop its position 
as a leading provider of Engineering Services 
in its target markets. 
 n It is the Board’s strategy to continue to 
grow its Engineering Services business 
by seeking out appropriate earnings-
enhancing acquisitions.
Continue to deliver organic 
growth combined with 
selective complementary 
acquisitions 20 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Our KPIs
Key:
Consistently performing 
above expectations
Key performance indicators
The Directors have established a number of key performance indicators 
which they use to measure and monitor the performance of the Group 
in a number of different areas. These measures are set out in the charts 
below. The Engineering Services segment targets have been established 
as part of the Board’s drive to grow both revenue and profitability in that 
segment of the business. The safety record improvement target is set 
annually and achievement of this target is an essential component of the 
bonus scheme for each Director and senior manager within the Group. 
Actual performance
Forecast
4.6
Adjusted Engineering Services operating 
profit as a percentage of revenue*
4.6%
4.3
4.6
13 14 15 16 17
5.0
4.8
Engineering Services revenue 
as a percentage of Group revenue
85%
82 82
13 14 15 16 17
85 85
Adjusted Group operating profit as 
a percentage of revenue*
3.9%
3.5 3.5
13 14 15 16 17
4.5
4.2
3.9
Cumulative reduction in accident incidence 
rate since 2005
92%
92 92
13 14 15 16 17
92 92 92
85
*  Results are shown prior to exceptional items and amortisation charges and exclude the 
results of discontinued operations. 21 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT
Principal risks and uncertainties
This Annual Report contains certain forward looking statements. 
These statements are made by the Directors in good faith, based 
on the information available to them up to the time of approval of 
this report. Actual results may differ to those expressed in such 
statements, depending on a variety of factors. These factors include 
customer acceptance of the Group’s services, levels of demand in 
the market, restrictions to market access, competitive pressure on 
pricing or additional costs, failure to retain or recruit key personnel 
and overall economic conditions.
Principal risks and uncertainties
Risk management
Risk Mitigation and responsibility
Risk management
Audit  
Committee
Remuneration 
Committee
Nominations  
Committee
Board of Directors
 n Contractual conditions which 
exist at the time of contract 
procurement. Should initial 
estimates and judgments be 
incorrect, the actual financial 
outcomes may ultimately differ 
from that which is indicated.
The Group has a system of pre-contract and pre-tender risk assessment whereby senior 
management, including the Executive Directors where appropriate, review and advise on specific 
issues arising in the contract procurement process. In contracting, management is required to 
estimate the total expected costs on a contract and the stage of contract completion in order 
to determine both the revenue and profit to be recognised in an accounting period. The Group 
has control and review procedures in place to monitor, and evaluate regularly, the estimates 
being made to ensure that they are consistent and appropriate. This includes reviewing the 
independent certification of the value of work done, the progress of work against contracted 
timescales and the costs incurred against plan. The Group also seeks to limit its risks by 
specialising in certain markets where it has extensive experience and a particular skills base.
 n Reliance on a relatively small 
number of major customers. 
If the Group was to lose its 
position as a supplier to some 
of these customers then its 
financial position could 
be materially affected.
As the Group has moved progressively into Engineering Services markets it has fewer, larger 
clients. Key clients are Network Rail, Sellafield Ltd, National Grid, Environment Agency, CTIL, 
Northumbrian Water, Wessex Water and Welsh Water. Loss of any of the above could potentially 
affect shareholder value. We mitigate this risk by maintaining strong relationships with our 
clients and by being seen as responsive, innovative and proactive.
 n The Group could be required to 
make substantial payments into 
two closed final salary pension 
schemes in accordance with the 
requirements of the Pensions 
Act 1995.
The Group has taken steps to mitigate this risk by working with the schemes’ Trustees 
to develop liability matching investment strategies. These have included both schemes 
entering into annuity policies which match the liabilities in respect of certain of the schemes’ 
beneficiaries. At 30 September 2015, these policies are equivalent to 30% of the combined 
schemes’ liabilities.
 n The impact of accidents on our 
employees/public, consequential 
impact on contract performance 
and reputational damage.
Safety is managed across Renew by the Safety and Environmental Management Group, which 
co-ordinates activities and liaises with our team of locally based safety advisors. Working as part 
of an overall safety team, our advisors are encouraged to share specialist knowledge and best 
practice from their individual working environments. 
  For more information on safety – p35 22 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Renew remains focused on delivering its 
integrated Engineering Services in the Energy, 
Environmental and Infrastructure markets. We 
work in rail, nuclear, water, wireless telecoms 
and gas providing engineering services nationally 
for high profile clients.
We target opportunities in areas of 
non-discretionary infrastructure spending in 
the UK where markets are often characterised 
by long-term spending programmes established 
to care for key assets.
Our teams undertake a variety of essential 
maintenance and renewal tasks, which 
assist our clients in ensuring continuity of 
service. Our day-to-day maintenance services 
are typically undertaken through long-term 
framework agreements. 
The markets in which we operate have 
high barriers to entry and require a highly 
skilled and experienced workforce. Work is 
undertaken by our strong local subsidiary 
businesses where our market knowledge and 
experience proves a differentiator.
Highlights
 n We remain focused on delivering integrated Engineering Services 
in our chosen markets
 n We support many of the UK’s critical infrastructure assets
 n Our responsiveness to our clients’ requirements proves 
a key differentiator
Clear and focused 
plan for growth
Operational review
We concentrate on developing and extending 
relationships with our key clients across the 
business. Our range of Engineering Services 
capabilities means we are able to offer an 
integrated service adding value to our clients 
in the form of cost savings and risk reduction.
Keeping critical infrastructure including the 
rail network, our water and gas distribution 
network and energy generation assets operational 
is key to the UK and, as such, investment in asset 
care and maintenance has good visibility, often 
for many years. 
P Scott
Engineering Services Director
24 November 2015 23 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT STRATEGIC REPORT
In this section
Energy – p24
Nuclear, traditional and renewable 
power and gas infrastructure
Infrastructure – p28
Rail and wireless telecoms 
delivery infrastructure
Specialist Building – p31
High Quality Residential
Environmental – p26
Water infrastructure 
and land remediation
RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015 23 24 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Nuclear
We deliver a range of integrated Engineering Services to the nuclear industry.  
Our work concentrates on high hazard risk reduction operations, supporting 
the maintenance and decommissioning of operational plant.
We provide engineering support for the 
care and maintenance of operational plant 
associated with waste treatment or 
processing, decommissioning, demolition 
and clean-up of redundant facilities.
We continue to differentiate ourselves 
through the integration of generation, 
grid and decommissioning services.
Capabilities
 n Nuclear operational support and asset care.
 n Critical planned and reactive maintenance 
and renewals.
 n Civil, mechanical and electrical 
engineering services.
 n Nuclear decommissioning.
 n Specialist fabrication and manufacturing.
Our progress in 2015
 n We are strongly positioned across the 
Nuclear Decommissioning Authority’s 
portfolio, on 15 nuclear licensed sites.
 n We remain the largest mechanical, electrical 
and instrumentation employer on site at 
Sellafield, which is allocated over half the 
NDA’s 2015/16 £3bn investment and where 
we have operated for over 70 years.
 n Appointed by Magnox as the sole provider 
on the £30m Electrical, Controls and  
Instrumentation framework, which runs 
to 2019, across 10 UK sites. 
 n At Sellafield, work on the Evaporator D 
project has again grown materially ahead 
of expectation. This increased scope is now 
expected to deliver up to £100m of work 
over the duration of the project.
 n Our position on the Multi Discipline Site 
Works framework has been extended for a 
further two years to early 2017. Operations 
remain focused on the largest scope of work, 
Production Operations Support.
 n Successfully positioned on a new workstream 
to deliver the long-term programme of works 
associated with the Magnox Swarf Storage 
Silo project at Sellafield. 
 n Other Sellafield based framework extensions 
during the year include the Bundling Spares, 
Site Remediation and Decommissioning 
Project and Bulk Sludge Retrievals 
Facility frameworks. 
 n Award of Sellafield’s Resident Engineer’s 
safety award for ‘Outstanding Safety 
Performance’ for a second year . We have 
undertaken over 6 years and 5.5 million man 
hours at Sellafield since a lost time accident.
 n We carried out work at a major nuclear 
waste fuel processing facility at Springfields 
in addition to work on the reactor outage 
at the Heysham Nuclear Power Station.
Our directly employed service teams 
provide long-term maintenance and asset 
renewal support, assisting in the continued 
operation of key infrastructure assets. 
We work across the gas distribution network 
replacing low and medium-pressure gas 
mains. Our directly employed workforce 
repairs, replaces and maintains over 150km 
of gas mains per annum.
Our progress in 2015
 n We operate at 5 of the UK’s traditional power 
stations for clients E.ON, Eggborough Power 
Limited and SSE.
 n Good progress has been made on 
hydroelectric schemes including at Tyn Y 
Waun for Dwr Cymru Welsh Water.
 n We have been reappointed to the 
maintenance framework at Deucheran Hill 
Wind Farm by E.ON.
 n Appointed to undertake the refurbishment 
of the Cuaich Aqueduct on the Tummel 
hydroelectric scheme for SSE.
 n Work continues for tRII0, a strategic partner of 
National Grid, and Southern Gas Networks on 
the 30/30 Iron Mains Replacement Programme 
as well as on the London Medium Pressure 
Strategic Gas Mains Replacement Programme. 
 n Additional frameworks with tRII0 
cover specialist flow stopping, drilling 
and maintenance.
T raditional and renewable power and gas infrastructure
We provide long-term maintenance and asset renewal support at many of the UK’s 
traditional power generation plants through established framework agreements.
Energy
Operational review continued 25 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT STRATEGIC REPORT
25 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015 26 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Water
The Group has extensive expertise in water infrastructure development and maintenance, 
flood alleviation and river and coastal defences.
We partner on frameworks delivering 
improvements to the water infrastructure 
network, where our work includes mains 
replacement, upgrades to the sewer network 
and storm water alleviation schemes. 
Capabilities
 n Operational support and asset care 
to the water industry.
 n Critical, planned and reactive maintenance.
 n Maintaining strategic water mains 
and main drainage.
 n Clean and waste water 
rehabilitation infrastructure.
 n Flood alleviation and attenuation.
 n Port, harbour and sea defences.
Our progress in 2015
 n We continued our long-standing 
relationships with Northumbrian Water, 
Wessex Water and Welsh Water.
 n Awarded Northumbrian Water’s £14m 
per annum AMP6 Sewerage Repairs and 
Maintenance framework where we operate 
as one of two suppliers to 2024.
 n Substantial volumes of work were 
undertaken on the flood prevention 
programmes for Northumbrian Water, 
in addition to our continued involvement 
in trunk mains cleaning.
 n Work continues for Wessex Water on the 
workstream framework, with new awards 
including the AMP6 Minor Civils framework.
 n Environment Agency revenue has doubled 
in the year following the 2014 award 
of the exclusive £10m MEICA framework 
to March 2018 for the Northern region. 
 n Existing Minor Works frameworks with 
the Environment Agency were extended 
for a further two years.
 n We established a position in emergency 
reactive works for Welsh Water in addition to 
the Pressurised Pipelines and the Major Civil 
Engineering frameworks.
 n Our expertise in moving structures was 
enhanced with the completion of the Woolwich 
Ferry Terminal link spans refurbishment 
project for T ransport for London.  
Our in-house capabilities include soil 
washing, biophysical treatment, solidification 
and stabilisation, enhanced segregation 
and geotechnical improvements. Our ability 
to recover up to 100% of soils and excavated 
materials on site can provide a sustainable 
and cost effective solution for our clients.
Capabilities
 n Operational support and asset care 
in the land remediation market.
 n Design of bespoke remediation and ground 
engineering solutions.
 n Combining remediation strategies with 
infrastructure delivery.
 n Soil and groundwater remediation.
Our progress in 2015
 n We continue to operate for National Grid on 
a number of frameworks nationally.
 n New Landfill Engineering framework 
awarded with Viridor for the north of England 
and Scotland.
 n Other frameworks include the Land Quality 
Services framework with Magnox for the 
design and construction of land remediation 
services on decommissioned nuclear power 
generation sites across the UK.
 n Work is currently underway on the SGN 
8 year framework that will generate 
opportunities across Scotland and the South 
East of England until 2021.
Land remediation
Renew is a leading provider of sustainable land remediation services nationwide, with over 
30 years’ expertise in specialist soil and groundwater remediation and associated earthworks. 
Operational review continued
Environmental 27 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT STRATEGIC REPORT
We partner on frameworks delivering improvements to the water infrastructure network 
where work includes mains replacement, upgrades to the sewer network and storm water 
alleviation schemes.
RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015 27 28 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Rail
Our specialist skills and 24/7 emergency response services are delivered nationally by our 
directly employed, multi-skilled local delivery teams.
Our business is structured to deliver 
a high volume of small value tasks 
across the rail network, including civil, 
mechanical and electrical engineering 
and maintenance services in this 
regulated market. 
Our strength lies in our flexibility and 
ability to deliver a variety of integrated 
and sustainable solutions for our 
principal client, Network Rail. 
Capabilities
 n Off-track operational support and asset care.
 n Critical planned, reactive and 24/7 emergency 
maintenance and renewal services.
 n Civil, mechanical and electrical engineering.
 n Asset renewal and refurbishment.
 n Tunnel and shaft refurbishment.
 n
Bridges, structures and earthworks.
 n Moving structures.
Our progress in 2015
 n The Group delivers asset renewal and 
maintenance services nationwide through 
Infrastructure Projects and Asset Management 
support for Network Rail where we are a top 
four infrastructure supplier .
 n We continued to work on the infrastructure 
renewal frameworks for Network Rail 
awarded as part of CP5, which runs to 2019. 
 n Works were undertaken to strengthen 
the Dawlish lower sea wall following our 
successful operation in 2014 to reinstate 
the wall after severe storms. 
 n Further to our work at Dawlish for Network 
Rail we were also appointed to undertake 
a similar coastal line protection scheme at 
Saltcoats in Scotland.
 n Our Network Rail Asset Management 
frameworks have been extended by two 
years to 2017. We carry out infrastructure 
maintenance to bridges, viaducts, tunnels, 
culverts, embankments, level crossings and 
line side structures. 
 n Work on the Asset Management frameworks 
has seen us deliver more than 5,000 individual 
schemes, ranging from minor brickwork 
repairs to major sea defence works. 
 n We continued to develop our relationship 
with Network Rail and are now established 
as the major structures, renewals and 
maintenance contractor in Scotland.
 n Our local delivery teams continue to provide 
a 24 hour emergency response service for 
Network Rail.
 n Our work was recently recognised at the 
2015 National Rail Awards where the LNW 
Asset Management Team received the 
“Maintenance Team of the Year” award.
Operational review continued
Infrastructure 29 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT STRATEGIC REPORT
RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015 29 30 WWW.RENEWHOLDINGS.COM
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Wireless telecoms
We provide engineering services which encompass all  
aspects of wireless telecoms infrastructure delivery. 
We deliver wireless infrastructure 
services for the UK’s cellular network 
operators and major network equipment 
manufacturers. Our services include site 
acquisition and design, construction, 
installation and site optimisation, site 
maintenance and decommissioning.
The wireless telecoms infrastructure 
delivery market has seen major 
corporate M&A activity during the 
year . The market remains attractive as 
demand for 4G mobile internet access 
and communications is outstripping the 
current network capacity. 
Capabilities
 n Operational support and asset care in the 
UK wireless telecoms market.
 n Critical planned and reactive maintenance 
and renewals.
 n Civil, mechanical and electrical engineering.
 n Wireless telecoms installations.
 n Specialist indoor wireless coverage solutions.
 n Temporary cellular network coverage for 
special events.
 n Provision of 2G, 3G, 4G and Wi-Fi technologies.
Our progress in 2015
 n As a leading provider of wireless 
telecoms infrastructure services we remain 
one of the top performing contractors 
with our customers, including Cornerstone 
Telecommunications Infrastructure Ltd and 
Mobile Broadband Network Ltd, joint 
ventures between the network operators 
which support their UK asset portfolios 
carrying the O2, 3, Vodafone and EE networks.
 n Rising consumer demand has seen 
an increasing requirement for additional 
infrastructure, including the upgrade of 
existing networks and the decommissioning 
of redundant assets.
 n We delivered over 40,000 individual tasks 
for our network customers during 2015.
 n Work continues on the 4G upgrade rollout 
of low capacity sites.
 n We continue to work as the sole approved 
service provider on the Ericsson 4G overlay.
 n Work continues to roll out 4G equipment 
to network operators’ main sites in London.
Operational review continued
Infrastructure 31 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT STRATEGIC REPORT
High Quality Residential
Recognised as a market-leading luxury provider of prestigious private residential 
refurbishment projects in London and the Home Counties, we provide major structural 
engineering works which include our specialist skills in extending properties below ground.
The High Quality Residential market 
in London and the Home Counties 
remains strong, with good visibility 
of future opportunities.
Space restrictions in the South and the 
complex nature of the work we undertake 
means this market has high barriers 
to entry with specialist engineering and 
temporary works skills required. 
In-house design and engineering 
capabilities are able to provide 
innovative solutions on projects 
that require extensive underground 
development. Other services include 
design management, planning, traffic 
management and logistics support as 
well as expertise in specialist finishes.
Our progress in 2015
 n We remain focused on the High Quality 
Residential market in London and the 
Home Counties. We are recognised as a 
leading provider with expertise in fit out 
and refurbishment of prestigious private 
residential projects.
 n Our specialist skills in providing extensive 
underground developments saw us 
undertake a range of schemes in the 
year for private clients.
 n We have secured in excess of £85m 
of projects during the financial year.
 n Revenue is fully secured for 2015/16.
Specialist Building 32 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Corporate social responsibility
Committed to our corporate responsibility
Our responsibility to our employees, the communities and environment in which we operate, 
as well as our clients, consultants and supply chain is integral to the work we undertake.
Community engagement and charitable giving 
We recognise the importance of considering 
and engaging with our local communities and 
our businesses are involved in a wide range of 
schemes to support these essential relationships.  
Our community involvement goes beyond 
commercial operations or minimum legal 
requirements. Local community projects provide 
an opportunity to assist communities using our 
skills, time and financial support, ensuring our 
work leaves a lasting positive impact.
Shepley Engineers assists various local 
education, charity organisations and 
fundraising events in Cumbria. Shepley also 
integrates social awareness training into its 
employee development programme, helping 
teams develop an understanding of broader 
community issues. Shepley provides expertise 
and skilled labour alongside direct funding to 
support the local community. 
Working with School Sports Gloucestershire, 
Britannia Construction provides after-school 
sports sessions for 30 children a week. The 
sessions are held at local schools and include 
activities from dodgeball and handball to athletics 
and tag rugby. The sessions, which are free to 
attend, enable some children to get their first 
experience of sports coaching. Britannia also 
supports the Milestone School, a community 
special school that provides around 300 children 
with a wide range of specialist education. 
Clarke Telecom supported local charity Family 
Action through a number of events in the year, 
including a Christmas present appeal, for 
young carers in the local community . Family 
Action is a leading provider of services to 
disadvantaged and socially isolated families.
The team at Walter Lilly, as part of the 
"All Out Africa: Build a Future" project, again 
travelled to Swaziland, Africa, this time to assist 
with the construction of a new Neighbourhood 
Care Point centre. The centre, which is 
now complete, provides local orphaned and 
vulnerable children with food, education and 
clothing. This is the second such visit the team 
from Walter Lilly has made to Swaziland to 
support similar community schemes.
The AMCO East Midlands Rail team, along 
with other Network Rail Infrastructure 
Projects framework partners, chose the 
“Accessibility Derbyshire - Super Sunday” 
charity as their fundraising challenge for 
2015. AMCO arranged various events to help 
raise £10,000 for the fun day, which was held 
in September. The day provided a range of 
adventurous activities, including skywalking, 
canoeing and abseiling, alongside wheelchair 
basketball and other sports for over 500 children 
with additional needs and their families.
In June, a team from VHE successfully completed 
the Yorkshire Classic Cycle Challenge in aid of 
SportsAid, a charity for young children. VHE’s 
team completed the challenging 58-mile route, 
which included over 4,000ft of combined climbs, 
along with 39 other teams in Yorkshire. Earlier 
this year, a team from Lewis Civil Engineering 
undertook a similar challenge, cycling 54 miles in 
aid of Mencap where they raised over £5,000.
Seymour Civil Engineering continues to 
support the Hartlepool and District Hospice 
as a corporate partner. In the year, Seymour 
sponsored two of the Hospice’s flagship 
annual fundraisers: "It’s a Knockout", helping 
with costs as well as planning and recruiting 
teams. In addition, Seymour was official vest 
sponsor for the Hospice’s Great North Run 
team. The two events raised £35,000 and 
followed previous fundraising events, including 
Seymour’s charity ball, which generated over 
£7,000 for patient care at the hospice.
Many other charities were supported during 
the year by our businesses and their employees, 
including Children in Need, Macmillan Cancer 
Support, Cancer Research UK, British Heart 
Foundation, Guide Dogs for the Blind, Royal 
National Lifeboat Institution, Yorkshire Air 
Ambulance, Bradford Toy Library and Resource 
Centre and Ilkley Candlelighters. 33 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT
Environment and sustainability
We are committed to protecting and 
supporting the environment through our 
work. Understanding the environmental 
impact of the schemes we undertake and our 
day-to-day operations is a key consideration 
for our businesses.
It is the Group’s policy to minimise the 
environmental impact of our activities, 
prevent pollution and continually improve 
our environmental performance. We employ 
systems and procedures that ensure 
the Group’s compliance with all relevant 
legislation relating to the environment.
Our commitment in action 
The Group ensures the implementation of its 
environmental policy through an integrated 
Safety and Environmental Management System.
We are continually developing these systems, 
alongside reporting and control procedures, to 
ensure the highest standards of compliance. 
These systems are accredited to the industry 
standard ISO:14001. 
Using a mixed programme of training 
and awareness for both employees and 
subcontractors, we encourage the adoption of 
sound environmental understanding and practice. 
We manage our supply chain to encourage 
suppliers to minimise the use of materials, energy 
or processes which may impact the environment.
Our businesses work to identify areas of 
environmental impact and develop programmes 
to reduce these effects. These include the 
implementation of site-specific health, safety 
and environmental plans. During 2015 we 
focused on the reduction of carbon emissions 
and the promotion of more sustainable 
development by conserving energy, materials 
and resources, minimising consumption, and 
maximising efficiency through the effective 
management of waste. Initiatives included 
waste management plans on projects and the 
promotion of recycling and reuse of materials.
Innovative working practices are employed 
across our businesses, including employing 
energy reduction technology and remediation 
techniques. Schemes also include the 
assessment of subcontractors, where 
performance against environmental targets 
is measured.
During the year Renew registered with the 
Energy Saving Opportunity Scheme (“ESOS”)
which is designed to assist companies in 
planning for long-term reduction in energy use.
We work with industry bodies, business 
partners and other organisations to promote 
environmental care, increase our knowledge 
and share best practice within our business.
How we ensure compliance
Our businesses ensure effective 
management of environmental 
issues through:
 n Control of relevant documentation.
 n Management of environmental 
supply chain.
 n Inclusion of sustainability principles 
in any design, procurement and 
operational activities.
 n Environmental performance 
monitoring through audit and review.
 n Provision of training opportunities for our 
employees and those who work with us.
 n The dissemination of information, 
including legal requirements, 
procedures, statistics, reference 
material, relevant experience 
and audit recommendations.
 n Environmental incident investigation.
Our businesses are supported by their 
health, safety and environmental advisors. 34 WWW.RENEWHOLDINGS.COM
STRATEGIC REPORT
Corporate social responsibility continued
Employment and training
Our businesses understand the value of providing 
the right training and employment opportunities. 
Many schemes exist across the Group, which 
include apprenticeships, scholarships, work 
experience and management training programmes. 
Our businesses also work in partnership with 
schools and colleges to offer work opportunities 
within their local communities.
Our employment and training 
opportunities
Recognising the need for continued 
investment in traditional electrical and 
mechanical engineering skills, AMCO extended 
their craft apprenticeship training programme 
in the year. AMCO has also been involved 
with Network Rail’s Infrastructure Projects 
Alliance Team to inform school students about 
new bridge installations on the rail network. 
The event involved students from schools in 
Loughborough working through the process of 
planning and delivering a new railway bridge.
Shepley Engineers facilitates the progression 
of school leavers into the industry by supporting 
schools through work placements and job 
experience opportunities. Apprentices and 
trainees are mentored through their learning 
experience with the business as part of their 
placement. Shepley also participates in their 
local Business Cluster, which co-ordinates 
business engagement with education providers.
VHE continues its long tradition of providing 
vocational training with the placement of 
four students during 2015. The students will 
be supported to develop practical knowledge 
and on the job training during their year-long 
involvement with VHE’s site teams.
Walter Lilly continues its 18-year programme 
of sponsoring students from Loughborough 
University in disciplines such as construction 
management, quantity surveying and design 
management. Walter Lilly also provides work 
experience opportunities for Year 11 and 12 
pupils from local schools.
Seymour continues to work alongside St. Hild’s 
School, Hartlepool College and Construction 
Skills supporting pupils and staff through their 
placement scheme.
Britannia Construction, Clarke Telecom and 
VHE employees are supported with ongoing 
programmes of formal training to develop industry 
skills in addition to specialist equipment training.
Awards
Royal Society for the Prevention of 
Accidents (“RoSPA”)
Our businesses have been recognised at 
the RoSPA annual Occupational Health 
and Safety Awards. At this year’s awards, 
Shepley Engineers received an ‘Order of 
Distinction’ , VHE was again awarded a 
President’s Award, Britannia received a 
sixth consecutive Gold Medal Award and 
Lewis Civil Engineering received a Gold 
Medal on its first award application.
Other awards
 n AMCO Rail’s LNW Asset Management 
team won ‘Maintenance Team of the Year 
2015’ at the National Rail Awards.
 n AMCO Rail were awarded the Brunel 
Medal at the Institute of Civil Engineers 
(“ICE”) South West annual awards for the 
Dawlish sea wall emergency works.
 n AMCO Rail were awarded Civil 
Engineering Contractors Association 
(“CECA”) 2014 Yorkshire & Humberside 
‘Linda Grant’ Health & Safety Award for 
the Standedge Tunnel Ventilation Shafts 
Refurbishment scheme.
 n The Belford Flood Alleviation Scheme, 
carried out by AMCO Engineering and 
VHE for the Environment Agency, won the 
ICE North East 2015 Robert Stephenson 
Award in the small project category. 
 n Shepley Engineers were awarded the 
2015 Sellafield Resident Engineer’s 
Safety Award for a second year.
 n Seymour Civil Engineering’s Megstone 
Avenue Flood Alleviation Scheme for 
Northumbrian Water was commended at 
the ICE North East Robert Stephenson 
Civil Engineering Awards 2015 in the 
small project category.
 n VHE, as part of the team working on the 
Shawfield Regeneration Project for Clyde 
Gateway, received a Highly Commended 
Award in the sustainability category at 
the 2015 Ground Engineering Awards.
 n Lewis Civil Engineering achieved Bronze 
Accreditation at the Fleet Operator 
Recognition Scheme (“FORS”) during 
2015.
 n Clarke Telecom won a British Safety 
Council International Safety Award for 
2015. 35 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
STRATEGIC REPORT
This Strategic Report was approved by the 
Board on 24 November 2015 and is signed 
on its behalf by:
B W May
Chief Executive
24 November 2015
Safety
It remains the Group’s priority to provide a safe 
working environment for all its employees and 
those who work with us.
Safety is managed across Renew’s 
subsidiary businesses by the Safety and 
Environmental Management Group which 
co-ordinates activities and liaises with our 
team of locally based construction managers 
and safety advisors. 
The Group’s safety advisors are encouraged 
to share specialist knowledge and best 
practice from their individual, often unique, 
working environments.
One of the most challenging areas the Group 
operates in is the nuclear environment. We 
have completed over 6 years and 5.5 million 
man hours of operations at the Sellafield 
Site in Cumbria since a lost time accident. 
Our safety achievement was recognised by 
Sellafield with the Resident Engineer’s Safety 
Award for the second year running recognising 
“Outstanding Safety Performance” .
Elsewhere we have undertaken 12 years at 
Magnox sites in the UK and 16 years on E.ON 
UK sites without a lost time accident.
Our businesses are committed to the continual 
improvement of the Group’s safety profile. 
A reduction in the number of accidents and 
incidents is achieved through the use of safety 
awareness campaigns, training opportunities 
and workshops. The Renew Group is proud to 
have recorded another year where our accident 
incidence rate is materially lower than the 
industry average. 
Safety improvement programmes support the 
development of our safe working culture and 
encourage open discussion within the business. 
The changing nature of the work the Group 
undertakes, and an increase in smaller teams 
working remotely, is reflected in the increasing 
use of behavioural safety training during the year .
Initiatives which help to identify where 
improvements can be achieved include cross-
business inspections and audits, supplier 
safety forums, monitoring of sites and annual 
business safety awards.
Our businesses undertake a range of internal 
educational programmes designed to reflect 
the industries in which we operate; these 
include safety workshops and campaigns 
such as "You said, we did".
Working closely with our clients, we develop 
a consistent approach to our safety 
awareness programmes. 
Many of our businesses continue to be 
accredited and approved with various health 
and safety schemes, including the Contractors 
Health and Safety Assessment Scheme, 
ConstructionOnline and Safecontractor. 36
CORPORATE GOVERNANCE
WWW.RENEWHOLDINGS.COM
Directors’ report
The Directors present their report and the audited accounts for the year ended 30 September 2015. 
Principal activities 
For the year ended 30 September 2015 the principal activity of the Group was as contractors in Engineering Services and Specialist Building. 
The main activities are carried out in the United Kingdom with some development activities in the USA. More details of these activities, the 
year’s trading and future developments are contained in the Chairman’s statement, the Chief Executive’s review, the Strategic report and 
the Financial review. A list of the Group’s subsidiaries as at 30 September 2015 is listed in Note S to the Company’s financial statements. 
Results and dividends 
The Group profit for the year after accounting for discontinued operations was £5,905,000 (2014: £5,182,000). The Directors recommend 
the payment of a final dividend on the Ordinary Shares of 4.75p (2014: 3.50p) giving a total for the year of 7.0p (2014: 5.0p). 
Business review 
Information that fulfils the business review requirements applicable to the Group can be found in this report, the Chief Executive’s review and 
the Strategic report. 
Derivatives and other financial instruments 
The Group’s principal financial instruments comprise bank loans, cash and short-term deposits and obligations under finance leases. 
The main purpose of these financial instruments is to provide finance for the Group’s operations. The Group has various other financial 
instruments such as trade receivables and trade payables that arise directly from its operations. It is, and has been throughout the period 
under review, the Group’s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Group’s 
financial instruments are interest rate risk, liquidity risk, credit risk and foreign currency risk. 
Interest rate risk 
Interest bearing assets comprise cash and bank deposits and earn interest at floating rates. The Group’s bank loan and overdraft facility 
bear interest at floating rates. 
Liquidity risk 
The Group’s policy is to ensure availability of operating funds by maintaining an appropriate cash balance in both current and deposit 
accounts and, when necessary, to establish appropriate levels of borrowing facilities to provide short-term flexibility. 
Foreign currency risk 
As a result of the investment in operations in the United States, movements in the US dollar/sterling exchange rate could materially affect 
the Group’s and the Company’s balance sheet. As at 30 September 2015, £4,233,000 (2014: £3,868,000) of the Group’s net assets are 
denominated in US dollars. The Group does not use derivative financial instruments in its management of foreign currency risk. 
Credit risk 
The Group’s principal financial assets are bank balances, cash, amounts recoverable on contracts and trade receivables, which represent 
the Group’s maximum exposure to credit risk in relation to financial assets. 
The Group’s credit risk is primarily attributable to its amounts recoverable on contracts and trade receivables. 
Credit risk is managed by monitoring the aggregate amount and duration of exposure to any one customer depending upon their credit rating. 
The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by the Group’s management based on prior 
experience and their assessment of the current economic environment. 
Payment of creditors 
The Group recognises the importance of good relationships with its suppliers and subcontractors and has established the following payment 
policy: 
(a) agree payment terms in advance of any commitment being entered into; 
(b) ensure suppliers are made aware of these terms by inclusion of the terms of payment on the order or contract; and 
(c)  ensure that payments are made in accordance with the terms of the contract or order providing that the presented documentation is 
complete and accurate.
Employees 
The Directors recognise the need for communication with employees at every level. All employees have access to a copy of the Annual Report 
and Accounts which, together with staff briefings, internal notice-board statements and newsletters, keeps them informed of the Group’s 
progress. The Group produces a quarterly in-house publication, Renews, which provides information to its employees about the activities 
and performance of the Group. 
The Group continues to be committed to the health, safety and welfare of its employees and to observe the terms of the Health and Safety 
at Work Act 1974, and all other relevant regulatory and legislative requirements. 37
CORPORATE GOVERNANCE
RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
Employees continued
It is the policy of the Group that there shall be no discrimination or less favourable treatment of employees, workers or job applicants in 
respect of race, colour, ethnic or national origins, religious beliefs, sex, sexual orientation, disability, political beliefs, age or marital status. 
Full consideration will be given to suitable applications for employment from disabled persons, where they have the necessary abilities 
and skills for that position, and wherever possible the Company will retrain employees who become disabled, so that they can continue 
their employment in another position. The Group engages, promotes and trains staff on the basis of their capabilities, qualifications 
and experience, without discrimination, giving all employees an equal opportunity to progress. 
Health and safety management 
B W May continues as the designated Board Director of Health and Safety with Group responsibility for safety and environmental management. 
Health, safety and environmental management issues and reports are reviewed at every Group Board meeting with the Head of Department 
in attendance when necessary. 
The Executive Management Committee, chaired by the Chief Executive, discusses and progresses policy, legislative changes, best practice, 
training needs, inspections, audits (internal and external), performance measurement and statistical information. All topics are discussed 
with a specific focus on improvement. 
Control at business level remains with subsidiary Managing Directors who are required to appoint a Director who is responsible for safety 
and environmental matters. Health, safety and environmental issues are discussed as the first agenda item at monthly Board meetings. 
Each business safety and environmental meeting encourages open communication between all employees and is a key part of the Group’s 
efforts to gather and disseminate good practice for inclusion in business-based management systems. Our safety and environmental 
standards are contained within bespoke business Safety and Environmental Management Systems. This system is based on Group activities 
and provides specific standards, procedures, information, forms and advice which accommodate changes in legislation expected during the 
coming financial year. Management advice is provided by the Group Health, Safety and Environmental Department consisting of the Group 
Health, Safety and Environmental Director, an administrator and regional Group Safety and Environmental advisors. 
Certain Group companies employ their own specialist advisors who liaise directly with the Group Health, Safety and Environmental (“HSE”) 
Director on common issues. The Group maintains its membership with the Royal Society for the Prevention of Accidents and locally based 
construction safety groups. All safety and environmental department personnel hold membership with the Institution of Occupational Safety 
and Health. Attendance on the five-day Construction Industry Training Board Site Safety Management Training Scheme continues to be a 
requirement for all construction management personnel, with a two-day refresher required every five years. A one-day Directors and Senior 
Managers course is available internally and is used to introduce new systems and detail changes to construction legislation. Short duration 
‘tool box talks’ and ‘safety briefings’ are used to enhance the knowledge and competence of supervisory management. 
Group policy requires each business to report and record all injuries, diseases and dangerous occurrences, regardless of severity. An incident 
database is maintained to collate this information and provide statistical data allowing performance to be measured and to determine system 
amendments and future training requirements. A system of Safety and Environmental Alerts ensures lessons learnt and changes to working 
practices are rapidly transmitted to our workforce, businesses and their contractors. The Accident Incidence Rate (“AIR”) for the year ended 
30 September 2015, measured on the standard base line of 100,000 persons at work, is a key area where the Group measures its performance. 
Corporate social responsibility and the environment 
The Group’s Corporate social responsibility report, which includes its report on the environment, is on pages 32 to 35. 
Directors 
The Directors of the Company who served throughout the year and their brief biographical details are set out below. 
Non-executive Directors 
John Bishop – Director, 70, was appointed to the Board as a non-executive Director in October 2006. He is a Chartered Accountant with over 
20 years’ PLC experience at main board level. Before retiring in 2005, John spent twelve years at Morgan Sindall Plc as development director 
and latterly as finance director. 
David Forbes – Director, 55, was appointed to the Board as a non-executive Director in June 2011. He qualified as a Chartered Accountant 
in 1984 and has over 20 years’ experience in corporate advisory services with N M Rothschild & Son Limited. He is non-executive chairman 
of entu (UK) plc and a non-executive director of Boohoo.com plc. 
Roy Harrison OBE – Director, 68, was appointed to the Board as a non-executive Director in November 2003. Subsequently, he was appointed 
Executive Chairman in March 2004, reverting to non-executive Chairman with effect from 1 October 2005. He is a non-executive director of 
Fox Marble Holdings plc. He is a former chief executive of the Tarmac Group, a former director of BSS Group PLC and has a number of investing 
director positions in private construction materials companies. He is governor and chairman of a number of City Academies.  38
CORPORATE GOVERNANCE
WWW.RENEWHOLDINGS.COM
Directors’ report continued
Executive Directors 
Brian May – Director, 64, was appointed to the Board as Chief Executive Officer in June 2005. He is a Chartered Civil Engineer. He progressed 
his career in Tarmac, subsequently holding a number of senior positions in Mowlem plc before becoming chief executive of Laing Construction plc 
and more latterly HBG Construction Ltd. He is a non-executive director of RTC Group Plc.
Paul Scott – Director, 51, was appointed to the Board as Engineering Services Director on 21 July 2014. Paul has been with the Group for 
sixteen years, serving as managing director of Shepley Engineers Limited for seven years before taking up his current position in July 2013 
prior to joining the Board. 
John Samuel – Director, 59, joined the Board in May 2006 as Group Finance Director. He was previously group finance director at Filtronic plc 
from 1991 until 2004 and subsequently chief financial officer of Zetex plc from July 2004 until February 2006. He qualified as a Chartered 
Accountant in 1981 with Deloitte, Haskins and Sells before serving as a partner with Baker Tilly from 1987 until 1991. 
An organogram with the Directors’ areas of responsibility can be found on the Company’s website: www.renewholdings.com. 
Roy Harrison OBE and David Forbes retire by rotation at the 2016 Annual General Meeting and will offer themselves for reappointment. 
The Board recommends their reappointment as it considers that they continue to perform their roles well and bring considerable strategic, 
financial and management experience to the Group’s business. 
The Articles of Association provide that each Director shall be indemnified by the Company against losses, costs and expenses he may sustain 
or incur in connection with the performance of his duties of office, to the fullest extent permitted by law. The Company has purchased and 
maintained throughout the year directors’ and officers’ liability insurance in respect of its Directors. 
Directors’ interests 
The beneficial interests of the Directors (and their immediate family members) in the shares of the Company and options for shares are set 
out on pages 41 and 42. No Director has any interest in any other Group company. Details of the Directors’ remuneration and service 
contracts appear on pages 40 and 41. 
Disclosable interests 
As at 20 November 2015, the Company has been notified of the following disclosable interests in the voting rights of the Company: 
Number
of Ordinary
shares
Percentage
of issued
share capital
Octopus Investments Nominees Limited 9,574,560 15.46% 
Hargreave Hale Limited 7,597,364 12.27% 
Investec Wealth & Investment Limited 3,773,606 6.09%
Brewin Dolphin Limited 2,800,783 4.52% 
Share capital
As at the date of this report, the total number of shares in issue (being Ordinary shares of 10p each) is 61,917,948. 
During the year, the Company has not bought back any of its own shares. 400,000 new Ordinary shares of 10p each were issued at 271.72p 
during the year to satisfy the exercise of share options. 
Disclosure of information to the auditor 
The Directors who held office at the date of approval of this Directors’ report confirm the following: 
n n so far as each Director is aware, there is no relevant audit information of which the Group’s auditor is unaware; and 
n n each Director has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit 
information and to establish that the Group’s auditor is aware of that information. 
Auditor 
Resolutions will be proposed at the forthcoming AGM to reappoint KPMG LLP as auditor to the Group and to authorise the Directors to 
determine their remuneration. 
Approval 
The Board approved the Directors’ report on 24 November 2015. 
By order of the Board 
J Samuel FCA
Company Secretary
24 November 2015
Company number: 650447 39
CORPORATE GOVERNANCE
RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
The Directors present the Directors’ remuneration report (the “Remuneration Report”) for the financial year ended 30 September 2015. 
As an AIM-listed company, Renew is not required to prepare this Remuneration Report in accordance with the Directors’ Remuneration 
Report Regulations 2002 or the Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 
(together “the Regulations”). However, the Directors recognise the importance, and support the principles, of the Regulations and seek 
to follow them to the extent considered relevant for an AIM-listed company. The Remuneration Committee will continue to monitor market 
practice to ensure that, in future, this report will include disclosures at least as good as market practice for AIM companies. The auditor is 
not required to report to the shareholders on the Remuneration Report. 
The Board consults with major shareholders when any significant change in the structure or scale of Directors’ remuneration is being considered 
and will continue to do so. No material matters have been raised by shareholders relating to Directors’ remuneration during the year. 
At the last general meeting, votes on the advisory resolution relating to the Remuneration Report were cast as follows: 
In favour   – 17,740,557 (99.3 per cent) 
Against   – 128,421 (0.7 per cent) 
Total votes cast – 17,868,978 (100 per cent) 
Remuneration Committee 
On his appointment as a Director on 1 June 2011, D M Forbes assumed the Chairmanship of the Remuneration Committee, which also 
comprises R J Harrison and J Bishop. The Committee held four meetings during the financial year to discuss remuneration arrangements. 
The Remuneration Committee’s terms of reference include: 
(a)  to determine and agree with the Board the framework and policy for the remuneration packages, including bonuses, incentive payments 
and share options or share awards of the Executive Directors and members of the Executive Management; 
(b)  to review and approve the design of all share incentive plans and performance related pay schemes for approval by the Board 
and shareholders, as applicable; 
(c) to determine targets and awards made under share incentive plans and performance related pay schemes; 
(d)  to determine the policy for, and scope of, pension arrangements for each Executive Director and other senior executives; and 
(e)  to ensure contractual terms and payments made on termination are fair to the individual and the Company and that failure is not rewarded. 
Non-executive Directors do not have any personal interest in the matters to be decided by the Committee other than as shareholders, nor any 
potential conflicts of interest arising from cross-directorships and no day-to-day involvement in the running of the Company. The Executive 
Directors and other senior personnel may be invited to attend meetings when appropriate to provide advice. However, no Director is present 
or takes part in discussions concerning his own remuneration. 
Remuneration policy 
The Company’s remuneration policy is that the remuneration packages of the Executive Directors should be sufficiently competitive to 
attract, retain and motivate those Directors to achieve the Company’s objectives, without making excessive payments. The remuneration and 
employment terms of the Executive Directors are determined by the Committee by comparison with salaries paid and terms agreed with 
directors in similar companies in the same sector and of a similar size and after a review of the performance of the individual. 
It is the aim of the Committee to reward Executive Directors competitively and on the broad principle that they should be in the range of the 
median to upper quartile of remuneration paid to senior management of comparable public companies. For guidance, the Committee refers 
to published survey data. The Board determines the terms and conditions of non-executive Directors. 
There are four main elements to the remuneration packages of the Executive Directors and other senior executives: 
n n basic salary and benefits; 
n n annual bonus awards; 
n n long-term equity incentive plans; and 
n n pension arrangements. 
Basic salary and benefits 
Basic salaries are reviewed annually by the Remuneration Committee, and adjusted where the Committee believes that adjustments 
are appropriate to reflect performance, changed responsibilities and/or market conditions. 
Other benefits for Executive Directors include car allowances and certain medical cover for Directors and their immediate family. 
The Company also has a permanent health insurance policy to provide cover for the Executive Directors.
Annual bonus awards 
It is the Company’s policy to provide a bonus incentive scheme for Directors and senior executives of the operating companies, linked directly 
to the performance of the businesses for which they are responsible. In the case of Executive Directors, these relate to the performance of 
the Group as a whole. All performance criteria are subject to approval by the Remuneration Committee at the beginning of a year and all 
payments are made only when approved by the Remuneration Committee. 
Details of the annual bonus scheme for the year under review and the following year are set out below.
Directors’ remuneration report 40
CORPORATE GOVERNANCE
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Directors’ remuneration report continued
Remuneration policy continued
Long-term equity incentive plans 
The Remuneration Committee implemented a new long-term incentive plan (“LTIP”) which was approved at an Extraordinary General Meeting 
(“EGM”) held on 25 January 2012. The LTIP has been designed so as to comply with ABI guidelines in all material respects and to align a material 
part of a Director’s remuneration more closely with shareholders. 
The performance criteria to be achieved by the Company in respect of the LTIP are as follows: 
Vesting of one half of the options is dependent on absolute growth in the Company’s Total Shareholder Return (“TSR”), and the other half is 
dependent on the Company’s TSR performance as compared to the TSR achieved by other companies in a comparator group of companies 
selected by the Remuneration Committee. All TSR calculations are based on the average of the opening and closing share price over a 30-day 
period prior to the commencement and end of the performance period. 
The absolute TSR growth target requires the Company’s TSR over the three-year performance period to have grown by more than 25 per cent. 
For TSR growth between 25 per cent and 100 per cent, the half of the option which is subject to the absolute TSR growth target vests on 
a straight-line basis from nil vesting at 25 per cent growth, to 100 per cent vesting at 100 per cent growth. There is no vesting if TSR growth 
is 25 per cent or less. 
In the event of a material correction of any accounts of the Company used to assess satisfaction of any performance conditions, or in the 
event of a participant’s gross misconduct, options may be reduced, adjusted or cancelled as determined by the Remuneration Committee. 
To the extent that options have already been exercised, the Remuneration Committee may (having considered all the circumstances) require 
the participant to return any shares received, or the amounts of any proceeds of the sale of such shares (net of tax). 
The Renew Holdings plc Executive Share Option Scheme (“ESOS”) and the Renew Holdings plc Savings Related Share Option Scheme were 
approved at an EGM held on 11 March 2004. There are 41,956 options outstanding under the ESOS. The Remuneration Committee does not 
currently intend to grant any further options under the Renew Holdings plc Savings Related Share Option Scheme. 
The Company’s policy to grant options or awards under the above schemes is at the Remuneration Committee’s discretion as and when 
considered appropriate. 
As set out above, it is the Group’s policy that the Executive Directors should be rewarded in the range of the median to upper quartile of the 
remuneration paid to directors of comparable public companies. During the year a review was carried out which highlighted that the LTIP 
individual participation limit, previously set at 100 per cent of basic salary, was below the equivalent limit of comparable public companies. 
Accordingly, the Remuneration Committee is proposing that the individual participation limit is increased from 100 per cent to 150 per cent 
of basic salary per financial year and is seeking the approval of shareholders at the forthcoming Annual General Meeting for this increase. It 
is the current intention of the Remuneration Committee to make awards at 150 per cent of salary only in exceptional circumstances.
It is also intended to make certain changes to the rules of the LTIP scheme to provide extra flexibility in the mechanics of settling future LTIP awards. In 
particular, it is proposed that the Remuneration Committee will be able to grant options over Ordinary Shares with an exercise price equal to their 
nominal value (10p per share) in addition to the existing power to grant nil cost options. This will simplify the mechanics of settlement, reducing costs to 
the Company and reducing financial risk to the participants. All LTIP options will continue to have the vesting criteria previously identified. 
It is also proposed that the Company will have the ability, but not the obligation, of providing a cash alternative to participants equal to the net 
benefit of their LTIP option. Again this proposal, whilst not changing the benefit to the participants, will simplify the settlement process, reducing 
complexity and cost to the Company, reducing risk and complexity to the participant and reducing dilution to the shareholders, all whilst preserving 
the overall economic effect of the LTIP award. A further resolution to make the necessary changes to the LTIP rules to achieve the flexibility of being 
able to grant nominal value (10p per share) options and to provide a cash alternative will be proposed at the 2016 Annual General Meeting.
Remuneration for the year ended 30 September 2015
Service contracts and letters of appointment 
The Company’s policy is for all of the Executive Directors to have twelve month rolling service contracts that provide for a twelve month notice period. 
The fees of non-executive Directors are determined by the full Board within the limits set out in the Articles of Association. The non-executive 
Directors are not eligible for bonuses, pension benefits, share options or other benefits. The Directors are indemnified to the full extent 
permitted by statute under the Articles of Association. All non-executive Directors are subject to re-election every three years. 
The service contracts of the Directors, who served during the year ended 30 September 2015, include the following terms: 
Directors Executive/non-executive Date of contract Unexpired term Notice period (months)
R J Harrison Non-executive 1 February 2009 Rolling one month 1 
J Bishop Non-executive 1 September 2008 Rolling one month 1 
D M Forbes Non-executive 1 June 2011 Rolling one month 1 
B W May Executive 20 June 2005 Rolling one year 12 
P Scott Executive 1 July 2014 Rolling one year 12 
J Samuel Executive 17 May 2006 Rolling one year 12 41
CORPORATE GOVERNANCE
RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
Directors’ remuneration
Information is provided below for Directors who served during the financial year and as at 30 September 2015: 
Notes
Salary/fees
 £000
Bonuses
 £000
L TIP
 £000
Pension
 £000
Benefits
 £000
Total emoluments
2015
£000
Total emoluments
2014
£000
Executive Directors
B W May 1,2,3,5,6 313 177 650 — 73 1,213 677
P Scott 2,4,5,7 195 117 — 47 13 372 62
J Samuel 2,3,5,6 241 136 433 — 56 866 522
2,451 1,261
Non-executive Directors
R J Harrison 60 — — — — 60 58
J Bishop 33 — — — — 33 31
D M Forbes 33 — — — — 33 31
2,577 1,381
Notes:
1. The highest paid Director for 2015 and 2014 was B W May who received emoluments of £1,213,000 (2014: £677,000). 
2.  Bonuses were earned by B W May, P Scott and J Samuel during the current financial year and will be paid in the year ending 30 September 2016. 
3. Details of the LTIP options exercised during the year can be found below.
4.  Pension cost includes 15 per cent Company pension contributions combined with employee pension contributions under a salary sacrifice arrangement 
which are paid into a personal pension plan.
5. Benefits include car allowances and certain medical cover for the Director and his immediate family. 
6.  B W May and J Samuel received payments amounting to 15 per cent of their basic salary in lieu of Company pension contributions. These were paid through 
payroll and taxed as salary and are included in Benefits above. 
7.  P Scott was appointed as a Director with effect from 1 July 2014 and so the emoluments shown above for 2014 represent the three-month period ended 
30 September 2014. 
Annual bonus awards
The Company provides a bonus incentive scheme for Executive Directors linked to the performance of the Group. 
At the beginning of each year, the Remuneration Committee agrees targets for operating profit before exceptional items for the Group. If the 
Group meets those targets then the Executive Directors receive an annual bonus equal to 50 per cent of their salary. The level of over and 
under performance causes the level of annual bonus to vary on a straight line basis, with the maximum bonus of 100 per cent of salary being 
paid if the performance exceeds the target by 30 per cent with no bonus being payable if performance is 50 per cent or more below target. 
The Remuneration Committee makes such adjustments to the target and/or results to remove distortions such as acquisitions and disposals 
during the year and other items as they believe are necessary.
At the beginning of the year ended 30 September 2015, the Remuneration Committee agreed a target for operating profit before exceptional 
items for the Group based on the structure of the Group on that date of £19,600,000. The operating profit before exceptional items for the 
Group, adjusted to remove distortions caused by acquisitions and disposals during the year, exceeded the set target by approximately 4  per cent. 
Accordingly, under the terms of the scheme, the Executive Directors are entitled to receive an annual bonus equal to 56.6 per cent of salary. 
Long-term equity incentive plans 
The market price of the Company’s shares at 30 September 2015 was 324.875p and the range of market prices during the year was between 
240.5p and 343.5p. 
Information is provided below for Directors who served during the financial year and as at 30 September 2015: 
Directors’ share options 
Pursuant to the LTIP and the ESOS, the Board has granted options to the Executive Directors as set out in the following table. 
The LTIP options are exercisable at a nominal cost but are only exercisable to the extent that certain performance criteria are achieved by the 
Company over a three-year performance period. 
The ESOS options, which have an exercise price of 286p per share, are solely used to allow beneficiaries to take advantage of the approved nature of 
the ESOS for a limited proportion of the LTIP award. The same performance criteria apply to the ESOS options, which cannot be exercised until the 
same date as the related LTIP options. To the extent that there is a gain arising on the ESOS options at the date of exercise, the option holder will 
forfeit LTIP options to the same value immediately.
Number of Ordinary Shares under option
Exercisable between
21 December 2015 &
20 December 2022
Exercisable between
3 January 2017 &
2 January 2024
Exercisable between
8 January 2018 &
7 January 2025
L TIP options
B W May 228,560 140,647 109,000
P Scott 60,000
J Samuel 171,440 112,518 84,000 42
CORPORATE GOVERNANCE
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Directors’ remuneration report continued
Directors’ remuneration continued
Directors’ share options continued
Number of Ordinary shares under option
Exercisable between
8 January 2018 &
7 January 2025
ESOS options
B W May 10,489
P Scott 10,489
J Samuel 10,489
Performance criteria for the vesting of the share options under the LTIP are set out in the Remuneration Policy above and in Note 20 to the Accounts. 
During the year, all of the options granted on 2 March 2012, amounting to 400,000 shares in aggregate, vested in accordance with their 
vesting conditions. These options were subsequently exercised on 25 March 2015 and 240,000 shares were issued to B W May and 160,000 
shares to J Samuel at 271.72p per share. This level of vesting reflects the substantial rise in share price and total shareholder return during 
the vesting period.
Directors’ pension information
No Director has pension entitlements under the Company’s defined benefit pension scheme arrangements. The Group has established 
individual stakeholder plans for each employee who elects to join into which the Group makes contributions; B W May and J Samuel receive 
a sum equivalent to 15 per cent of their basic salary in lieu of pension contributions from the Company. The Company pays 15 per cent 
of P Scott’s basic salary into his personal pension scheme. 
Following the adoption of new Articles of Association at the AGM on 28 January 2009, the restriction on the retirement age of the 
Executive Directors was removed. 
Directors’ share interests
Those Directors serving at the end of the year and their immediate families had interests in the share capital of the Company 
at 30 September 2015 as follows: 
Ordinary Shares of 10p each
30 September 2015 30 September 2014
R J Harrison OBE 150,000 150,000
J Bishop 11,890 10,000
D M Forbes 20,000 20,000
B W May 584,193 584,193
P Scott 5,000 —
J Samuel 240,548 240,548
Remuneration for the year ending 30 September 2016
Basic salary and benefits
The basic salaries of B W May, J Samuel and P Scott have increased by 3.0 per cent to £323,000, £248,000 and £213,000, respectively, 
with effect from 1 October 2015. The level of increase is very closely aligned to the average annual pay award across the Group as a whole, 
excluding rises for promotions or other changes in responsibility. 
There have been no material changes in the benefits which the Directors are entitled to receive. 
Annual bonus awards 
The annual bonus scheme for the year ending 30 September 2016 has been agreed. The structure of the scheme is similar to the scheme for the 
previous year as set out above, in all material respects (except for the targets). Executive Directors will therefore be entitled to receive a bonus 
of 50 per cent of their basic salary if the Group achieves target operating profit and a maximum of 100 per cent of their basic salary if the Group 
achieves 130 per cent of target operating profit. No bonus will be paid if the Group achieves 50 per cent or less of target operating profit.
Long-term equity incentive plan. 
The Remuneration Committee has made annual awards under the LTIP since it was set up in 2012. Each award has been made shortly after the 
publication of the Company’s annual results, or in circumstances where the rules are being amended at the company’s Annual General Meeting, 
then shortly after that meeting. It is expected that this will continue in the absence of unforeseen circumstances and that the next award will 
be announced shortly after the 2016 Annual General Meeting. If the resolutions proposed at the Annual General Meeting are approved by 
shareholders, then awards will be limited in amount to 150 per cent of basic salary. The second tranche of options granted under the LTIP, 
granted on 21 December 2012 as detailed above, will vest during the coming year subject to the performance criteria contained therein. 
Approval
The Directors’ Remuneration Report was approved by the Board on 24 November 2015 and signed on its behalf by: 
D M Forbes
Chairman of the Remuneration Committee
24 November 2015 43
CORPORATE GOVERNANCE
RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
Corporate governance
As an AIM-listed company, Renew is not required to follow the provisions of the UK Corporate Governance Code (“the Code”), as set out in the 
Financial Services Authority’s Listing Rules. The Directors, however, recognise the importance of, and accordingly support, the principles of 
good corporate governance as contained within the Code. The Directors normally seek to follow the Code to the extent considered relevant 
for an AIM-listed company but are unable to achieve compliance with the Code in a number of areas this year, primarily because of the lack 
of independent non-executive Directors. These matters are explained in further detail in the sections below. 
The Board of Directors 
The Board currently comprises the Chief Executive Officer, the non-executive Chairman, two Executive Directors and two independent non-executive 
Directors. Brief biographies of the Directors are given on pages 37 and 38. The Company is not compliant with the requirement of the Code that more 
than half of the Board should be comprised of independent non-executive Directors. Although the Board believes that R J Harrison acts as an 
independent Director, he is not regarded as such by the Code due to the period in 2004/2005 when he acted as Executive Chairman. 
The composition of the Board is reviewed regularly. Appropriate training, briefings and inductions are available to all Directors on appointment 
and subsequently as necessary, taking into account existing qualifications and experience. New Directors are subject to election by shareholders 
at the first AGM after their appointment. 
The Board met formally ten times in the year with all Directors in attendance other than on one occasion when J Bishop was unable to attend. 
Committee meetings dealing with the daily business of the Company were held as necessary. The Board receives written and oral reports from 
the Executive Directors ensuring matters are considered fully and enabling Directors to discharge their duties properly. There is a formal 
schedule of matters reserved for the Board’s decision ensuring the maintenance of control over strategic, financial and operational matters. 
In addition, procedures are in place for the Directors to seek independent professional advice, if necessary, at the Company’s expense. 
Board Committees 
The Board operates with a number of Board Committees. J Bishop, the senior independent non-executive Director, acts as Chairman 
of the Audit Committee and D M Forbes, an independent non-executive Director, acts as Chairman of the Remuneration Committee. 
The Nominations Committee is chaired by R J Harrison. 
The Board delegates clearly defined powers to its Remuneration, Nominations and Audit Committees. Each of the Board’s Committees 
has carefully drafted terms of reference. 
The Remuneration Committee, which comprises all of the non-executive Directors, determines and agrees with the Board the framework 
and policy of executive remuneration packages, including bonuses, incentive payments, share options or awards and pension arrangements. 
Further information concerning the Remuneration Committee is set out in the Directors’ remuneration report. 
The Nominations Committee, which comprises R J Harrison, J Bishop, D M Forbes and B W May, monitors the composition of the Board and 
recommends the appointment of new Directors. The Nominations Committee, with all Directors present, has held two meetings during the 
year to discuss nomination matters. 
The Nominations Committee terms of reference include: 
(a) to review the structure, size and composition of the Board; 
(b) to consider succession planning for Directors and senior executives; 
(c) to identify and nominate, for approval by the Board, suitable candidates to fill Board vacancies; and 
(d)  to make recommendations to the Board on the contents of letters of appointment, Directors’ duties, reappointment or re-election 
of Directors upon conclusion of a specified term or retirement by rotation. 
The Audit Committee has held two meetings to consider Audit Committee business. The Audit Committee consists of all three non-executive 
Directors. The Executive Directors are invited to attend Audit Committee meetings but at least two meetings are held each year with the external 
auditor at which the Executive Directors are not present. The Audit Committee considers the adequacy and effectiveness of the risk management 
and control systems of the Group, and reports the results to the Board. It reviews the scope and results of the external audit, its cost effectiveness 
and the objectivity of the auditor. The Audit Committee monitors the non-audit work performed by the auditor to help ensure that the independence 
of the auditor is maintained. All fees paid to the auditor whether for audit or non-audit work are approved by the Audit Committee in advance. 
The Audit Committee also reviews the Interim statement, the preliminary announcement, the Annual Report and Accounts and accounting policies. 
The Board forms a General Purposes Committee from time to time as it deems necessary. This Committee comprises any two of the Executive 
Directors as determined by the Board to consider individual business matters, which have been specifically delegated to it by the Board.
R J Harrison OBE
Non-executive Chairman
John Bishop
Non-executive Director
David Forbes
Non-executive Director 44
CORPORATE GOVERNANCE
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Corporate governance continued
Internal controls 
Throughout the financial year ended 30 September 2015 and up to the date of approval of the Annual Report and Accounts, the Group has 
fully complied with the relevant provisions of the Code and the Turnbull guidance, other than as disclosed. The Directors acknowledge that 
they have overall responsibility for the Group’s system of internal control and for reviewing and monitoring its effectiveness. The system of 
internal control is designed to manage and mitigate, rather than eliminate, the risks to which the Group is exposed and therefore provides a 
reasonable, but not absolute, assurance against a company failing to meet its business objectives or against material misstatement or loss. 
Consequently, the Board confirms that there is an ongoing process for identifying, evaluating and managing significant risks faced by the 
Group and that it is regularly reviewed by the Board. 
The Group operates a risk management process, which is embedded in normal management and governance processes. There is a system 
of self-examination of risk areas and controls by subsidiaries and departments within the Group. Where significant risks are identified, 
the probability of those risks occurring, their potential impact and the plans for managing and mitigating each of those risks is reported. 
The Group operates a series of controls which include the annual strategic planning and budgeting process, short-term cash monitoring 
achieved by means of weekly forecasts which are compared against budget and previous forecasts, clearly defined capital investment 
guidelines and levels of authority and a clear organisational structure within which individuals’ responsibilities are identified and monitored. 
These results and processes are monitored, updated, reviewed and considered by the Board. The Group has established a series of minimum 
standards in a number of financial and operational areas with which each business within the Group must comply. Group management 
monitors and reviews compliance with these requirements on a periodic basis. Due to the size and nature of the Group, the Board does not 
consider that a separate internal audit function is necessary. For the last nine years and including 2015, the Group has carried out a programme 
of internal audit conducted by the Group Commercial Director and by members of the various subsidiaries’ finance teams. This system of 
peer review promotes best practice as well as ensuring that Group minimum requirements as to procedures and internal controls are being 
complied with. The reports from these internal audits are made available both to the Board and to the external auditor. 
Going concern 
The Directors have reviewed the budgets and forecasts prepared by the Group and its trading subsidiaries and consider that at the time of approving 
the financial statements, there is a reasonable expectation that the Company and the Group have adequate resources to continue in operational 
existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. 
Directors’ remuneration 
The Company’s policy on the remuneration of Executive Directors, and information relating to the Directors’ remuneration and their interests 
in share options, is included in the Directors’ remuneration report. 
Directors’ and officers’ indemnity 
The Articles of Association provide that each Director or other officer or auditor of the Company shall be indemnified by the Company against 
losses, costs and expenses he may sustain or incur in connection with the performance of his duties of office, to the fullest extent permitted by law. 
Shareholder relationships 
Members of the Board have dialogue with individual shareholders during the year. In addition to the Annual and Interim Report and Accounts, 
the Chairman addresses shareholders at the AGM and invites questions to any members of the Board. 
The AGM is normally attended by all Directors and provides an opportunity for communication with those shareholders attending. Notice of 
the AGM is given to shareholders at least 21 days in advance and separate resolutions are proposed on each substantially separate issue. 
Where resolutions at the AGM are dealt with by show of hands, the results of proxy votes for and against are still announced. 
Financial and other information about the Group is available on the Company’s website: www.renewholdings.com, from which shareholders 
can also access their shareholding details via a link to the website of Capita Asset Services. 
Annual General Meeting 
The AGM will be held on 27 January 2016, the Notice for which accompanies this Report and Accounts. The Notice contains special business 
relating to the renewal of the Board’s power to allot equity shares. Brief details of the purpose and effect of the proposed resolutions are 
enclosed with the Notice of AGM. 
Shareholders should complete the proxy form accompanying this document in accordance with the notes contained in the Notice of AGM. 
Approval 
The Board approved the Corporate governance report on 24 November 2015. 
By order of the Board 
J Samuel
Company Secretary
24 November 2015 45
CORPORATE GOVERNANCE
RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
Statement of Directors’ responsibilities
in respect of the Strategic report, the Annual Report and financial statements
The Directors are responsible for preparing the Strategic report, the Annual Report and the Group and parent company financial statements 
in accordance with applicable law and regulations. 
Company law requires the Directors to prepare Group and parent company financial statements for each financial year. As required by the 
AIM Rules of the London Stock Exchange they are required to prepare the Group financial statements in accordance with International 
Financial Reporting Standards (“IFRSs”) as adopted by the EU and applicable law and have elected to prepare the parent company financial 
statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice). 
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the 
state of affairs of the Group and parent company and of their profit or loss for that period. In preparing each of the Group and parent company 
financial statements, the Directors are required to: 
n n select suitable accounting policies and then apply them consistently; 
n n make judgements and estimates that are reasonable and prudent; 
n n for the Group financial statements, state whether they have been prepared in accordance with IFRSs as adopted by the EU; 
n n for the parent company financial statements, state whether applicable UK Accounting Standards have been followed, subject to any material 
departures disclosed and explained in the financial statements; and 
n n prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the parent company 
will continue in business. 
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company’s 
transactions and disclose with reasonable accuracy at any time the financial position of the parent company and enable them to ensure that 
its financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open 
to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. 
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. 
Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 46
ACCOUNTS
WWW.RENEWHOLDINGS.COM
Independent auditor’s report
to the members of Renew Holdings plc
We have audited the financial statements of Renew Holdings plc for the year ended 30 September 2015 set out on pages 47 to 82. The 
financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law and International 
Financial Reporting Standards (“IFRSs”) as adopted by the EU. The financial reporting framework that has been applied in the preparation 
of the parent company financial statements is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice). 
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 
Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an 
auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other 
than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed. 
Respective responsibilities of Directors and auditor 
As explained more fully in the Directors’ responsibilities statement set out on page 45, the Directors are responsible for the preparation 
of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit, and express an opinion on, 
the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards 
require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors. 
Scope of the audit of the financial statements 
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website at 
www.frc.org.uk/auditscopeukprivate. 
Opinion on financial statements 
In our opinion: 
  the financial statements give a true and fair view of the state of the Group’s and of the parent company’s affairs as at 30 September 2015 
and of the Group’s profit for the year then ended; 
 the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the EU; 
 the parent company financial statements have been properly prepared in accordance with UK Generally Accepted Accounting Practice; 
 the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. 
Opinion on other matter prescribed by the Companies Act 2006 
In our opinion the information given in the Strategic report and the Directors’ report for the financial year for which the financial statements 
are prepared is consistent with the financial statements. 
Matters on which we are required to report by exception 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 
  adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches 
not visited by us; or 
 the parent company financial statements are not in agreement with the accounting records and returns; or 
 certain disclosures of Directors’ remuneration specified by law are not made; or 
 we have not received all the information and explanations we require for our audit. 
Mick Thompson (Senior Statutory Auditor) 
For and on behalf of KPMG LLP, Statutory Auditor  
Chartered Accountants  
1 Sovereign Square  
Sovereign Street  
Leeds  
LS1 4DW 
24 November 2015 47
ACCOUNTS
RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
Group income statement
for the year ended 30 September
Before Exceptional
exceptional items and
Before Amortisation items and amortisation
amortisation of intangible amortisation of intangible
of intangible assets of intangible assets
assets (see Note 3) Total assets (see Note 3) Total
2015 2015 2015 2014 2014 2014
Note £000 £000 £000 £000 £000 £000
Group revenue from 
continuing activities 2 519,645 — 519,645 464,474 — 464,474
Cost of sales (462,154) — (462,154) (411,413) — (411,413)
Gross profit 57,491 — 57,491 53,061 — 53,061
Administrative expenses (37,121) (3,536) (40,657) (36,623) (3,055) (39,678)
Operating profit 3 20,370 (3,536) 16,834 16,438 (3,055) 13,383
Finance income 4 27 — 27 182 — 182
Finance costs 4 (939) — (939) (427) — (427)
Other finance income/
(expense) – defined benefit 
pension schemes 4 189 — 189 (87) — (87)
Profit before income tax 19,647 (3,536) 16,111 16,106 (3,055) 13,051
Income tax expense 6 (3,579) 636 (2,943) (3,325) 611 (2,714)
Profit for the year from 
continuing activities 16,068 (2,900) 13,168 12,781 (2,444) 10,337
Loss for the year from 
discontinued operations 3 (7,263) (5,155)
Profit for the year 
attributable to equity 
holders of the parent 
company 5,905 5,182
Basic earnings per share 
from continuing activities 8 21.34p 16.83p
Diluted earnings per share 
from continuing activities 8 21.06p 16.59p
Basic earnings per share 8 9.57p 8.44p
Diluted earnings per share 8 9.44p 8.32p 48
ACCOUNTS
WWW.RENEWHOLDINGS.COM
Group statement of comprehensive income
for the year ended 30 September
2015 2014
Note £000 £000
Profit for the year attributable to equity holders of the parent company 5,905 5,182
Items that will not be reclassified to profit or loss:
Movement in actuarial valuation of the defined benefit pension schemes 24 8,880 1,068
Movement on deferred tax relating to the defined benefit pension schemes (1,570) (214)
Total items that will not be reclassified to profit or loss 7,310 854
Items that are or may be reclassified subsequently to profit or loss:
Exchange movement in reserves 304 1
Total items that are or may be reclassified subsequently to profit or loss 304 1
Total comprehensive income for the year attributable to 
equity holders of the parent company 13,519 6,037
Called up Share Capital Cumulative Share based
share premium redemption translation payments Retained Total
capital account reserve adjustment reserve earnings equity
£000 £000 £000 £000 £000 £000 £000
At 1 October 2013 6,140 5,893 3,896 751 390 (6,735) 10,335 
Transfer from income statement for the year 5,182 5,182 
Dividends paid (2,461) (2,461)
New shares issued 12 49 61 
Recognition of share based payments (98) (98)
Exchange differences 1 1 
Actuarial gain recognised in pension schemes 1,068 1,068 
Movement on deferred tax relating to the pension schemes     (214) (214)
At 30 September 2014 6,152 5,942 3,896 752 292 (3,160) 13,874 
Transfer from income statement for the year 5,905 5,905 
Dividends paid (3,546) (3,546)
New shares issued 40 1,047 1,087
Recognition of share based payments 35 35 
Exchange differences 304 304
Actuarial gain recognised in pension schemes 8,880 8,880
Movement on deferred tax relating to the pension schemes     (1,570) (1,570)
At 30 September 2015 6,192 6,989 3,896 1,056 327 6,509 24,969 
Group statement of changes in equity
for the year ended 30 September 49
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Group balance sheet
at 30 September
2014
2015 (restated*)
Note £000 £000
Non-current assets
Intangible assets – goodwill 9 56,060 56,060
– other 9 4,234 7,770
Property, plant and equipment 10 13,101 14,143
Retirement benefit assets 24 15,154 1,456
Deferred tax assets 6 1,718 2,741
90,267 82,170
Current assets
Inventories 11 4,864 4,068
Trade and other receivables 12 96,960 85,319
Assets held for resale 9 — 1,250
Current tax assets 2,187 —
Cash and cash equivalents 14 10,662 5,586
114,673 96,223
Total assets 204,940 178,393
Non-current liabilities
Borrowings 16 (9,300) (15,500)
Obligations under finance leases 17 (2,514) (3,575)
Retirement benefit obligations 24 (599) —
Deferred tax liabilities 6 (3,537) (1,056)
Provisions 18 (1,232) (1,232)
(17,182) (21,363)
Current liabilities
Borrowings 16 (6,200) (6,200)
Trade and other payables 15 (153,612) (133,130)
Obligations under finance leases 17 (2,609) (2,764)
Current tax liabilities — (694)
Provisions 18 (368) (368)
(162,789) (143,156)
Total liabilities
(179,971) (164,519)
Net assets
24,969 13,874
Share capital 20
6,192 6,152
Share premium account 21 6,989 5,942
Capital redemption reserve 21 3,896 3,896
Cumulative translation adjustment 21 1,056 752
Share based payments reserve 21 327 292
Retained earnings 21 6,509 (3,160)
Total equity 24,969 13,874
* Details of the restated balance sheet are set out in Note 26.
Approved by the Board and signed on its behalf by:
R J Harrison OBE
Chairman
24 November 2015 50
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Group cashflow statement
for the year ended 30 September
2015 2014
£000 £000
Profit for the year from continuing operating activities 13,168 10,337
Amortisation of intangible assets 3,536 2,231
Depreciation 3,927 2,893
Profit on sale of property, plant and equipment (278) (435)
Expense in respect of share option exercise 1,087 —
Increase in inventories (586) (323)
(Increase)/decrease in receivables (14,191) 1,324
Increase in payables 18,741 9,630
Current and past service cost in respect of defined benefit pension scheme 248 59
Cash contribution to defined benefit pension schemes (4,279) (3,117)
Expense/(credit) in respect of share options 35 (98)
Finance income (27) (182)
Finance expenses 750 514
Interest paid (939) (427)
Income taxes paid (3,066) (1,926)
Income tax expense 2,943 2,714
Net cash inflow from continuing operating activities 21,069 23,194
Net cash outflow from discontinued operating activities (3,590) (4,691)
Net cash inflow from operating activities 17,479 18,503
Investing activities
Interest received 27 182
Proceeds on disposal of property, plant and equipment 530 647
Purchases of property, plant and equipment (1,454) (1,559)
Disposal/(acquisition) of subsidiaries net of cash acquired 1,135 (32,132)
Net cash inflow/(outflow) from continuing investing activities 238 (32,862)
Net cash inflow/(outflow) from discontinued investing activities 162 (106)
Net cash inflow/(outflow) from investing activities 400 (32,968)
Financing activities
Dividends paid (3,546) (2,461)
Issue of Ordinary Shares — 61
New loan — 24,000
Loan repayments (6,200) (4,800)
Repayments of obligations under finance leases (3,067) (2,096)
Net cash (outflow)/inflow from financing activities (12,813) 14,704
Net increase in continuing cash and cash equivalents 8,494 5,036
Net decrease in discontinued cash and cash equivalents (3,428) (4,797)
Net increase in cash and cash equivalents 5,066 239
Cash and cash equivalents at beginning of year 5,586 5,348
Effect of foreign exchange rate changes on cash and cash equivalents 10 (1)
Cash and cash equivalents at end of year 10,662 5,586
Bank balances and cash 10,662 5,586 51
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Notes to the accounts
1 Accounting policies
Presentation of consolidated financial statements
The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRSs”) 
as adopted by the EU (“adopted IFRSs”). The financial statements are presented in sterling since this is the currency in which the majority 
of the Group’s transactions are denominated.
Accounting estimates and judgements
In the preparation of these financial statements the Board has made certain judgements and estimates which impact the measurement 
of various assets and liabilities in the Group balance sheet, the value of transactions recorded in the Group income statement and the 
movements in equity as shown in the Group statement of changes in equity. The actual financial outcomes may ultimately differ from that 
which is indicated by these judgements and estimates. Estimates and judgements are reviewed by management and the Board on an ongoing 
basis and changes which may arise in them are reflected in the financial statements for the period in which such changes are made.
The Board has determined that the following areas are those in which estimates and judgements have been made and where material 
impacts could arise in the financial statements were such estimates and judgements to be varied.
a)  Accounting for construction contracts in accordance with IAS 11 “Construction Contracts” 
IAS 11 requires management to estimate the total expected costs on a contract and the stage of contract completion in order to determine 
both the revenue and profit to be recognised in an accounting period. The Group has control and review procedures in place to monitor, and 
evaluate regularly, the estimates being made to ensure that they are consistent and appropriate. This includes reviewing the independent 
certification of the value of work done, the progress of work against contracted timescales and the costs incurred against plan.
b) Impairment of goodwill in accordance with IAS 36 “Impairment of Assets”
In accordance with IAS 36, goodwill is tested annually for impairment by comparing the carrying value of goodwill with the recoverable 
amount which is determined by an estimation of the value in use of the related cash generating unit to which the goodwill is attributed. 
The calculation of the value in use requires estimates to be made of the future cashflows of the cash generating unit and the timescale over 
which they will arise. Estimated growth rates and discount factors are also used in the calculation to estimate the net present value of the 
cashflows. More information is given in Note 9 to these financial statements.
c) Accounting for the defined benefit pension schemes in accordance with IAS 19 “Employee Benefits”
The independent actuaries calculate the Group’s liability in respect of the defined benefit schemes. The actuaries make assumptions as to 
discount rates, salary escalations, expected returns on scheme assets, future pension increases, mortality rates applicable to members and 
future rates of inflation. These assumptions are made under the Board’s direction. The Board determines the appropriateness of these assumptions 
by benchmarking them against those used by other schemes and by taking advice from the independent actuaries. If the actual experience 
of the schemes is different from the assumptions used then the pension liability may differ from that shown in these financial statements. 
More information is given in Note 24 to these financial statements.
d) Accounting for provisions in accordance with IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”
The Group makes provisions where the Board determines that liabilities exist but where judgements have to be made as to the quantification 
of such liabilities. A provision has been made for onerous lease contracts in respect of property leases where the Board has determined that the 
expected economic benefits to be derived from the leases are less than the unavoidable cost of meeting the Group’s obligations under the lease 
contract. This arises where the Group is the head lessee for a property lease contract where the property is not used by the Group and where the 
Group has not been able to sublet the property or has only been able to do so on terms which are less favourable than those of the head lease.
e) Accounting for deferred taxation in accordance with IAS 12 “Income Taxes”
The Group provides for deferred taxation using the balance sheet liability method. Deferred tax assets are recognised in respect of tax losses 
where the Directors believe that it is probable that future profits will be relieved by the benefit of tax losses brought forward. The Board 
considers the likely utilisation of such losses by reviewing budgets and medium term plans for each taxable entity within the Group. If the 
actual profits earned by the Group’s taxable entities are different from the budgets and forecasts used then the value of such deferred tax 
assets may differ from that shown in these financial statements.
f) Accounting for discontinued operations in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”
A non-current asset or a group of assets containing a non-current asset (a disposal group) is classified as held for sale if its carrying amount 
will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale is highly probable 
within one year.
On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of the previous carrying amount and 
fair value less costs to sell with any adjustments taken to profit or loss. The same applies to gains and losses on subsequent re-measurement 
although gains are not recognised in excess of any cumulative impairment loss. Any impairment loss on a disposal group is allocated first to 
goodwill, and then to remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred 
tax assets, employee benefit assets and investment property, which continue to be measured in accordance with the Group’s accounting 
policies. Intangible assets and property, plant and equipment once classified as held for sale or distribution are not amortised or depreciated.
In accordance with IFRS 5, the above policy is effective from the start of the accounting period in which the operation meets the criteria 
to be classified as held for sale.
A discontinued operation is a component of the Group’s business that represents a separate major line of business or geographical area of 
operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued 
operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified 
as a discontinued operation, the comparative income statement is restated as if the operation has been discontinued from the start of the 
comparative period. 52
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Notes to the accounts continued
1 Accounting policies continued
(i) Basis of accounting and preparation
The accounts have been prepared on the going concern basis and in accordance with applicable accounting standards under the historical 
cost convention. In determining that the going concern basis is appropriate the Directors have reviewed budgets, including cashflow 
forecasts, and concluded that the Group has adequate cash resources to continue trading for the foreseeable future. 
The consolidated financial statements have been prepared in accordance with IFRSs as adopted for use in the EU. The Group has applied all 
accounting standards and interpretations issued by the IASB and International Financial Reporting Committee relevant to its operations and 
which are effective in respect of these financial statements.
The following new or revised IFRSs and IFRIC interpretations will be adopted, where applicable, for the purpose of preparing future financial 
statements. The Group does not anticipate that the adoption of these new or revised standards and interpretations will have a material 
impact on its financial position or results from operations.
International Financial Reporting Standards Applies to periods beginning after
IFRS 10 “Consolidated Financial Statements” January 2014
IFRS 12 “Disclosure of Interests in Other Entities” January 2014
Annual Improvement to IFRSs: 2010–2012 cycle February 2015
Annual Improvement to IFRSs: 2011–2013 cycle
Annual Improvement to IFRSs: 2012–2014 cycle
IFRS 15 “Revenue from Contracts with Customers” January 2018
(ii) Basis of consolidation
The Group accounts consolidate the accounts of the Company and its subsidiary undertakings. The results and net assets of undertakings 
acquired are included in the Group income statement and balance sheet using the acquisition method of accounting. The results of undertakings 
acquired/disposed of are included from the date the Group obtains/loses control as defined in IFRS 10.
(iii) Revenue
Revenue, which excludes intra-group revenue and value added tax, comprises: 
– value of work executed during the year on construction contracts based on monthly valuations; and 
– sales of developments and land which are recorded upon legal completion.
(iv) Construction contracts
Contract revenue includes the initial amount agreed in the contract plus any variations in contract work, claims and incentive payments to 
the extent that it is probable that they will result in revenue and can be measured reliably. Contract revenue and expenses are recognised in 
accordance with the stage of completion of the contract. The stage of completion is determined by surveys of work performed. Contract costs 
incurred that relate to future activities are deferred and recognised as amounts recoverable on contracts. When it is probable that the total 
contract costs will exceed contract revenue, the expected loss is recognised as an expense immediately. To the extent that progress billings 
exceed costs incurred plus recognised profits (less recognised losses) they are recognised as amounts due to construction contract customers. 
(v) Segment reporting
The operating segments are based on the components that the Board, the Group’s principal decision-making body (the Chief Operating 
Decision Maker (“CODM”)), monitors in making decisions about operating matters. Such components are identified on the basis of information 
that is provided internally in the form of monthly management account reporting, budgets and forecasts to formulate allocation of resources 
to segments and to assess performance. Revenue from reportable segments is measured on a basis consistent with the income statement. 
Revenue is principally generated from within the UK, the Group’s country of domicile. Segment results show the contribution directly attributable 
to each segment in arriving at the Group’s operating profit. Segment assets and liabilities comprise those assets and liabilities directly 
attributable to each segment. Group eliminations represent such consolidation adjustments that are necessary to determine the Group’s 
assets and liabilities. 
(vi) Intangible assets
a)   Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value of the 
identifiable assets, liabilities and contingent liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition. 
Goodwill is recognised as an asset and is tested for impairment annually, or on such other occasions that events or changes in 
circumstances indicate that it might be impaired. 
   On disposal of a subsidiary undertaking, the attributable amount of unamortised goodwill which has not been subject to impairment 
is included in the determination of the profit or loss on disposal.
b)   Other intangible assets are stated at cost less accumulated amortisation and impairment losses. The cost of intangible assets is 
amortised over their expected useful lives. These intangibles relate to customer relationships and contractual rights and are amortised 
over the period over which the Board has determined that future cashflows are likely to arise from these relationships and rights. 53
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1 Accounting policies continued
(vii) Property, plant and equipment
Property, plant and equipment is recorded at cost less provision for impairment if required.
Depreciation is provided on all property, plant and equipment, other than freehold land. Provision is made at rates calculated to write off 
the cost of each asset, less estimated residual value, evenly over its expected useful life as follows:
Freehold land   – no depreciation charge
Freehold buildings   – fifty years
Plant, vehicles and equipment – three to ten years
(viii) Impairments
Goodwill arising on acquisitions and other assets that have an indefinite useful life and are therefore not subject to amortisation is reviewed at 
least annually for impairment. Other intangible assets and property, plant and equipment are reviewed for impairment whenever there is any 
indication that the carrying amount of the asset may not be recoverable. If the recoverable amount of any asset is less than its carrying amount, 
a loss on impairment is recognised. Recoverable amount is the higher of the fair value of the asset less any costs which would be incurred in selling 
the asset and its value in use. Value in use is assessed by discounting the estimated future cashflows that the asset is expected to generate. 
For this purpose, assets are grouped into cash generating units which represent the lowest level for which there are separately identifiable 
cashflows. Impairment losses in respect of goodwill are not reversed in future accounting periods. Reversals of other impairment losses are 
recognised in income when they arise. 
(ix) Inventories
Inventories comprise developments, land held for development and raw materials and are stated at the lower of cost and net realisable value. 
Cost includes appropriate attributable overheads and excludes interest. Where necessary, provision is made for obsolete slow moving and 
defective inventories.
(x) Trade receivables
Trade receivables do not carry any interest and are initially recognised at their fair value and then at amortised cost.
(xi) Trade payables
Trade payables on normal terms are not interest bearing and are initially recognised at their fair value and then at amortised cost.
(xii) Cash and cash equivalents 
Cash and cash equivalents in the cashflow statement comprise cash at bank and in hand, including bank deposits with original maturities of 
less than three months, net of bank overdrafts. Bank overdrafts are disclosed as borrowings within current liabilities in the balance sheet.
(xiii) Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event and where it is probable 
that an outflow will be required to settle that obligation and where the amount can be reliably estimated.
(xiv) Leasing commitments
Assets held under finance leases, where substantially all the benefits and risks of ownership of an asset have been transferred to the Group, are 
capitalised and are depreciated in accordance with the depreciation policy for the relevant class of asset or the lease term if shorter. The interest 
element of the rental obligation is charged to the income statement and represents a constant proportion of the balance of capital repayments 
outstanding. Rentals under operating leases are charged to the income statement on a straight-line basis over the term of the lease.
(xv) Defined benefit pension schemes
Pension scheme assets are measured using market values. Pension scheme liabilities are measured using the projected unit actuarial 
method and are discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. 
Any increase in the present value of liabilities within the Group’s defined benefit schemes expected to arise from employee service in the 
period is charged to operating profit. The expected return on the schemes’ assets and the increase during the period in the present value 
of the schemes’ liabilities arising from the passage of time are included in other finance income. Actuarial gains and losses are recognised 
in the Group statement of comprehensive income. Pension scheme surpluses, to the extent they are considered recoverable, or deficits 
are recognised in full and presented on the face of the Group balance sheet. 
(xvi) Defined contribution pension plans
Contributions to defined contribution pension plans are charged to the income statement as incurred. 54
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Notes to the accounts continued
1 Accounting policies continued
(xvii) Taxation
The tax charge is composed of current tax and deferred tax, calculated using tax rates that have been enacted or substantively enacted 
by the balance sheet date. Current tax and deferred tax are charged or credited to the income statement, except when they relate to items 
charged or credited directly to equity, in which case the relevant tax is also dealt with in equity. 
Current tax is based on the profit for the year. Deferred tax is provided in full, using the liability method, on temporary differences arising 
between the tax bases of assets and liabilities and their carrying amounts in the financial statements. 
Deferred tax on such assets and liabilities is not recognised if the temporary difference arises from the initial recognition (other than in 
a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. 
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary 
differences can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date. 
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends 
to settle its current assets and liabilities on a net basis. 
(xviii) Foreign currencies 
T ransactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign 
currencies are retranslated at the rate of exchange ruling at the balance sheet date. The income statements of overseas subsidiary undertakings 
are translated at the average rate of exchange ruling throughout the financial year. The balance sheets of overseas subsidiary undertakings are 
translated at the rate of exchange ruling at the balance sheet date. Exchange differences arising from this policy and arising on the retranslation 
of the opening net assets are taken directly to reserves. All other exchange differences are taken to the income statement. 
(xix) Financial instruments
Financial assets are divided into the following categories: trade receivables and financial assets at fair value. The Board assigns financial assets to 
each category on initial recognition dependant on the purpose for which the asset was acquired. The categorisation of these assets is reconsidered 
at each reporting date at which a choice of categorisation or accounting treatment is available. All financial assets are recognised whenever the 
Group becomes party to the contractual provisions of the financial instrument. All such assets are initially recognised at fair value. Derecognition 
of such assets occurs when the Group’s right to receive cashflows from the asset ceases or the rights and rewards of ownership have been 
transferred. All such assets are reviewed for impairment at least annually. Interest and other cashflows which arise from holding a financial asset 
are recognised in the income statement in accordance with IAS 39. Financial assets at fair value include assets classified as held for trading, and 
changes in fair value are recognised through the income statement. Trade receivables are non-derivative financial assets with expected 
receipts which are not quoted in an active market and they arise when the Group provides goods or services. A financial asset is assessed 
at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired 
if objective evidence indicates that one or more events have had a negative effect on the estimated future cashflows of that asset. 
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying value 
amount, and the present value of the estimated cashflows discounted at the original effective interest rate. All impairment losses are 
recognised in the income statement. Financial liabilities are recognised when the Group becomes a party to the contractual provisions of 
the financial instrument. All interest related charges are recognised as an expense in the income statement. Bank loans and hire purchase 
liabilities are entered into to provide financing for the Group’s operations and are recognised as funds are received. Financial liabilities are 
measured at amortised cost. 
(xx) Share based payments
IFRS 2 “Share Based Payment” requires a fair value to be established for any equity settled share based payments. Fair value has been 
independently measured using a Monte Carlo valuation model. The fair value determined at the grant date of the equity settled share based 
payments is expensed on a straight-line basis over the vesting period based on the Directors’ estimate of shares that will eventually vest.
(xxi) Earnings per share
The Group presents basic and diluted earnings per share (“EPS”) data for its Ordinary Shares. Basic EPS is calculated by dividing the profit or loss 
attributable to ordinary shareholders of the Company by the weighted average number of Ordinary Shares outstanding in the period. Diluted EPS 
is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of Ordinary Shares outstanding 
for the effects of all dilutive potential Ordinary Shares, which comprise share options granted to employees.
(xxii) Rental income
Rental income from property is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives granted 
are recognised as an integral part of the total rental income, over the term of the lease.
(xxiii) Finance income and expense
Finance income comprises interest income on funds invested and gains on hedging instruments that are recognised in income or expense. 
Interest income is recognised as it accrues in income or expense, using the effective interest method. Finance expenses comprise interest 
expense on borrowings, unwinding of the discount on provisions and losses on hedging instruments that are recognised in income or 
expense. All borrowing costs are recognised in income or expense using the effective interest method. 55
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2 Segmental analysis
The Chief Operating Decision Maker (“CODM”) is responsible for the overall resource allocation and performance assessment of the Group. 
The Board approves major capital expenditure and its authority is required prior to the Group entering into any development projects. The 
Board assesses the performance of the Group and its progress against the strategic plan through monitoring of key performance indicators. 
The Board also determines key financing decisions such as raising equity, all loan or bank borrowing arrangements and the granting of 
security over the Group’s assets. As such the Group considers that the Board is the CODM.
Operating segments have been identified based on the internal reporting information provided to the CODM. From such information Engineering 
Services and Specialist Building have been determined to represent operating segments. Following the identification of the operating segments 
the Group has assessed the similarity of the characteristics of the operating segments. Given the different performance targets and markets 
operated within each operating segment it is not appropriate to aggregate the operating segments for reporting purposes and therefore both 
of the identified operating segments are disclosed as reportable segments. The information received by the CODM shows results both pre and 
post exceptional items. The Group had one customer within the Engineering Services sector which represented 35.0% (2014: 40.6%) of Group 
revenue. No other customer represented more than 10% of the Group’s revenue. 
These segments are:
Engineering Services, which comprises the Group’s engineering activities which are characterised by the use of the Group’s skilled 
engineering workforce, supplemented by specialist subcontractors where appropriate, in a range of civil, mechanical and electrical 
engineering applications and;
Specialist Building, which comprises the Group’s building activities which are characterised by the use of a supply chain of subcontractors 
to carry out building works under the control of the Group as principal contractor and;
Central activities, which include the sale of land for development, the leasing and sub-leasing of some UK properties and the provision 
of central services to the operating subsidiaries.
On 31 October 2014, the Group entered into a contract to dispose of part of its Specialist Building segment. The results of that business 
are shown as a discontinued operation. 
(a) Business analysis
Revenue is analysed as follows:
2015 2014
£000 £000
Engineering Services 440,502 382,467
Specialist Building 79,492 82,112
Inter-segment revenue (380) (105)
Segment revenue 519,614 464,474
Central activities 31 —
Group revenue from continuing activities 519,645 464,474
Analysis of operating profit from continuing activities
Before
exceptional Exceptional
Before items and items and
amortisation Amortisation amortisation amortisation
of intangible of intangible of intangible of intangible
assets assets assets assets
2015 2015 2015 2014 2014 2014
£000 £000 £000 £000 £000 £000
Engineering Services 20,055 (3,536) 16,519 16,280 (2,231) 14,049
Specialist Building 2,274 — 2,274 2,157 — 2,157
Segment operating profit 22,329 (3,536) 18,793 18,437 (2,231) 16,206
Central activities (1,959) — (1,959) (1,999) (824) (2,823)
Operating profit 20,370 (3,536) 16,834 16,438 (3,055) 13,383
Net financing expense (723) — (723) (332) — (332)
Profit on ordinary activities before 
income tax 19,647 (3,536) 16,111 16,106 (3,055) 13,051 56
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Notes to the accounts continued
2 Segmental analysis continued
(a) Business analysis continued
Balance sheet analysis of business segments
2015 2014 (restated)
Assets Liabilities Net assets Assets Liabilities Net assets
£000 £000 £000 £000 £000 £000
Engineering Services 177,035 (146,282) 30,753 163,569 (132,996) 30,573
Specialist Building 40,488 (78,107) (37,619) 68,516 (94,459) (25,943)
Central activities 162,245 (122,643) 39,602 227,500 (217,641) 9,859
Discontinued operations 42,042 (49,809) (7,767) 42,042 (42,657) (615)
Group eliminations (216,870) 216,870 — (323,234) 323,234 —
Group net assets 204,940 (179,971) 24,969 178,393 (164,519) 13,874
Other information
2015 2014
Capital Capital
additions Depreciation Amortisation additions Depreciation Amortisation
£000 £000 £000 £000 £000 £000
Engineering Services 2,382 3,776 3,536 4,716 2,797 2,231
Specialist Building 101 88 — 168 83 —
Central activities 822 63 — 5 13 —
Discontinued operations 2 7 — 132 82 —
3,307 3,934 3,536 5,021 2,975 2,231
(b) Geographical analysis
Revenue is analysed as follows:
2014
2015 (restated)
£000 £000
UK 519,645 464,474
USA — —
Group revenue from continuing activities 519,645 464,474
Non-current asset analysis of geographical segments
Assets Assets
£000 £000
UK 90,267 82,170
3 Operating profit 
2015 2014
£000 £000
Operating profit is arrived at after charging/(crediting):
Auditor’s remuneration – audit services 245 255
Depreciation of owned assets 2,292 2,181
Depreciation of assets held under finance leases 1,635 712
Operating lease rentals – plant and machinery 765 691
Operating lease rentals – motor vehicles 873 792
Operating lease rentals – other 3,322 2,912
Rental income (297) (362)
Profit on sale of property, plant and equipment (278) (435) 57
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3 Operating profit continued
During the year, the following services were provided by the Group auditor:
2015 2014
£000 £000
Fees payable to the Company’s auditor for the audit of the financial statements 34 38
Fees payable to the Company’s auditor and its associates for other services:
Audit of the financial statements of the Company’s subsidiaries pursuant to legislation 211 217
Other services related to tax and pensions advice 22 8
267 263
Exceptional items and amortisation of intangible assets
2015 2014
£000 £000
Acquisition costs — 824
Total losses arising from exceptional items — 824
Amortisation of intangible assets (see Note 9) 3,536 2,231
3,536 3,055
The Board has determined that certain items in the income statement should be separately identified for better understanding 
of the Group’s results.
In 2014 the Company acquired Forefront Group Ltd and Clarke Telecom Ltd and incurred £824,000 of costs associated with the acquisitions. 
The Board has also separately identified the charge of £3,536,000 (2014: £2,231,000) for the amortisation of the fair value ascribed to 
certain intangible assets, other than goodwill, arising from the acquisitions of Amco Group Holdings Ltd, Lewis Civil Engineering Ltd, 
Clarke Telecom Ltd and Forefront Group Ltd. Further details are given in Note 9.
Discontinued operation analysis
2015 2014
£000 £000
Revenue 31,947 49,992
Expenses (41,278) (54,124)
Profit on disposal 1,250 —
Loss before income tax (8,081) (4,132)
Income tax credit – benefit of tax losses 818 —
Income tax expense – deferred tax — (1,023)
Loss for the year from discontinued operations (7,263) (5,155)
On 31 October 2014, the Board reached an agreement to sell Allenbuild Ltd to Places for People Group Ltd (“PFP”) for a total consideration 
of £2.75m payable in cash. PFP paid the initial 50% of the consideration on 31 October 2014 and will pay the balance on 31 January 2016. 
The trading result for this business has therefore been included within the loss for the year from discontinued operations.
Discontinued expenses include the following exceptional items:
2015 2014
£000 £000
Provision against amounts recoverable on old Building contracts 1,755 2,528
Costs related to exceptional storm damage on a Building contract 800 1,500
2,555 4,028
The provision of £1,755,000 (2014: £2,528,000) relates to settling final accounts and contractual issues on old contracts.
A further £800,000 (2014: £1,500,000) of costs have been recognised following the exceptional storm damage experienced in 2013. 58
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Notes to the accounts continued
4 Finance income and costs 
Finance income
Finance income of £27,000 (2014: £182,000) has been earned during the year on bank deposits.
2015 2014
£000 £000
Interest payable:
On bank loans and overdrafts (559) (232)
Other interest payable (380) (195)
(939) (427)
Other finance income/(expense) - defined benefit pension schemes
Interest on scheme assets 6,206 5,664
Interest on scheme obligations (6,017) (5,751)
Net pension interest 189 (87)
Further information on the defined benefit pension schemes is set out in Note 24 to the accounts.
5 Employee numbers and remuneration
2015 2014
Number Number
The average monthly number of employees, including Executive Directors, employed  
in continuing activities during the year was: 3,068 2,854
At 30 September: 3,323 3,121
Production 2,293 2,066
Administrative 775 788
3,068 2,854
Cost of staff, including Executive Directors, during the year amounted to:
2015 2014
£000 £000
Wages and salaries 128,655 105,520
Social security costs 13,352 11,293
Other pension costs 4,293 3,162
Share based payments 1,122 (98)
147,422 119,877
Directors’ emoluments
2015 2014
£000 £000
Aggregate emoluments 2,577 1,381
Highest paid Director: aggregate emoluments 1,213 677
Details of individual Directors’ emoluments can be found in the Directors’ remuneration report. 59
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6 Income tax expense
(a) Analysis of expense in year
2015 2014
£000 £000
Current tax:
UK corporation tax on profits of the year (2,360) (2,265)
Adjustments in respect of previous periods 1,359 (227)
Total current tax (1,001) (2,492)
Deferred tax – defined benefit pension schemes (760) (594)
Deferred tax – other timing differences (1,182) (651)
Total deferred tax (1,942) (1,245)
Income tax expense (2,943) (3,737)
Deferred tax in respect of discontinued operations — 1,023
Income tax expense in respect of continuing activities (2,943) (2,714)
(b) Factors affecting income tax expense for the year
2015 2014
£000 £000
Profit before income tax 16,111 13,051
Profit multiplied by standard rate of corporation tax in the UK of 20.5% (2014: 22.0%) (3,303) (2,871)
Effects of:
Expenses not deductible for tax purposes (194) (1,341)
Timing differences not provided in deferred tax (779) (158)
Change in tax rate (26) (45)
Tax losses surrendered by discontinued operation — 905
Deferred tax in respect of discontinued operation — 1,023
Adjustments to tax charge in respect of previous periods 1,359 (227)
(2,943) (2,714)
The Group has available further unused UK tax losses of £46m (2014: £42m) to carry forward against future taxable profits. The Group also has 
unused USA tax losses of $18m (£11.8m) (2014: $17m (£10.5m)) to carry forward against future taxable profits in the USA. A substantial element 
of these losses relates to activities which are not forecast to generate the level of profits needed to utilise these losses. A deferred tax asset has 
been provided to the extent considered reasonable by the Directors, where recovery is expected to be recognisable within the foreseeable future. 
The unrecognised deferred tax asset in respect of these losses amounts to £10.4m (2014: £10.6m).
(c) Deferred tax asset
2015 2014
£000 £000
Defined benefit pension schemes 108 (148)
Accelerated capital allowances 543 743
Other timing differences 201 279
Future tax losses 866 1,867
1,718 2,741
(d) Deferred tax liabilities
2015 2014
£000 £000
Defined benefit pension schemes (2,728) (143)
Fair value adjustments (809) (913)
(3,537) (1,056) 60
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Notes to the accounts continued
6 Income tax expense continued
(e) Reconciliation of deferred tax asset
2015 2014
£000 £000
As at 1 October 2,741 3,051
Acquisition of Forefront Group and Clarke Telecom — 950
Origination of timing differences (988) (403)
Change of deferred tax rate (290) — 
Reclassification of opening pension scheme asset as a liability 148 — 
Reclassification of opening pension scheme liability as an asset (143) — 
Defined benefit pension schemes – income statement (85) (554)
Defined benefit pension schemes – SOCI 335 (303)
At 30 September 1,718 2,741
(f) Reconciliation of deferred tax liability
2015 2014
£000 £000
As at 1 October (1,056) (938)
Acquisition of Forefront Group and Clarke Telecom (693) (613)
Arising on fair value adjustments 637 446
Change of deferred tax rate 160 — 
Reclassification of opening pension scheme asset as a liability (148) — 
Reclassification of opening pension scheme liability as an asset 143 — 
Defined benefit pension schemes – income statement (675) (40)
Defined benefit pension schemes – SOCI (1,905) 89
At 30 September (3,537) (1,056)
7 Dividends
2015 2014
Pence/share Pence/share
Interim (related to the year ended 30 September 2015) 2.25 1.50
Final (related to the year ended 30 September 2014) 3.50 2.50
Total dividend paid 5.75 4.00
£000 £000
Interim (related to the year ended 30 September 2015) 1,393 923
Final (related to the year ended 30 September 2014) 2,153 1,538
Total dividend paid 3,546 2,461
Dividends are recorded only when authorised and are shown as a movement in equity rather than as a charge in the income statement. 
The Directors are proposing that a final dividend of 4.75p per Ordinary Share be paid in respect of the year ended 30 September 2015. 
This will be accounted for in the 2015/16 financial year.
8 Earnings per share
2015 2014
Earnings EPS DEPS Earnings EPS DEPS
£000 Pence Pence £000 Pence Pence
Earnings before exceptional items 
and amortisation 16,068 26.03 25.70 12,781 20.80 20.51
Exceptional items and amortisation (2,900) (4.69) (4.64) (2,444) (3.97) (3.92)
Basic earnings per share – 
continuing activities 13,168 21.34 21.06 10,337 16.83 16.59
Loss for the year from 
discontinued operation (7,263) (11.77) (11.62) (5,155) (8.39) (8.27)
Basic earnings per share 5,905 9.57 9.44 5,182 8.44 8.32
Weighted average number of shares 61,718 62,533 61,431 62,313
The dilutive effect of share options is to increase the number of shares by 815,000 (2014: 882,000) and reduce basic earnings per share 
by 0.13p (2014: 0.12p). 61
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RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
9 Intangible assets
Contractual
rights and
customer
Goodwill relationships
£000 £000
Cost:
At 1 October 2013 34,282 6,281
Additions 21,062 6,042
Hindsight adjustment (Note 26) 2,774 — 
Reclassified as Assets held for resale (1,250) — 
At 1 October 2014 and 30 September 2015 56,868 12,323
Impairment losses/amortisation:
At 1 October 2013 808 2,322
Charge for year — 2,231
At 1 October 2014 808 4,553
Charge for year — 3,536
At 30 September 2015 808 8,089
Carrying amount:
At 30 September 2015 56,060 4,234
At 30 September 2014 56,060 7,770
At 30 September 2013 33,474 3,959
The carrying amounts of goodwill by operating segment are as follows:
2015 2014
£000 £000
Britannia Construction Ltd 1,253 1,253
V.H.E. Construction plc 1,796 1,796
P .P .S. Electrical Ltd 227 227
Seymour (C.E.C.) Holdings Ltd and its subsidiary 4,017 4,017
West Cumberland Engineering Ltd and its subsidiary 207 207
Amco Group Holdings Ltd and its subsidiaries 18,168 18,168
Lewis Civil Engineering Ltd and its subsidiaries 6,556 6,556
Clarke Telecom Ltd 11,143 11,143
Forefront Group Ltd and its subsidiaries 12,693 12,693
56,060 56,060
£1,250,000 of goodwill was reclassified as Assets held for resale in respect of the disposal of Allenbuild Ltd subsequent to 30 September 2014.
Clarke Telecom
Goodwill of £11,143,000 was acquired on the acquisition of Clarke Telecom Ltd and was reviewed for impairment one year after the acquisition 
and then will be on an ongoing basis as required by IAS 36. No impairment was identified.
Forefront Group
Goodwill of £9,919,000 was acquired on the acquisition of Forefront Group Ltd and was reviewed for impairment one year after the acquisition 
and then will be on an ongoing basis as required by IAS 36. No impairment was identified. Goodwill has increased by £2,774,000 as a result 
of a fair value hindsight adjustment. Details are set out in Note 26.
Amortisation charges in respect of intangible assets with a finite life are recorded within administrative expenses in the income statement. 
The amortisation policy is disclosed in the accounting policies and approximates to a period of five years.
In order to test goodwill for impairment the Group performs value in use calculations by preparing cashflow forecasts for each cash generating 
unit (“CGU”) derived from the most recent financial budgets and strategic plans approved by management going forward three years, and 
then extrapolates cashflows based on conservative estimated growth rates which do not exceed GDP growth in the longer term according 
to management’s view of longer-term prospects for each CGU. The CGUs are deemed to be the subsidiaries to which the goodwill relates. 
Management used growth rates deemed to be appropriate to each CGU after reviewing the particular market conditions related to the sector 
in which the CGU operates. Growth rates of between 3% and 6% per annum have been used. The rate used to discount the forecast cashflows 
is 8% as the Board considers the rate appropriate in the current financial market as an approximation to the cost of funds to the Group. The 
Board does not consider that there is any material difference between the CGUs to require different discount rates to be used. The Board has 
chosen the discount rate having taken into account the cost of funds to the Group and the risks associated with the markets in which the CGUs 
operate. Other than changes to the discount rate, the key assumption which would impact the carrying value of goodwill is the margin generated 
by each CGU. Whilst the sensitivities vary by CGU, for a material impairment to take place the discount rate would have to increase by 25% or 
the assumed operating margins would have to decrease by 10% before any impact in any single CGU. Many of the CGUs are not as sensitive to 
these changes. The CGUs which are most sensitive to these assumptions are Forefront Group Ltd and Clarke Telecom Ltd. 62
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Notes to the accounts continued
10 Property, plant and equipment
Freehold Long leasehold Plant, vehicles
land and buildings land and buildings and equipment Total
£000 £000 £000 £000
Cost:
At 1 October 2013 1,713 75 8,596 10,384
Additions — — 5,021 5,021
Disposals — — (3,888) (3,888)
Acquisition of subsidiaries — — 4,144 4,144
At 1 October 2014 1,713 75 13,873 15,661
Additions 416 — 2,891 3,307
Disposals (110) (75) (4,089) (4,274)
At 30 September 2015 2,019 — 12,675 14,694
Depreciation:
At 1 October 2013 89 75 2,032 2,196
Charge for year 16 — 2,959 2,975
Disposals — — (3,653) (3,653)
At 1 October 2014 105 75 1,338 1,518
Charge for year 19 — 3,915 3,934
Disposals — (75) (3,784) (3,859)
At 30 September 2015 124 — 1,469 1,593
Net book value:
At 30 September 2015 1,895 — 11,206 13,101
At 30 September 2014 1,608 — 12,535 14,143
At 30 September 2013 1,624 — 6,564 8,188
The net book value of assets held under finance leases at 30 September 2015 was £6,835,000 (2014: £7,376,000). 
During the year £1,635,000 (2014: £712,000) of depreciation was charged against assets held under finance leases.
11 Inventories
2015 2014
£000 £000
Developments and undeveloped land 3,889 3,242
Raw materials 975 826
4,864 4,068
£1.5m (2014: £1.1m) of inventories are pledged as security for liabilities.
12 Trade and other receivables
2015 2014
£000 £000
Trade receivables 5 84
Amounts due from construction contract customers 89,296 75,514
Other receivables 3,532 4,131
Prepayments and accrued income 4,127 5,590
96,960 85,319
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Included in trade and other receivables are debtors with a carrying value of £2.4m (2014: £3.3m) which are past due at the reporting date for 
which the Group has not provided as there has not been a significant change in credit quality. The Group believes that the amounts are still 
recoverable since there is no objective evidence that these financial assets are impaired. The Group does not hold any collateral over these 
balances. £1.4m (2014: £1.5m) of these balances relate to certified retentions. 
The average age of these receivables is 349 days (2014: 255 days). 63
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RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
12 Trade and other receivables continued
Ageing of past due but not impaired receivables:
2015 2014
£000 £000
30–180 days 548 1,649
181–365 days 435 675
Greater than one year 1,398 932
2,381 3,256
13 Construction contracts
2015 2014
£000 £000
Contracts in progress at balance sheet date:
Amounts due from construction contract customers included in trade and other receivables 89,296 75,752
Amounts due to construction contract customers included in trade and other payables (3,524) (3,499)
85,772 72,253
Contract costs incurred plus recognised profits less recognised losses to date 2,857,820 2,902,146
Less: progress billings (2,772,048) (2,829,893)
85,772 72,253
At 30 September 2015 retentions held by customers amounted to £9. 1m (2014: £13.6m). Advances received from customers for contract work 
amounted to £3.5m (2014: £3.5m).
Amounts due from construction contract customers which are past due at the reporting date amounted to £2.4m (2014: £3.3m).
This amount includes retention balances of £1.4m (2014: £1.5m). The Group does not hold any collateral over these balances or other trade 
and other receivables. 
Contract revenue recognised in the year amounted to £519.6m (2014: £464.5m).
14 Cash and cash equivalents
2015 2014
£000 £000
Cash at bank 10,655 5,570
Cash in hand 7 16
10,662 5,586
15 Trade and other payables
2015 2014
£000 £000
Amounts due to construction contract customers 3,524 3,499
Trade payables 38,364 36,840
Other taxation and social security 3,844 4,114
Other payables 13,962 9,643
Accruals and deferred income 93,918 79,034
153,612 133,130 64
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Notes to the accounts continued
16 Borrowings
2015 2014
£000 £000
Bank loans and overdrafts repayable:
Within one year 6,200 6,200
Within two to five years 9,300 15,500
15,500 21,700
The bank loans and overdrafts are secured by a fixed and floating charge over the Group’s assets.
17 Obligations under finance leases
Minimum lease payments
Present value of minimum
lease payments
2015 2014 2015 2014
£000 £000 £000 £000
Amounts payable under finance leases:
Within one year 2,807 2,994 2,609 2,764
Within two to five years 2,708 3,874 2,514 3,575
5,515 6,868 5,123 6,339
Less: future finance charges (392) (529) — —
Present value of lease obligations 5,123 6,339 5,123 6,339
Less: amount due for settlement within twelve months (2,609) (2,764)
Amount due for settlement after twelve months 2,514 3,575
It is the Group’s policy to lease certain of its plant, vehicles and equipment under finance leases. The average outstanding lease term is three years 
(2014: three years). For the year ended 30 September 2015, the average effective borrowing rate was 3% (2014: 3%). Interest rates are fixed at 
the contract date. All leases are on a fixed repayment basis and no arrangement has been entered into for contingent rental payments.
All lease obligations are denominated in sterling. The fair value of the Group’s lease obligations approximates to their carrying amount. 
The Group’s obligations under finance leases are secured on the asset to which the lease relates.
18 Provisions
Property
obligations
£000
At 1 October 2014 and at 30 September 2015 1,600
Non-current liabilities 1,232
Current liabilities 368
At 1 October 2014 and at 30 September 2015 1,600
Property obligations represent commitments on leases for properties which the Group does not occupy where the Group does not expect to 
receive income sufficient to cover the full commitment. The provision represents outflows which are expected to occur over the next five years.
19 Other financial instruments
The Group’s principal financial instruments comprise bank loans, cash and short-term deposits and obligations under finance leases. 
The main purpose of these financial instruments is to provide finance for the Group’s operations. The Group has various other financial 
instruments such as trade receivables and trade payables that arise directly from its operations. 
It is, and has been throughout the period under review, the Group’s policy that no trading in financial instruments shall be undertaken. 
The disclosures below provide information about the contractual terms of the Group’s interest bearing deposits, loans and borrowings. 65
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19 Other financial instruments continued
Interest rate profile of financial assets and liabilities 
Financial assets/(liabilities)
Fixed rate Fixed Floating
interest rate rate rate Total
 % £000 £000 £000
2015
Assets
Sterling — — 9,039 9,039
Euro — — 1,312 1,312
Dollar — — 304 304
 — 10,655 10,655
Liabilities
Sterling 3.0 (5,123) (15,500) (20,623)
(5,123) (15,500) (20,623)
Financial assets/(liabilities)
Fixed rate Fixed Floating
interest rate rate rate Total
 % £000 £000 £000
2014
Assets
Sterling — — 5,488 5,488
Dollar — — 82 82
 — 5,570 5,570
Liabilities
Sterling 3.0 (6,339) (21,700) (28,039)
(6,339) (21,700) (28,039)
The interest bearing assets accrue interest at prevailing market rates. Generally the Group holds deposits which are repayable on demand.
The sterling interest bearing liabilities accrue interest at a rate which is linked to the lender’s base rate or LIBOR. 
The maturity of the fixed rate financial liabilities is disclosed in Note 17 . The fixed rate liabilities have a weighted average period of three years 
(2014: three years). 
Fair value of financial assets and liabilities
There are no material differences between fair value and the book value of the Group’s financial assets and liabilities.
Financial risks
The Group has exposure to a number of financial risks through the conduct of its operations. Risk management is governed by the Group’s 
operational policies, guidelines and authorisation procedures which are outlined in the Corporate governance statement. The key financial 
risks resulting from financial instruments are credit, liquidity, currency and market risk.
a) Credit risk
Credit risk is the risk of loss if a customer fails to meet its financial obligations and results primarily from the Group’s trade and other receivables. 
The degree to which the Group is exposed to this risk depends on the individual financial situation of each specific customer. The Group does not 
have any risk from a concentration of trade or other receivables in any customer or group of customers. The Group assesses the credit worthiness 
of every customer prior to entering into any contract and requires appropriate evidence of financial capability on a case by case basis. The Group 
reviews trade and other receivables for impairment on a regular basis and information relating to the ageing of receivables is provided in Note 12. 
b) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Board is responsible for ensuring 
that the Group has sufficient liquidity to meet its financial liabilities as they fall due and does so by monitoring cashflow forecasts and budgets. 
The Board has considered the cashflow forecasts for the next twelve months which show that the Group expects to operate within its working 
capital facilities throughout the year. 
The Board aims to maintain a strong capital base so as to ensure investor and market confidence and to sustain the future of the business. 
The capital structure of the Group consists of equity attributable to equity holders of the Company as disclosed in Note 20 and reserves as 
disclosed in Note 21. The Group arranges loans and short-term overdraft facilities and hire purchase facilities as the Board deems necessary. 
The Group does not have any derivative or non-derivative financial liabilities other than those disclosed in Notes 15 to 17 and the retirement 
benefit obligations disclosed in Note 24. An analysis of the maturity profile for finance lease liabilities is given in Note 17.
. 66
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Notes to the accounts continued
19 Other financial instruments continued
Financial risks continued
c) Currency risk
The principal exposure of the Group to currency risk (i.e. exposure to gains or losses on foreign exchange which would be recognised in the income 
statement) is in respect of the unhedged portion of an inter-company loan. At 30 September 2015 the unhedged portion of the inter-company 
loan was $2,271,000 (2014: $1,771,000). The dollar closing exchange rate was $1.51: £1 (2014: $1.62: £1) resulting in a foreign exchange gain of 
£80,000 (2014: £18,000) being credited to finance costs. Consequently, to the extent that the inter-company loan is not fully hedged, the income 
statement may be impacted by exchange rate movements. Exchange rate movement on translation of Lovell America, Inc’s net assets are charged 
to the cumulative translation adjustment within total equity. The exchange gain arising on the translation of Lovell America Inc’s net assets was 
£304,000. The total equity statement would be impacted by £19,000 for each $0.01 movement in exchange rates.
During the year the Group acquired some euros as a result of a contract. The Group has retained these euros to meet certain contractual 
obligations which are denominated in euros. The Group anticipates utilising these euros during the next financial year.
All functional currencies of the Group operations are denominated in sterling, with the exception of the US operations whose functional 
currency is the US dollar and two contracts denominated in euros.
d) Market risk
Market risk is the risk that changes in market prices will affect the Group’s income or the carrying amount of its holding of financial 
instruments. The principal risk relates to interest rates where the Group’s risk is limited to the rates applying to its interest bearing short-term 
deposits and its bank loan. A reduction in market interest rates could lead to a reduction in the Group’s interest income and a reduction 
in its interest costs. Consequently a 1% decrease in market interest rates would reduce annual finance costs by £10,000 for every £1m 
of outstanding loan.
The Group’s hire purchase financial liabilities are all at fixed rates of interest.
20 Share capital
2015 2014
£000 £000
Allotted, called up and fully paid:
61,917,948 (2014: 61,517,948) Ordinary Shares of 10p each 6,192 6,152
The holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at 
meetings of the Company.
During the year 400,000 Ordinary Shares were issued following the exercise of options under the Renew Holdings plc Long Term Incentive Plan.
Share options
Renew Holdings plc 2004 Executive Share Option Scheme
The Group operates a share option scheme, the Renew Holdings plc 2004 Executive Share Option Scheme. The scheme has both an Approved 
and Unapproved element. The difference between the two elements is that the Approved scheme has the advantage of certain HMRC 
approved tax benefits.
Both elements have the same general terms and conditions. Options issued under the scheme must be held for three years before they can 
vest and become exercisable. They must be exercised within ten years from the date of grant. 
During the year, 41,956 approved options were issued under this scheme at an exercise price of 286p. These options are subject to the same 
performance criteria as options issued under the long-term incentive plan described below.
Renew Holdings plc Long Term Incentive Plan
At the Annual General Meeting held on 25 January 2012 the shareholders approved a new long-term incentive plan (“LTIP”) which replaced 
the Renew Holdings plc 2004 Executive Share Option Scheme as the Directors believed that the LTIP was a more effective method of aligning 
executive and shareholder interests.
As at 30 September 2014, there were 1,053,165 options outstanding under the scheme. On 7 January 2015, options to subscribe for a further 
293,000 Ordinary Shares were granted. On 2 March 2015, 400,000 options were exercised resulting in a balance of 946, 165 options being outstanding 
at 30 September 2015. The options are exercisable at a nominal cost three years after the date of grant subject to the achievement of certain 
performance criteria. Details of the options are given in the Directors’ remuneration report. To the extent that there is a gain arising in respect 
of the approved options noted above, the option holder will forfeit LTIP options to the same value.
Vesting of one half of the options is dependant on absolute growth in the Company’s Total Shareholder Return (‘TSR’), and the other half 
is dependent on the Company’s TSR performance as compared to the TSR achieved by other companies in a comparator group of companies 
selected by the Remuneration Committee. All TSR calculations are based on the average of the opening and closing share price over a 
30 day period prior to the commencement and the end of the performance period. 67
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20 Share capital continued
Share options continued
Renew Holdings plc Long Term Incentive Plan continued
The absolute TSR growth target requires the Company’s TSR over the three year performance period to grow by more than 25%. For TSR growth 
between 25% and 100%, the half of the option which is subject to the absolute TSR growth target vests on a straight-line basis from nil vesting 
at 25% growth, to 100% vesting at 100% growth. 
The comparator group TSR performance target measures the Company’s TSR over the three year performance period against the TSR of a group 
of companies selected by the Remuneration Committee. If the Company’s TSR performance falls below the median performance of the comparator 
group then the options lapse forthwith. If the Company is ranked within the top decile of the comparator group the options shall vest in full. If the 
Company’s TSR performance is ranked between the median position and the top decile of the comparator group then the options shall vest on a 
straight-line basis from nil, at or below the median position, to 100% at the top decile.
21 Reserves
Share Capital Cumulative Share based
premium redemption translation payments Retained
account reserve reserve reserve earnings
£000 £000 £000 £000 £000
At 1 October 2013 5,893 3,896 751 390 (6,735)
Transfer from income statement for the year 5,182
Dividends paid (2,461)
Recognition of share based payments (98)
New shares issued 49
Exchange differences 1
Actuarial gain recognised in pension scheme 1,068
Movement on deferred tax relating to the pension scheme    (214)
At 1 October 2014 5,942 3,896 752 292 (3,160)
Transfer from income statement for the year 5,905
Dividends paid (3,546)
Recognition of share based payments 35
New shares issued 1,047
Exchange differences 304
Actuarial gain recognised in pension scheme 8,880
Movement on deferred tax relating to the pension scheme    (1,570)
At 30 September 2015 6,989 3,896 1,056 327 6,509
There is no available analysis of goodwill written off against reserves in respect of subsidiaries that were acquired prior to 1989 and therefore, 
in accordance with the guidance of IAS 36, the Directors are not able to state this figure.
Capital redemption reserve
This reserve represents the combined impact of share buy-backs and cancellations in previous years.
Cumulative translation reserve
This reserve represents the foreign exchange movement on translating the opening net assets of Lovell America, Inc.
Share based payments reserve
Renew Holdings plc 2004 Executive Share Option Scheme
No options were exercised during the year (2014: 114,280). Under this scheme, the fair value of those options assessed at the date of grant 
has been charged against the share based payments reserve. £Nil (2014: £259,000) has been credited to administrative expenses. 68
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Notes to the accounts continued
21 Reserves continued
Share based payments reserve continued
Renew Holdings plc Long Term Incentive Plan
Fair value has been independently measured by PricewaterhouseCoopers LLP using a Monte Carlo model methodology. The fair value 
determined at the grant date of the equity settled share based payments is expensed on a straight-line basis over the vesting period, based 
on the Board’s estimate of shares that will eventually vest.
£35,000 (2014: £161,000) has been charged to administrative expenses. There is no impact on net assets since an equivalent amount has been 
credited to the share based payments reserve. The value per option represents the fair value of the option less the consideration payable.
The expected volatility has been calculated based on weekly historical volatility of the Company’s share price over the three years prior to the 
date of grant. The risk free rate of return has been based on the yields available on three year UK government bonds as at the date of grant.
Options granted under the Renew Holdings plc Long Term Incentive Plan over the Company’s Ordinary Shares at 30 September 2015 were 
as follows:
Date of grant 20 December 2012 3 January 2014  7 January 2015 Total
Awards outstanding at 30 September 2015
– Directors and employees 400,000 253,165 293,000 946,165
Exercise price 0.0p 0.0p 0.0p
Price at date of grant 87.0p 180.0p 288.5p
Maximum option life 10 years 10 years 10 years
Assumed option life for purposes of valuation 3 years 3 years 3 years
Expected volatility 36% 32% 31%
Dividend yield 3.6% 2.0% 1.7%
Risk free interest rate 0.48% 1.03% 0.63%
Value per option 30.0p 87.5p 99.0p
22 Capital and leasing commitments 
Land and Total Total
buildings Other 2015 2014
£000 £000 £000 £000
Commitments under non-cancellable operating leases:
Under one year 2,091 899 2,990 3,653
Two to five years 5,825 2,096 7,921 8,860
Five or more years 3,059 — 3,059 12,850
10,975 2,995 13,970 25,363
With regard to the operating leases held by the Group as lessor, the Group recognised £297,000 (2014: £362,000) of rental income in the 
income statement for 2015, relating to sub-letting of surplus premises. 
The future minimum sub-lease receipts expected to be received under non-cancellable operating leases are as follows:
Land and Total Total
buildings Other 2015 2014
£000 £000 £000 £000
Receivables under non-cancellable operating leases:
Under one year 159 — 159 153
Two to five years 166 — 166 295
Five or more years — — — 48
325 — 325 496
The Group had capital commitments at 30 September 2015 of £2,044,000 (2014: £nil). 69
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23 Contingent liabilities
Under the terms of the Group’s banking agreement, security over the Group’s assets has been granted to the Group’s bankers.
24 Employee benefits: Retirement benefit obligations
Defined benefit pension schemes
The Group operates two defined benefit pension schemes, the Lovell Pension Scheme and the Amco Pension Scheme. Both schemes have been 
closed to new members and to further benefits accrual for many years.
IAS 19 “Employee Benefits”
The Directors have adopted the accounting required by IAS 19 with effect from the transition date. The Directors have discussed the assumptions 
used in determining the actuarial valuations set out below with independent pensions advisors and have determined that they are appropriate. 
The Lovell scheme’s valuation at 30 September 2015 shows a surplus of £15,154,000 based on the assumptions set out below. The Amco scheme 
shows a deficit of £599,000 based on the assumptions used in its valuation which are similar to those used for the Lovell scheme except where 
the Directors, in consultation with the scheme’s advisors, consider it appropriate to vary them due to the different characteristics of the Amco 
scheme and its membership profile. The Directors have determined that it is appropriate to recognise the surplus as, having reviewed the rules 
of both schemes, they are of the view that the employer has an unconditional right to that surplus.
The following disclosures required by IAS 19 have been based on the most recent actuarial valuation as at 30 September 2015 carried out by 
Lane Clark & Peacock LLP, Consulting Actuaries, in respect of the Lovell scheme and Capita Employee Benefits (Consulting) Limited in respect 
of the Amco scheme using the following assumptions:
As at As at As at
30 September 30 September 30 September
2015 2014 2013
Lovell Pension Scheme
Rate of increase in salaries 4.0% 4.0% 4.0%
LPI increases to pensions in payment 3.0% 3.0% 3.1%
Discount rate 3.7% 3.9% 4.5%
Inflation assumption (CPI) 2.0% 2.1% 2.2%
Inflation assumption (RPI) 3.0% 3.1% 3.2%
Increases in deferred pensions 2.9% 3.1% 2.2%
Amco Pension Scheme
Rate of increase in salaries 3.0% 3.3% 3.2%
LPI increases to pensions in payment 2.6% 2.7% 2.7%
Discount rate 3.7% 3.9% 4.5%
Inflation assumption (CPI) 2.0% 2.3% 2.2%
Inflation assumption (RPI) 3.0% 3.3% 3.2%
Increases in deferred pensions 1.8% 2.3% 2.2%
The mortality tables adopted for the valuation of the Lovell scheme are the S2NA tables with future improvements in line with the Continuing 
Mortality Investigations 2014 model with long-term improvement rates of 1.25% per annum for both males and females. The Directors believe 
that this analysis provides a more reliable estimate of the mortality characteristics of the scheme’s membership. Under these assumptions, a 
65 year old male pensioner is forecast to live for a further 23.0 years and the further life expectancy of a male aged 65 in 2035 is 24.7 years.
The mortality tables adopted for the valuation of the Amco scheme are the S1PA Mortality tables with future improvements in line with the 
Continuing Mortality Investigations 2013 model with long-term improvement rates of 1.25% per annum for both males and females. The Directors 
believe that this analysis provides a more reliable estimate of the mortality characteristics of the scheme’s membership. Under these assumptions, 
a 65 year old male pensioner is forecast to live for a further 22.4 years and the further life expectancy of a male aged 65 in 2035 is 24.2 years. 70
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Notes to the accounts continued
24 Employee benefits: Retirement benefit obligations continued
IAS 19 “Employee Benefits” continued
The assets in the Lovell scheme were:
Value as at Value as at Value as at
30 September 30 September 30 September
2015 2014 2013
£000 Allocation £000 Allocation £000 Allocation
Annuities 43,216 26% 43,410 30% 43,136 34%
Diversified portfolio 121,985 74% 101,002 69% 84,631 66%
Cash 402 — 1,180 1% (19) —
Total 165,603 100% 145,592 100% 127,748 100%
During 2011, the Trustees of the Lovell scheme, in consultation with the Directors, used scheme assets to purchase annuities which match 
certain pension liabilities in a transaction known as a “buy-in”. This asset provides protection against falls in gilt yields and risks in the 
performance of other asset classes. 
The assets in the Amco scheme were:
Value as at Value as at Value as at
30 September 30 September 30 September
2015 2014 2013
£000 Allocation £000 Allocation £000 Allocation
Annuities 6,940 49% 7,270 51% 6,950 52%
Diversified portfolio 6,341 44% 6,427 45% 5,951 44%
Cash 984 7% 585 4% 594 4%
Total 14,265 100% 14,282 100% 13,495 100%
During 2013, the Trustees of the Amco scheme, in consultation with the Directors, used scheme assets to purchase annuities which match 
certain pension liabilities in a transaction known as a “buy-in”. This asset provides protection against falls in gilt yields and risks in the 
performance of other asset classes. 
Scheme funding levels and actuarial valuations
Lovell Pension Scheme
The scheme actuary has recently completed the triennial valuation of the Lovell Pension Scheme as at 31 March 2015. The scheme shows a 
deficit of £12.1m compared to £24.1m when measured as at 31 March 2012. The Company has agreed a revised recovery plan with the Trustees 
which commits the Company to paying annual contributions of £4,260,000 which is expected to result in the elimination of this deficit by 
31 July 2018. This recovery plan aims to eliminate the deficit under the Statutory Funding Objective of the Pensions Act 2004. The Company 
may be required to make further contributions to achieve a buy-out of all pension liabilities and the Company has agreed to continue to make 
such contributions under a secondary funding objective. The necessity and quantum of these contributions will be remeasured by the 
scheme actuary at the next triennial valuation which is due at 31 March 2018. 
For accounting purposes under IAS 19, actuaries use different assumptions than for the triennial valuation. The major difference relates 
to assumptions concerning the future return on assets of the scheme which includes a number of return-seeking assets invested with 
BlackRock Asset Management, described above as “Diversified portfolio”. The key sensitivity for the valuation of the scheme under IAS 19 is 
the selection of the discount rate which is the major determinant in measuring scheme liabilities. A reduction of 0.1% in the discount rate 
would increase scheme liabilities by £2.3m. 
The scheme rules permit the return of any surplus funds to the company on the winding up of the scheme.
Amco Pension Scheme
The scheme actuary completed the triennial valuation of the Amco Pension Scheme as at 31 December 2013. The scheme shows a deficit of 
£2.1m compared to £2.5m when measured as at 31 December 2010. The Company has agreed a revised recovery plan with the Trustees which 
commits the Company to paying annual contributions of £385,000 which is expected to result in the elimination of this deficit by 31 October 2020. 
This recovery plan aims to eliminate the deficit under the Statutory Funding Objective of the Pensions Act 2004. The Company may be 
required to make further contributions to achieve a buy-out of all pension liabilities. 
For accounting purposes under IAS 19, actuaries use different assumptions than for the triennial valuation. The major difference relates 
to assumptions concerning the future return on assets of the scheme which includes a number of return-seeking assets invested with 
BlackRock Asset Management, described above as “Diversified portfolio”. The key sensitivity for the valuation of the scheme under IAS 19 is 
the selection of the discount rate which is the major determinant in measuring scheme liabilities. A reduction of 0.1% in the discount rate 
would increase scheme liabilities by £0.2m.  71
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24 Employee benefits: Retirement benefit obligations continued
IAS 19 “Employee Benefits” continued
The following amounts at 30 September were measured in accordance with the requirements of IAS 19.
Lovell Pension Scheme
2015 2014
£000 £000
Movements in scheme assets and obligations
Total fair value of scheme assets brought forward 145,592 127,768
Interest on scheme assets 5,606 5,664
Employer contributions 3,894 2,917
Benefits paid (7,634) (7,105)
Actual return on scheme assets less interest on scheme assets 18,145 16,348
Total fair value of scheme assets carried forward 165,603 145,592
Present value of scheme obligations brought forward 144,852 131,313
Interest on scheme obligations 5,502 5,751
Current and past service costs 248 59
Benefits paid (7,634) (7,105)
Actuarial losses due to experience on benefit obligation 2,844 —
Actuarial losses due to changes in financial assumptions 4,369 11,041
Actuarial losses due to changes in demographic assumptions 268 3,793
Total fair value of scheme obligations carried forward 150,449 144,852
Surplus in the scheme 15,154 740
Deferred tax (2,728) (148)
Net surplus 12,426 592
Amount charged to operating profit:
Current and past service costs (248) (59)
(248) (59)
Amount credited/(charged) to other financial income:
Interest on scheme assets 5,606 5,664
Interest on scheme obligations (5,502) (5,751)
Net pension interest 104 (87)
Amounts recognised in the statement of comprehensive income:
Actual return on scheme assets less interest on scheme assets 18,145 16,348
Actuarial losses due to changes in assumptions on scheme obligations (7,481) (14,834)
Actuarial gain 10,664 1,514
Movement in the net scheme surplus during the year:
Net scheme surplus/(deficit) brought forward 740 (3,545)
Current and past service costs (248) (59)
Employer contributions 3,894 2,917
Net pension interest 104 (87)
Actuarial gain 10,664 1,514
Net scheme surplus carried forward 15,154 740 72
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Notes to the accounts continued
24 Employee benefits: Retirement benefit obligations continued
IAS 19 “Employee Benefits” continued
The following amounts at 30 September were measured in accordance with the requirements of IAS 19.
Amco Pension Scheme
2015 2014
£000 £000
Movements in scheme assets and obligations
Total fair value of scheme assets brought forward 14,282 13,495
Expected return on scheme assets 600 550
Employer contributions 385 200
Benefits paid (705) (694)
Actual return on scheme assets less interest on plan assets (297) 731
Total fair value of scheme assets carried forward 14,265 14,282
Present value of scheme obligations brought forward 13,566 12,533
Interest on scheme obligations 515 550
Benefits paid (705) (694)
Actuarial losses due to changes in financial and demographic assumptions 1,488 1,177
Total fair value of scheme obligations carried forward 14,864 13,566
(Deficit)/surplus in the scheme (599) 716
Deferred tax 108 (143)
Net (deficit)/surplus (491) 573
Amount credited to other financial income:
Interest on scheme assets 600 550
Interest on scheme obligations (515) (550)
Net pension interest 85 —
Amounts recognised in the statement of comprehensive income:
Actual return on scheme assets less interest on scheme assets (297) 731
Actuarial losses due to changes in assumptions on scheme obligations (1,488) (1,177)
Actuarial loss (1,785) (446)
Movement in the net scheme (deficit)/surplus during the year:
Net scheme surplus brought forward 716 962
Employer contributions 385 200
Net pension interest 85 —
Actuarial loss (1,785) (446)
Net scheme (deficit)/surplus carried forward (599) 716 73
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RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
24 Employee benefits: Retirement benefit obligations continued
IAS 19 “Employee Benefits” continued
Lovell Pension Scheme
2015 2014 2013 2012 2011
£000 £000 £000 £000 £000
Actual return on scheme assets less interest 
on scheme assets 18,145 16,348 (1,168) 6,891 (10,685)
As a percentage of the assets at the end of the year 11.0% 11.2% (0.9)% 5.4% (9.0)%
Experience gains on scheme obligations — — — — 1,349
As a percentage of the obligations at the end of the year — — — — 1.1%
Total amount recognised in the statement 
of comprehensive income 10,664 1,514 (5,711) (3,972) (5,151)
As a percentage of the obligations at the end of the year 7.1% 1.0% (0.9)% (3.1)% (4.3)%
The Lovell scheme has been in operation for many years and, after taking advice from the Group’s pensions advisors, the Directors have 
determined that it is not possible to allocate the assets and liabilities of the scheme between the various Group companies. As permitted 
by IAS 19, the Group has taken advantage of the multi-employer exemption and the surplus of the scheme is accounted for as an unallocated 
consolidation adjustment.
Amco Pension Scheme
2015 2014 2013 2012 2011
£000 £000 £000 £000 £000
Actual return on scheme assets less interest on scheme assets (297) 731 (967) 1,346 (58)
As a percentage of the assets at the end of the year (2.1)% 5.1% (7.2)% 9.3% (0.4)%
Experience gains on scheme obligations — — — — 490
As a percentage of the obligations at the end of the year — — — — 4.1%
Total amount recognised in the statement 
of comprehensive income (1,785) (446) (1,059) 530 (114)
As a percentage of the obligations at the end of the year (12.0)% (3.3)% (8.4)% 4.2% (1.0)%
The Amco scheme’s sole employer is the Company’s wholly owned subsidiary, Amalgamated Construction Ltd. 
Defined contribution pension scheme
The Group operates a number of defined contribution pension schemes and individual stakeholder pension plans for its employees. 
The Group made contributions of £4,336,000 (2014: £3,169,000) into these plans during the year. There are also £424,000 (2014: £467,000) 
of accruals relating to these plans. 
25 Related parties
The Group has a related party relationship with its key management personnel who are the Main Board Directors: BW May, J Samuel, P Scott, RJ Harrison, 
J Bishop and DM Forbes, whose total compensation amounted to £2,577 ,000 (2014: £1,381,000) which was represented by short-term 
employment benefits and the benefit of share option exercises.
BW May was appointed a director of RTC Group Plc on 10 September 2015. In the period since his appointment to 30 September 2015 the Group 
has purchased £173,000 from RTC Group Plc and at 30 September 2015 there was a balance due to RTC Group Plc of £207 ,000. 
There were no other transactions with key management personnel in the year.  74
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26 Acquisition of subsidiary undertaking – Forefront Group Ltd
On 1 August 2014, the Company acquired the whole of the issued share capital of Forefront Group Ltd (“Forefront”) for a consideration of £14.8m, 
all of which was paid in cash. The acquisition was funded from the Group’s cash resources and a four year loan of £1 2m provided by HSBC Bank plc.
The value of the assets and liabilities of Forefront at the date of acquisition were:
Fair value Fair value
as reported at as restated at
 30 September Hindsight 30 September
Book value Adjustments 2014 adjustments 2015
£000 £000 £000 £000 £000
Non-current assets
Intangible assets – goodwill — 9,919 9,919 2,774 12,693
– other — 2,332 2,332 — 2,332
Property, plant and equipment 4,030 — 4,030 (1,140) 2,890
4,030 12,251 16,281 1,634 17,915
Current assets
Inventories 284 — 284 — 284
Trade and other receivables 5,474 — 5,474 (238) 5,236
Current tax asset 62 — 62 — 62
5,820 — 5,820 (238) 5,582
Total assets 9,850 12,251 22,101 1,396 23,497
Non-current liabilities
Obligations under finance leases (948) — (948) — (948)
Deferred tax liabilities (109) (465) (574) 693 119
(1,057) (465) (1,522) 693 (829)
Current liabilities
Bank overdraft (646) — (646) — (646)
Trade and other payables (5,072) (8) (5,080) (2,089) (7,169)
Obligations under finance leases (37) — (37) — (37)
(5,755) (8) (5,763) (2,089) (7,852)
Total liabilities (6,812) (473) (7,285) (1,396) (8,681)
Net assets 3,038 11,778 14,816 — 14,816
Fair value adjustments arising from the acquisition
In accordance with IAS 36, the Board reviewed the fair value of assets and liabilities using information available up to twelve months after 
the date of acquisition. Fair value has been calculated using Level 3 inputs as defined by IFRS 13. 
Property, plant and equipment
The Directors reviewed the depreciation policy for property, plant and equipment which is now aligned with the Group policy. Prior to the 
acquisition, the directors of Forefront Group Ltd used a reducing balance depreciation policy. The consequence of this was that, in the 
opinion of the Directors, the fair value of property, plant and equipment was overstated at the point of acquisition. As a result, the Directors 
carried out a valuation of the property, plant and equipment in accordance with IAS 36. The impact of this was to reduce fixed assets, 
increase deferred tax assets and goodwill. These adjustments required the restatement of the Group balance sheet as at 30 September 2014. 
There was no impact on the Group profit for the year ended 30 September 2014. For the year ended 30 September 2015 the Group 
depreciation charge reduced by £118,000.
Trade and other receivables
£238,000 of debtors at the date of acquisition have been provided against as they have proven to be irrecoverable. Deferred tax liabilities 
have been adjusted accordingly.
Trade and other payables
Subsequent to the date of acquisition, two onerous contracts have been identified resulting in a fair value adjustment of £2.1m. A provision 
against these contracts has been calculated based on projected cashflows from the date of acquisition until their forecast completion. 
Deferred tax has been adjusted accordingly.
Goodwill impairment review
Goodwill of £12,693,000 arose on acquisition and was reviewed for impairment one year after the acquisition and then will be on an ongoing 
basis as required by IAS 36. 
Notes to the accounts continued 75
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Company balance sheet
at 30 September
2015 2014
Note £000 £000
Fixed assets
Tangible assets E 657 651
Investments F 101,995 101,449
102,652 102,100
Current assets
Stocks and work in progress G 500 226
Debtors: due within one year H 68,336 40,436
Cash at bank 1,314 66
70,150 40,728
Creditors: amounts falling due in less than one year I (108,640) (83,104)
Net current liabilities (38,490) (42,376)
Total assets less current liabilities 64,162 59,724
Creditors: amounts falling due after more than one year J (9,300) (15,500)
Net assets 54,862 44,224
Capital and reserves
Share capital L 6,192 6,152
Share premium account M 6,989 5,942
Capital redemption reserve M 3,896 3,896
Share based payments reserve M 327 292
Profit and loss account M 37,458 27,942
Equity shareholders’ funds N 54,862 44,224
Approved by the Board and signed on its behalf by:
R J Harrison OBE
Chairman
24 November 2015 76
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Notes to the company accounts
A Accounting policies
(i) Basis of accounting
The accounts have been prepared on the going concern basis and in accordance with UK applicable accounting standards under the 
historical cost convention. In determining that the going concern basis is appropriate the Directors have reviewed budgets, including 
cashflow forecasts, and concluded that the Company has adequate cash resources to continue trading for the foreseeable future.
A summary of the more important Company accounting policies, which have been applied consistently, is set out below:
(ii) Investments in subsidiaries
Investments in subsidiaries are recorded at cost less provision for impairment.
(iii) Tangible fixed assets
Tangible fixed assets are recorded at cost, less provision for impairment if required. Depreciation is provided on all tangible fixed assets, 
other than freehold land. Provision is made at rates calculated to write off the cost of each asset, less estimated residual value, evenly over 
its expected useful life as follows:
Freehold land   – no depreciation charge
Freehold buildings   – fifty years
Plant, vehicles and equipment  – three to ten years
(iv) Leasing commitments
Rentals under operating leases are charged to the profit and loss account on a straight-line basis over the term of the lease.
(v) Share based payments
FRS 20 “Share Based Payment” requires a fair value to be established for any equity settled share based payments. Fair value has been 
independently measured using a Monte Carlo valuation model. The fair value determined at the grant date of the equity settled share based 
payments is expensed on a straight-line basis over the vesting period based on the Directors’ estimate of shares that will eventually vest.
(vi) Deferred taxation
The payment of taxation is deferred or accelerated because of timing differences between the treatment of certain items for accounting 
and taxation purposes. Full provision for deferred taxation is made under the liability method, without discounting, on timing differences 
that have arisen, but not reversed by the balance sheet date, unless such provision is not permitted by FRS 19 “Deferred tax”.
Deferred tax assets are recognised to the extent it is considered more likely than not that they will be recovered. In accordance with FRS 19 
deferred tax is not provided for on:
a) revaluation gains on land and buildings, unless there is a binding agreement to sell them at the balance sheet date;
b) gains on the sale of non-monetary assets, if the taxable gain will probably be rolled over; and
c) extra tax payable if the overseas retained profits of subsidiaries, joint ventures or associates are remitted in the future.
Deferred tax assets are recognised for taxable losses relating to trading to the extent that those losses are expected to be recoverable within 
the foreseeable future. 
(vii) Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction or at the contracted rate if the transaction 
is covered by a forward exchange contract. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate 
of exchange ruling at the balance sheet date. Exchange differences are taken to the profit and loss account. 
(viii) Defined benefit pension scheme
The Company has adopted the requirements of FRS 17 “Retirement Benefits”. The Directors have determined that it is not possible to allocate 
the assets and liabilities of the scheme between the various Group companies. Accordingly the scheme is not accounted for in the Company’s 
balance sheet. Any increase in the present value of liabilities within the defined benefit scheme expected to arise from employee service in 
the period is charged to operating profit in respect of the Company’s employees.
(ix) Defined contribution pension plans
Contributions to defined contribution pension plans are charged to the profit and loss account as incurred.
(x) Dividends
Dividends unpaid at the balance sheet date are only recognised as a liability at that date to the extent that they are appropriately authorised and are 
no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements. 
(xi) Stocks and work in progress
Stocks comprise land held for development and are stated at the lower of cost and net realisable value. Cost includes appropriate 
attributable overheads and excludes interest. Where necessary, provision is made for obsolete, slow moving and defective stocks.
B Profit and loss account
As permitted by Section 408 of the Companies Act 2006, the Company has not presented its own profit and loss account. The profit after 
taxation for the financial year dealt with in the accounts of the Company was £13,062,000 (2014: £9,903,000).
The audit fee charged within the profit and loss account amounted to £34,000 (2014: £38,000). 77
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C Employee numbers and remuneration
2015 2014
Number Number
The average monthly number of employees, all of whom were administrative staff
including Executive Directors, employed in continuing activities during the year was: 27 27
At 30 September: 27 27
Cost of staff, including Executive Directors, during the year amounted to:
£000 £000
Wages and salaries 2,555 2,305
Social security costs 395 272
Other pension costs 274 168
Share based payments 1,122 (98)
4,346 2,647
Directors’ emoluments
£000 £000
Aggregate emoluments 2,577 1,381
Highest paid Director: aggregate emoluments 1,213 677
Details of individual Directors’ emoluments and pension contributions can be found in the Directors’ remuneration report.
D Dividends
2015 2014
Pence/share Pence/share
Interim (related to the year ended 30 September 2015) 2.25 1.50
Final (related to the year ended 30 September 2014) 3.50 2.50
Total dividend paid 5.75 4.00
£000 £000
Interim (related to the year ended 30 September 2015) 1,393 923
Final (related to the year ended 30 September 2014) 2,153 1,538
Total dividend paid 3,546 2,461
Dividends are recorded only when authorised and are shown as a movement in equity rather than as a charge in the profit and loss account. 
The Directors are proposing that a final dividend of 4.75p per Ordinary Share be paid in respect of the year ended 30 September 2015. 
This will be accounted for in the 2015/16 financial year. 
E Tangible fixed assets
Freehold land Long leasehold Plant, vehicles
and buildings land and buildings & equipment Total
£000 £000 £000 £000
Cost:
At 1 October 2014 701 75 319 1,095
Additions — — 20 20
Disposals — (75) (270) (345)
At 30 September 2015 701 — 69 770
Depreciation:
At 1 October 2014 57 75 312 444
Charge for year 9 — 5 14
Disposals — (75) (270) (345)
At 30 September 2015 66 — 47 113
Net book value:
At 30 September 2015 635 — 22 657
At 30 September 2014 644 — 7 651
  78
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Notes to the company accounts continued
F Investments
Subsidiary
undertakings
£000
Shares at cost:
At 1 October 2014 235,428
Additions 546
Disposals (18,926)
At 30 September 2015 217,048
Provisions:
At 1 October 2014 133,979
Released during the year (18,926)
At 30 September 2015 115,053
Net book value:
At 30 September 2015 101,995
At 30 September 2014 101,449
Details of subsidiary undertakings are included in Note S.
The investment in subsidiaries is supported by their net asset values and their discounted expected future cashflows.
G Stock and work in progress
2015 2014
£000 £000
Undeveloped land 500 226
H Debtors 
2015 2014
£000 £000
Due within one year:
Trade debtors 4 20
Due from subsidiary undertakings 61,326 34,580
Corporation tax 3,778 2,528
Other debtors 259 38
Deferred tax 413 420
Prepayments and accrued income 2,556 2,850
68,336 40,436
I Creditors: amounts falling due within one year 
2015 2014
£000 £000
Bank loans and overdrafts 70,091 42,021
Trade creditors 885 353
Other taxation and social security 520 673
Due to subsidiary undertakings 25,278 30,712
Other creditors 139 149
Accruals and deferred income 11,727 9,196
108,640 83,104
J Creditors falling due after more than one year
2015 2014
£000 £000
Bank loan 9,300 15,500
Bank loans and overdrafts repayable:
Within one year 70,091 42,021
Within two to five years 9,300 15,500
79,391 57,521 79
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K Derivatives and other financial instruments
Currency exposures
The principal exposure of the Company to currency risk (i.e. exposure to gains or losses on foreign exchange which would be recognised 
in the profit and loss account) is in respect of the unhedged portion of an inter-company loan. At 30 September 2015 the unhedged portion 
of the inter-company loan was $2,271,000 (2014: $1,771,000). 
During the year the Company acquired some euros from a subsidiary. The Company has retained these euros to meet certain contractual 
obligations of a subsidiary which are denominated in euros. The Company anticipates utilising these euros during the next financial year.
The Company’s operations are denominated in sterling.
Fair value of financial assets and liabilities
There are no material differences between fair value and the book value of the Company’s financial assets and liabilities.
L Share capital
2015 2014
£000 £000
Allotted, called up and fully paid:
61,917,948 (2014: 61,517,948) Ordinary Shares of 10p each 6,192 6,152
The holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at 
meetings of the Company.
During the year 400,000 Ordinary Shares were issued following the exercise of options under the Renew Holdings plc Long Term Incentive Plan.
Share options
Renew Holdings plc 2004 Executive Share Option Scheme
The Company operates a share option scheme, the Renew Holdings plc 2004 Executive Share Option Scheme. The scheme has both an 
Approved and Unapproved element. The difference between the two elements is that the Approved scheme has the advantage of certain 
HMRC approved tax benefits.
Both elements have the same general terms and conditions. Options issued under the scheme must be held for three years before they 
can vest and become exercisable. They must be exercised within ten years from the date of grant. 
During the year, 41,956 approved options were issued under this scheme at an exercise price of 286p. These options are subject to the 
same performance criteria as options issued under the long-term incentive plan described below.
Renew Holdings plc Long-Term Incentive Plan
At the Annual General Meeting held on 25 January 2012 the shareholders approved a new long-term incentive plan (“LTIP”) which replaced 
the Renew Holdings plc 2004 Executive Share Option Scheme as the Directors believed that the LTIP was a more effective method of aligning 
executive and shareholder interests.
As at 30 September 2014, there were 1,053,165 options outstanding under the scheme. On 7 January 2015, options to subscribe for a 
further 293,000 Ordinary Shares were granted. On 2 March 2015, 400,000 options were exercised resulting in a balance of 946,165 options 
being outstanding at 30 September 2015. The options are exercisable at a nominal cost three years after the date of grant subject to the 
achievement of certain performance criteria. Details of the options are given in the Directors’ remuneration report. To the extent that 
there is a gain arising in respect of the approved options noted above, the option holder will forfeit LTIP options to the same value.
Vesting of one half of the options is dependant on absolute growth in the Company’s Total Shareholder Return (‘TSR’), and the other 
half is dependent on the Company’s TSR performance as compared to the TSR achieved by other companies in a comparator group of 
companies selected by the Remuneration Committee. All TSR calculations are based on the average of the opening and closing share price 
over a 30 day period prior to the commencement and the end of the performance period.
The absolute TSR growth target requires the Company’s TSR over the three year performance period to grow by more than 25%. For TSR 
growth between 25% and 100%, the half of the option which is subject to the absolute TSR growth target vests on a straight-line basis 
from nil vesting at 25% growth, to 100% vesting at 100% growth.
The comparator group TSR performance target measures the Company’s TSR over the three year performance period against the TSR of a 
group of companies selected by the Remuneration Committee. If the Company’s TSR performance falls below the median performance of 
the comparator group then the options lapse forthwith. If the Company is ranked within the top decile of the comparator group the options 
shall vest in full. If the Company’s TSR performance is ranked between the median position and the top decile of the comparator group 
then the options shall vest on a straight line basis from nil, at or below the median position, to 100% at the top decile. 80
ACCOUNTS
WWW.RENEWHOLDINGS.COM
Notes to the company accounts continued
M Reserves
Share Capital Share based
premium redemption payments Profit & loss
account reserve reserve account
£000 £000 £000 £000
At 1 October 2014 5,942 3,896 292 27,942
Transfer from profit and loss account for the year 13,062
Recognition of share based payments 35
New shares issued 1,047
Dividends paid   (3,546)
At 30 September 2015 6,989 3,896 327 37,458
Share based payments reserve
Renew Holdings plc 2004 Executive Share Option Scheme
No options were exercised during the year (2014: 114,280). Under this scheme, the fair value of those options assessed at the date of grant 
has been charged against the share based payments reserve. £Nil (2014: £259,000) has been credited to administrative expenses.
Renew Holdings plc Long Term Incentive Plan
Fair value has been independently measured by PricewaterhouseCoopers LLP using a Monte Carlo model methodology. The fair value 
determined at the grant date of the equity settled share based payments is expensed on a straight-line basis over the vesting period, based 
on the Board’s estimate of shares that will eventually vest.
£35,000 (2014: £161,000) has been charged to administrative expenses. There is no impact on net assets since an equivalent amount has 
been credited to the share based payments reserve. The value per option represents the fair value of the option less the consideration 
payable.
The expected volatility has been calculated based on weekly historical volatility of the Company’s share price over the three years prior to the 
date of grant. The risk free rate of return has been based on the yields available on three year UK government bonds as at the date of grant.
Options granted under the Renew Holdings plc Long Term Incentive Plan over the Company’s Ordinary Shares at 30 September 2015 were 
as follows:
Date of grant 20 December 2012 3 January 2014 7 January 2015 Total
Awards outstanding at 30 September 2015
– Directors and employees 400,000 253,165 293,000 946,165
Exercise price 0.0p 0.0p 0.0p
Price at date of grant 87.0p 180.0p 288.5p
Maximum option life 10 years 10 years 10 years
Assumed option life for purposes of valuation 3 years 3 years 3 years
Expected volatility 36% 32% 31%
Dividend yield 3.6% 2.0% 1.7%
Risk free interest rate 0.48% 1.03% 0.63%
Value per option 30.0p 87.5p 99.0p
Risk free interest rate 0.43% 0.48% 1.03%
Value per option 40.0p 30.0p 87.5p
N Reconciliation of movements in equity shareholders’ funds
2015 2014
£000 £000
Profit for the year 13,062 9,903
Dividends paid (3,546) (2,461)
Issue of Ordinary Shares 1,087 61
Recognition of share based payments 35 (98)
At 1 October 2014 44,224 36,819
At 30 September 2015 54,862 44,224 81
ACCOUNTS
RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
O Capital and leasing commitments
Land and Total Total
buildings Other 2015 2014
£000 £000 £000 £000
Annual commitments under non-cancellable operating leases expiring in:
Under one year — 8 8 12
Two to five years 125 20 145 133
Five or more years 528 — 528 776
653 28 681 921
The Company had no capital commitments at 30 September 2015 (2014: £nil).
P Contingent liabilities
The Company has guaranteed performance bonds in respect of certain contracts and leasing arrangements in the normal course 
of business of its subsidiary undertakings.
Under the terms of the Group’s banking agreement, security over the Company’s assets has been granted to the Group’s bankers.
The Company is a participant together with a number of subsidiary undertakings in the Group banking arrangements and as a result 
has risks associated with the financial status and performance of the other companies within the Group.
Q Defined contribution pension scheme
The Company operates a number of defined contribution pension schemes and individual stakeholder pension plans for its employees.
The Company made contributions of £274,000 (2014: £168,000) into these plans during the year. There are also £22,000 (2014: £15,000) of 
accruals relating to these plans.
R Related parties
The Company has a related party relationship with its key management personnel who are the Main Board Directors: BW May, J Samuel, 
P Scott, RJ Harrison, J Bishop and DM Forbes, whose total compensation amounted to £2,577,000 (2014: £1,381,000) which was represented 
by short-term employment benefits and the benefit of share option exercises.
There were no other transactions with key management personnel in the year.
S Subsidiary undertakings
Renew Holdings plc acts as the holding company of the Group. The principal activity of the Group during the year was as contractors 
in Engineering Services and Specialist Building. The subsidiary undertakings are listed below.
Incorporation & Proportion of
principal place Ordinary Shares
of business held by the Company
Subsidiary undertakings
Amco Group Holdings Ltd Owned by Renew Holdings plc England and Wales 100%
Britannia Group Ltd Owned by Renew Holdings plc England and Wales 100%
Clarke Telecom Ltd Owned by Renew Holdings plc England and Wales 100%
Ex AB (North West) Ltd Owned by Renew Holdings plc England and Wales 100%
Ex AB (West Midlands) Ltd Owned by Renew Holdings plc England and Wales 100%
Forefront Group Ltd Owned by Renew Holdings plc England and Wales 100%
Inhoco 3520 Ltd Owned by Renew Holdings plc England and Wales 100%
Lewis Civil Engineering Ltd Owned by Renew Holdings plc England and Wales 100%
Renew Corporate Director Ltd Owned by Renew Holdings plc England and Wales 100%
Renew Fleet Management Ltd Owned by Renew Holdings plc England and Wales 100%
Renew Group Ltd Owned by Renew Holdings plc England and Wales 100%
Renew Ltd Owned by Renew Holdings plc England and Wales 100%
Renew Nominees Ltd Owned by Renew Holdings plc England and Wales 100%
Renew Pension Trustee Company Ltd Owned by Renew Holdings plc England and Wales 100%
Renew Property Developments Ltd Owned by Renew Holdings plc England and Wales 100% 82
ACCOUNTS
WWW.RENEWHOLDINGS.COM
S Subsidiary undertakings continued
Incorporation & Proportion of
principal place Ordinary Shares
of business held by the Company
Subsidiary undertakings
Seymour (C.E.C.) Holdings Ltd Owned by Renew Holdings plc England and Wales 100%
Shepley Engineers Ltd Owned by Renew Holdings plc England and Wales 100%
V.H.E. Construction Plc Owned by Renew Holdings plc England and Wales 100%
YJL Homes Ltd Owned by Renew Holdings plc England and Wales 100%
VHE Land Projects Ltd Owned by Renew Holdings plc England and Wales 100%
YJL Investments Ltd Owned by Renew Holdings plc England and Wales 100%
YJL Ltd Owned by Renew Holdings plc England and Wales 100%
YJL Pension Trustee Company Ltd Owned by Renew Holdings plc England and Wales 100%
Lovell America, Inc Owned by Renew Holdings plc USA 100%
Amalgamated Construction (Scotland) Ltd Owned by subsidiary Scotland 100%
Amalgamated Construction Ltd Owned by subsidiary England and Wales 100%
Amco Engineering Ltd Owned by subsidiary England and Wales 100%
Amco Group Ltd Owned by subsidiary England and Wales 100%
Amco Group Trustees Ltd Owned by subsidiary England and Wales 100%
Amco Rail Engineering Ltd Owned by subsidiary England and Wales 100%
Amco Rail Ltd Owned by subsidiary England and Wales 100%
BPE Specialised Drillings Ltd Owned by subsidiary England and Wales 100%
Britannia Construction Ltd Owned by subsidiary England and Wales 100%
David Lewis Civil Engineering Ltd Owned by subsidiary England and Wales 100%
Forefront Utilities Ltd Owned by subsidiary England and Wales 100%
Geodur UK Ltd Owned by subsidiary England and Wales 100%
‘Hire One’ Ltd Owned by subsidiary England and Wales 100%
Knex Pipelines & Cables Ltd Owned by subsidiary England and Wales 100%
Mothersill Engineering Ltd Owned by subsidiary England and Wales 100%
P .P .S. Electrical Ltd Owned by subsidiary England and Wales 100%
Renew Civil Engineering Ltd Owned by subsidiary England and Wales 100%
Renew Construction Ltd Owned by subsidiary England and Wales 100%
Renew Specialist Services Ltd Owned by subsidiary England and Wales 100%
Seymour (Civil Engineering Contractors) Ltd Owned by subsidiary England and Wales 100%
VHE (Civil Engineering) Ltd Owned by subsidiary England and Wales 100%
VHE Equipment Services Ltd Owned by subsidiary England and Wales 100%
VHE Technology Ltd Owned by subsidiary England and Wales 100%
Walter Lilly & Co Ltd Owned by subsidiary England and Wales 100%
West Cumberland Engineering Ltd Owned by subsidiary England and Wales 100%
YJL Construction Ltd Owned by subsidiary England and Wales 100%
YJL Infrastructure Ltd Owned by subsidiary England and Wales 100%
YJL London Ltd Owned by subsidiary England and Wales 100%
Allenbuild Ltd Owned by subsidiary England and Wales 50%
Allenbuild (South East) Ltd Owned by subsidiary England and Wales 50%
Inject-O-Matic Guarantee Ltd Owned by subsidiary England and Wales 28.9%
Notes to the company accounts continued 83
ACCOUNTS
RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015
Directors, officers and advisors
Directors
R J Harrison OBE (Non-executive Chairman) 
B W May  (Chief Executive) 
J Samuel FCA (Group Finance Director) 
P Scott  (Group Engineering Services Director) 
J Bishop FCA (Independent non-executive) 
D M Forbes (Independent non-executive)
Registrars
Capita Asset Services 
The Registry 
34 Beckenham Road 
Beckenham 
Kent 
BR3 4TU
Auditor
KPMG LLP 
1 Sovereign Square 
Sovereign Street 
Leeds 
LS1 4DA 
Financial PR
Walbrook PR Ltd 
4 Lombard Street 
London 
EC3V 9HD
Nominated advisor and broker
Numis Securities Limited 
London Stock Exchange Building 
10 Paternoster Square 
London  
EC4M 7LT
Company Secretary
J Samuel FCA
Company number
650447
Registered address
Yew Trees 
Main Street North 
Aberford 
Leeds 
LS25 3AA
Website address
www.renewholdings.com 84
ACCOUNTS
WWW.RENEWHOLDINGS.COM
Shareholder information
Annual General Meeting 27 January 2016
Results   Announcement of interim results – May 2016
   Preliminary announcement of full year results – November 2016
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www.capitashareportal.com. 
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or an inflated price for shares they own. These calls typically come from fraudsters operating in “boiler rooms” that are mostly based abroad. 
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 Call the FCA Consumer Helpline on 0800 1 1 1 6768 or use the share fraud reporting form at http:/ /www.fca.org.uk/scams.
If you use an unauthorised firm you will not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme (“FSCS”).
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By phone +44 (0)871 664 0300 (Calls cost 12p per minute plus your phone company’s access charge. Calls outside the United Kingdom will 
be charged at the applicable international rate). Lines are open between 09:00 - 17:30, Monday to Friday excluding public holidays in 
England and Wales. By email shareholderenquiries@capita.co.uk. STRATEGIC REPORT STRATEGIC REPORT
Our subsidiary businesses
Amco
Whaley Road 
Barugh 
Barnsley 
South Yorkshire 
S75 1HT 
Tel: 01226 243 413
Shepley Engineers
Robinson House 
Westlakes Science Park 
Moor Row 
Cumbria 
CA24 3HY 
Tel: 01946 599 022
Seymour Civil Engineering
30–35 Navigation Point 
Hartlepool 
TS24 0UQ 
Tel: 01429 233 521
VHE
Whaley Road 
Barugh 
Barnsley 
South Yorkshire 
S75 1HT 
Tel: 01226 320 150
Britannia
Britannia House 
Staverton Technology Park 
Cheltenham 
Gloucestershire 
GL51 6TQ 
Tel: 01452 859 880
Lewis Civil Engineering
Mwyndy Cross Industries 
Cardiff Road 
Pontyclun 
Rhondda Cynon Taff 
CF72 8PN 
Tel: 01443 449 200
Walter Lilly
Knollys House 
17 Addiscombe Road 
Croydon 
Surrey 
CR0 6SR 
Tel: 020 8730 6200
Clarke Telecom
Unit E 
Madison Place 
Northampton Road 
Manchester 
M40 5AG 
Tel: 0161 785 4500
Forefront
30 Stephenson Road 
Leigh on Sea 
Essex 
SS9 5LY 
Tel: 01702 507 440
85 RENEW HOLDINGS PLC ANNUAL REPORT AND ACCOUNTS 2015 Renew Holdings plc 
Yew Trees 
Main Street North 
Aberford 
Leeds  
LS25 3AA 
tel: 0113 281 4200 
fax: 0113 281 4210 
web: www.renewholdings.com
Company Number: 650447 
Registered in England & Wales
Renew Holdings plc Annual Report and Accounts 2015