DELIVERING 
ENGINEERING 
SERVICES 
TO UK 
INFRASTRUCTURE
Renew Holdings plc  
Annual Report and Accounts 2013
Renew Holdings plc Annual Report and Accounts 2013 Further information and investor 
updates can be found on our website 
at www.renewholdings.com
  Engineering Services revenue up 9%, including organic growth of 6%, to £232.4m 
(2012: £214.1m)
  Engineering Services revenue now accounts for 70% of Group revenue (2012: 63%) 
  Group order book up 26% to £416m (2012: £331m) with Engineering Services order 
book up 28% to £301m (2012: £235m)
  Acquisition of Lewis Civil Engineering Limited for a cash consideration, including 
costs, of £8.2m
  Returned to a net cash position of £2.8m (2012: net debt £5.5m)
  Final dividend increased by 19% to 2.5p (2012: 2.1p)
Highlights Our performance in 2013
t he g ro Up haS SU cce SSf Ully grown 
it S e ngineering ServiceS b USine SS 
both organically an D by acq Ui Sition. 
11.2
2013
3.6
2013
335
2013
14.8
2013
10.3
2012
3.15
2012
337
2012
13.9
2012
7.8
2011
3.0
2011
357
2011
9.6
2011
4.5
2010
3.0
2010
290
2010
5.3
2010
Adjusted 
operating profit* (£m)
Dividend per share (p)
Revenue (£m)
Adjusted earnings 
per share* (p)
+9%
+14%
-1%
+7%
£11 .2m
3.6p
£335m
14.8p
Operational highlights
Operational reviews:
  Energy: page 16
  Environmental: page 18
  Infrastructure: page 20
  Specialist Building: page 22
Financial highlights
 Financial review: page 12
  Comprehensive financial results:  
from page 42
* Adjusted results are shown prior to exceptional items and amortisation charges. Contents
Group overview
An overview of the Group, 
including results statements 
and strategy information.
IFC Highlights
02 Our business
04 Our strategy
05 Our business model
06 Chairman’s statement
08 Chief Executive’s review
12 Financial review
Review of operations
A look at the Group’s target 
markets and achievements in 
these markets during the year.
16 Energy
18 Environmental
20 Infrastructure
22 Specialist Building
Corporate governance
This section outlines the Group’s 
corporate governance procedures.
26 Corporate social responsibility
30 Directors’ report
34 Directors’ remuneration report
37 Corporate governance
39  Statement of directors’ 
responsibilities
Accounts
Group accounts for the year ended 
30 September 2013.
42 Independent auditor’s report
43 Group income statement
44  Group statement of 
comprehensive income
44  Group statement of changes 
in equity
45 Group balance sheet
46 Group cashflow statement
47 Notes to the accounts
67 Company balance sheet
68 Notes to the company accounts
75  Directors, officers and advisors
76 Shareholder information
About Renew
Renew p Rov ides multidisciplina Ry 
enginee Ri ng se Rv ices th Roug h 
its independently b Ra nded 
businesses to maintain and 
develop u K i nf Rast Ru ctu Re 
in the e n e Rg y, e n vi Ro nmental 
and  i n f Ra st Ructu Re m a RKe ts.
s u ppo Rt ing t h e 
u K’s  i n f Ra st Ru ctu Re 
th Roug h integ Ra ted 
enginee Ri ng se Rv ices .
01 Renew Holdings plc Annual Report and Accounts 2013 Our business: What we do at Renew
ouR integ Rated multidisciplina Ry 
enginee Ring expe Rtise suppoR ts 
the  maintenance and R enewal 
of  uK inf Rast Ructu Re.
we impR ove
w e maintain
w e Renew What we’re made of
The Group delivers multidisciplinary civil, mechanical and electrical engineering 
services nationwide, concentrating on critical planned and reactive maintenance 
and asset renewal programmes. Our integrated offering is a differentiator 
in our target markets.
70%
ENGINEERING  
SERv ICES
30%
SpECIAl ISt 
BuIl DING
Nuclear, renewables, 
traditional
   N u c l e a r o p e r a t i o n al 
support and asset care
 Nuclear dismantling
  Nuclear decommissioning 
  Civil, mechanical and 
electrical engineering 
services
  Critical planned and reactive 
maintenance 
  Feasibility and solution 
development
  M ec h a n i c a l / e l ect r i c a l 
supply and installation
  Design and design 
management
Energy
Water, flood alleviation, 
river and coastal defence, 
land remediation
   Main drainage, roads 
and sewer maintenance
  Flood alleviation and 
attenuation
  Clean and waste water 
rehabilitation 
  Strategic mains maintenance 
and utility infrastructure
  port, harbour and sea defences 
  Soil and groundwater 
remediation and associated 
earthworks
  Soil treatments including 
biophysical treatments, 
soil washing, solidification 
and stabilisation 
  Development of remedial 
strategies 
  G r o u n d w a t e r t r e a t m e n t 
and management
Environmental
Rail, highways, industrial
   Off-track asset renewal 
and refurbishment
  planned and reactive 
maintenance services
  tunnel and shaft 
refurbishment
  B r i d g e s , s t r uc tu r e s 
and earthworks
Infrastructure
High quality residential, 
new build affordable housing
    New build, fit out 
and refurbishment 
of prestigious private 
residential projects 
  Innovative temporary works 
design and engineering 
solutions 
   New build affordable 
housing units
Specialist Building
Specialist Building brands Engineering Services brands
02 Renew Holdings plc Annual Report and Accounts 2013 We provide multidisciplinary integrated Engineering Services nationwide. 
The past six years have seen us move the balance of our operations progressively 
into higher margin Engineering Services. This has transformed Renew into an 
Engineering Services Group supporting UK infrastructure.
 Subsidiary location
Integrated engineering 
services nationwide 
How our experience and capabilities 
continue to support infrastructure 
throughout the UK.
 
Services bridge
Client: Sellafield Ltd
Working for Sellafield l td as part of 
the programme of works with COGAp, 
we designed, fabricated and installed 
a critical service bridge. t his project 
involves some of the largest fabricated 
structures the Group has undertaken. 
t he scheme is scheduled for 
completion in 2015.
Flood alleviation scheme
Client: Northumbrian Water
t his scheme was designed by 
Northumbrian Water to reduce flooding 
to 80 properties in the l ongbenton area 
which was subject to sewer flooding. t he 
overall programme was reduced through 
innovative working practices which 
included stakeholder communications, 
construction methods and materials, 
programming and resource management.
Building and Civils Delivery Partnership
Client: Network Rail
Network Rail’s three year Building and 
Civils Delivery partnership framework 
delivers essential maintenance projects 
across the rail network. As the only 
contractor operating nationally on 
this framework we undertake a large 
number of projects including planned 
maintenance work on stations, bridges, 
tunnels and embankments as well 
as reactive maintenance works 
as they arise.
8
Individually branded uK 
subsidiary businesses
2,294
Dedicated multi-skilled 
employees throughout  
the uK 
03 Renew Holdings plc Annual Report and Accounts 2013 Our business: An established plan for growth
expanding ou R enginee Ring 
se Rvices  and developing long 
te Rm Relationships in ou R ta Rget 
Regulated ma RKets means we a Re 
well positioned foR continued 
futu Re gR owth .
Our 
strategy 
is to expand 
our Engineering 
Services across 
stable regulated 
markets
Our strategy
Since establishing our strategy in 2006 we have grown our Engineering Services 
activities from 15% to 70% of revenue.
Our 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.
Goal:
Expand our Engineering Services both 
organically and by acquisition whilst 
increasing Engineering Services 
business operating margins to 5%.
Goal:
Focus on providing non-discretionary 
engineering maintenance and renewal 
services, establishing further 
sustainable client relationships through 
responsiveness.
Goal:
Engineering Services accounting 
for at least 70% of Group revenue 
with turnover of over £500m by 2016, 
through a combination of acquisition 
and organic growth. 
Expand Identify Deliver
Result:
Engineering Services operating margin 
4.6% (2012: 4.5%)
Result:
Acquisition of l ewis gives us access to 
additional frameworks with Wessex and 
Welsh Water
Result:
Engineering Services’ contribution 
to ongoing Group revenue
70% (2012: 63%)
70%
63%
50%
44%
2013 2012 2011 2010
Engineering Services 
turnover as % of 
Group turnover
70%
4.6%
4.5%
4.2%
3.3%
2013 2012 2011 2010
Engineering Services 
operating margin %
4.6%
92%
87%
77%
74%
2013 2012 2011 2010
Cumulative reduction 
in accident incidence 
rate %
92%
04 Renew Holdings plc Annual Report and Accounts 2013 Our business model
The role of Renew is to set overall 
standards and to promote synergies 
and best practice, providing advice 
to maximise the subsidiaries’ and 
the Group’s potential. This structure 
enables our subsidiaries to be more 
competitive and efficient in their 
individual marketplaces. 
We target sustainable, regulated markets with strong 
potential for growth
Our markets exist in secure and predictable environments 
 We generate revenue based on long-term client relationships 
1
2
3
Our Engineering Services focus on the non-discretionary refurbishment 
and maintenance of essential operational assets critical to the uK economy. 
Consequently, our Engineering Services activities have more predictable 
work streams. In Specialist Building, our work concentrates on key markets 
in the South where we have a strong position with particular expertise.
Many of our existing maintenance framework agreements are renewals or 
extensions to previous agreements, building on our long-term relationships 
with clients such as Network Rail, Northumbrian Water and Sellafield l td.
Energy
Growth through: investment in nuclear new build, government 
energy targets, decommissioning and maintenance of existing 
assets >Full review on page 16
Infrastructure
Growth through: continued maintenance of the rail 
network including enhancement and modernisation 
>Full review on page 20
Environmental
Growth through: water infrastructure development and 
maintenance, increasing cost of dealing with contaminated 
land >Full review on page 18
Specialist Building
Growth through: government commitments to affordable 
housing and strong residential demand in l ondon and 
the South >Full review on page 22
Renew promotes a culture within all its subsidiaries based on: 
  ensuring the safety of all those involved in, and affected by, its activities; 
  ensuring the consistent quality delivery of its services; 
  the development of long term relationships through a proactive 
non‑confrontational style; and 
  ensuring risk management of all its activities from initial contract selectivity 
through to successful completion.
through effective controls and management of the operating subsidiaries, 
we seek to deliver value to shareholders in the form of reliable capital 
growth and a progressive dividend policy.
05 Renew Holdings plc Annual Report and Accounts 2013 Chairman’s statement Roy Harrison OBE, Chairman
Results 
t he Group’s record results for the year ended 
30 September 2013 demonstrate its position 
as a leading provider of multidisciplinary 
Engineering Services supporting critical 
uK infrastructure. t he Engineering Services 
business achieved strong growth in revenue, 
operating profit and forward order book.
Group operating profit prior to exceptional 
items and amortisation was up 9% to £1 1.2m 
(2012: £10.3m) on Group pre-exceptional 
revenue of £334.6m (2012: £337.4m). 
Group operating margin improved to 3.4% 
(2012: 3.0%). Earnings per share prior 
to exceptional items and amortisation 
increased by 7% to 14.81p (201 2: 13.90p) 
with basic earnings per share on 
continuing activities increasing 
by 25% to 14.85p (2012: 11.87p). 
t here have been a number of exceptional 
items during the year. t he net impact 
of these items in the year is a profit 
before taxation of £0.5m. An amortisation 
charge of £0.5m has also been recognised 
offsetting the exceptional profit. Full 
details of these items are set out in 
Note 3 of the financial statements.
t he Engineering Services business 
has progressed well with a 9% increase 
in revenue to £232.4m (2012: £214.1m), 
together with a 10% increase in operating 
profit to £10.6m (201 2: £9.6m). Operating 
margin improved to 4.6% (2012: 4.5%).  
t he Specialist Building activity remained 
focused on selective niche markets in the 
South with operating margin improving to 
2.0% (2012: 1.7%). As expected, operating 
profit was maintained at £2. 1m (201 2: £2. 1m) 
on revenue of £102.5m (201 2: £1 23. 1m). 
t he Group’s contracted order book 
at 30 September 2013 stood at £416m 
(2012: £331m), a 26% increase, with 
the Engineering Services order book 
up 28% to £301m (2012: £235m). 
Cash performance has been strong and 
I am pleased to report that the Group has 
returned to a year end net cash position 
of £2.8m (2012: net debt £5.5m). t his 
improvement has come through a strong 
working capital performance combined 
with the benefit of the sale of land at 
Rugby which has been recorded as 
an exceptional item.
Much of the cash generated from the 
Rugby sale was redeployed in acquiring 
l ewis Civil Engineering l imited (“l ewis”) 
for a cash consideration including costs 
of £8.2m. l ewis, which is based near 
Cardiff, specialises in the construction and 
maintenance of infrastructure and assets 
within the water industry. l ewis has revenue 
of approximately £25m per annum with an 
operating profit margin of circa 5%. It is 
a well respected brand in its region and 
market with clients including Wessex Water 
and Dŵr Cymru Welsh Water. It provides its 
services through framework agreements 
and employs 175 highly skilled personnel. 
l ewis’s financial performance is expected 
to be both cash generative and accretive 
to Renew’s Engineering Services operating 
margin in the 2013/14 financial year.
  Engineering Services up 
9% in revenue to £232.4m 
(2012: £214.1m).
  t he Group’s contracted 
order book at 30 September 
2013 stood at £4 16m (201 2: 
£331m), a 26% increase, with 
the Engineering Services 
order book up 28% to 
£301m (2012: £235m). 
  t he Group has returned to 
a net cash position of £2.8m 
(2012: net debt £5.5m).
  l ewis Civil Engineering 
acquired for £8.2m in cash.
  Full year dividend increased 
by 14%.
Summary
R J Harrison OBE Chairman
Reco Rd Results fo R the yeaR: t he 
gRoup has achieved Reco Rd Results 
fo R the yea R ended 30  septembe R 
2013 ahead of ma RKet expectations.
06 Renew Holdings plc Annual Report and Accounts 2013 Dividend
t he Board is proposing a final dividend 
of 2.50p per share, increasing the full year 
dividend by 14% to 3.60p (2012: 3.15p). 
t he dividend will be paid on 3 March 2014 
to shareholders on the register as at 
31 January 2014. t he Board intends to 
continue to grow dividends progressively.
Outlook
t he Group enters the 2013/14 financial year 
in a strong position. In Specialist Building 
the Group operates in two discrete market 
sectors that have strong fundamentals 
and in which we have particular experience 
and expertise. In Engineering Services, the 
Group is expanding its position as a leading 
provider of engineering support services 
in the uK’s Energy, Environmental and 
Infrastructure markets. t hese markets 
are mainly regulated and the critical assets 
are maintained by programmes of essential 
non-discretionary spending. t he Group 
continues to focus its activities on these 
programmes which provide both good 
visibility of future opportunities and 
sustainable earnings streams. 
It remains the Board’s strategy to 
grow the business, both organically 
and by selective acquisitions, developing 
Renew’s position as a leading medium 
sized engineering support services group. 
t he Board’s ambition is to grow Group 
revenue to over £500m, an achievement 
which continues to be likely to require 
further acquisitions. t he Board continues 
to set challenging performance targets 
and believes that over the next three 
years the Group can increase its 
Engineering Services business operating 
margins to 5% whilst maintaining Specialist 
Building performance in line with that 
currently being achieved. t he Group’s 
successful acquisition record combined 
with these strong results and net cash 
position, together with the record forward 
order book indicate that Renew is well 
placed to achieve these targets. 
R J Harrison OBE
chairman
26 November 2013
The Group enters the 2013/14 financial year 
in a strong position.
232
2013
214
2012
177
2011
127
2010
115
2009
Engineering Services 
revenue (£m)
£232m
10.6
2013
9.6
2012
7.4
2011
4.2
2010
4.0
2009
Engineering Services 
operating profit (£m)
£10.6m
70
2013
63
2012
50
2011
44
2010
36
2009
Engineering Services 
% of Group revenue 
70%
07 Renew Holdings plc Annual Report and Accounts 2013 Chief Executive’s review Brian May, Chief Executive
ouR st Rong oR deR booK and pR oven 
stR ategy of delive Ring g Rowth in 
the gR oup’s e nginee Ring s eRvices 
business, both o Rganically and 
by acquisition, illustR ates that 
we a Re incReasingly well placed 
in ou R ta Rget ma RKets, pR oviding 
confidence fo R futu Re gR owth .
t he Group has successfully grown 
its Engineering Services business both 
organically and by acquisition. t his has 
increased both revenue and operating 
profit and strengthened its position as 
a provider of multidisciplinary integrated 
engineering support services to critical 
uK infrastructure. Our Specialist Building 
activities have increased operating 
margin and remain focused on niche 
sustainable markets in the South.
Engineering Services
Operating in the Energy, Environmental 
and Infrastructure markets, Renew 
undertakes essential asset support 
providing maintenance and renewal 
services through its directly employed 
multidisciplinary workforce operating from 
local, independently branded businesses.
Revenue in Engineering Services grew 
by 9%, including organic growth of 6%, 
to £232.4m (2012: £214.1m) and now 
accounts for 70% of Group revenue 
(201 2: 63%) and 84% of Group operating 
profit (2012: 82%). Operating margin 
improved to 4.6% (2012: 4.5%).
t he Engineering Services order book 
has seen strong growth of 28% to £301m 
(2012: £235m), securing 83% of 2014 
budget revenue (2013: 66%). t his growth 
has been achieved in all market sectors 
with Energy up 7% to £133m (201 2: £1 24m), 
Environmental up 79% to £59m (2012: 
£33m) and Infrastructure up 40% to 
£109m (2012: £78m).
t he Group continues to deliver its strategy 
of growing its Engineering Services business 
both organically and through selective 
earnings enhancing acquisitions. In the year 
under review, the Group acquired l ewis Civil 
Engineering l imited based near Cardiff. 
l ewis, which specialises in deep sewer and 
water main pipelines, waste water treatment 
and general water utility infrastructure 
works, further strengthens the Group’s 
position in the Water sector adding 
two leading utility businesses as major 
clients in the Environmental market.
Energy
t he Group operates in the nuclear, 
traditional and renewable power generation 
sectors nationally providing planned and 
reactive maintenance and asset renewal 
support for a range of clients mainly through 
long standing framework agreements.
t he Group focuses its activity in the 
nuclear sector with the majority of work 
continuing to be undertaken across the 
Nuclear Decommissioning Authority’s 
(“NDA”) estate where we are active on 
nine sites that command around 70% 
of the NDA’s £3bn annual expenditure. 
Work is concentrated at the Sellafield site 
on which the Group has been operational 
for over sixty years and where the Group 
provides engineering support for the 
care and maintenance of operational 
plant associated with waste treatment or 
processing, decommissioning, demolition 
and clean-up of redundant facilities. 
Sellafield continues to be allocated 
55% of the NDA’s annual budget.
Our position as the leading provider 
of mechanical and electrical services at 
Sellafield and the integrated service offering 
through our subsidiary businesses helped 
the Group achieve a 16% increase in our 
secured nuclear order book to £126m 
(2012: £109m). During the year, the Group 
became the first contractor to receive supply 
chain accreditation for service provision 
at the Sellafield site in recognition of our 
performance to the highest quality nuclear 
standards. Our continued attention to our 
safety performance was also recognised 
when we received the 2013 Sellafield 
Resident Engineers Safety Award for 
‘Outstanding Safety performance’. 
Work at Sellafield continues to be 
undertaken on the Multi Discipline Site 
Works framework which was renewed 
from 1 April 2013 and is valued at up to 
  E n g i n e e r i n g S e r v i c e s 
now accounts for 70% 
of Group revenue.
  E n g i n e e r i n g S e r v i c e s 
operating margin 
improved to 4.6%.
  E n g i n e e r i n g S e r v i c e s 
order book has grown in 
all three market sectors.
Summary
B W May Chief Executive
08 Renew Holdings plc Annual Report and Accounts 2013 £280m over a four year period. As one of 
the three participants on the framework, 
we continue to be aligned with the largest 
area of spend, delivering production 
operations support work packages. 
One of the major areas of work at Sellafield 
is in high hazard risk reduction and includes 
the Evaporator D scheme, currently the 
uK’s largest nuclear programme. Revenues 
on this project are now expected to exceed 
£60m over its three year duration with 
completion due in 2015. t he £26m four 
year Decommissioning and Bulk Sludge 
Retrievals framework has also experienced 
a substantial increase in scope during the 
period. Work also continues on the £58m 
four year Site Wide Asset Care framework.
We continue to support Sellafield’s 
major projects programmes and are 
the sole mechanical and electrical 
supply chain partner on the fifteen 
year £1.1bn Infrastructure Strategic 
Alliance framework.
Elsewhere in the Energy market, the 
Group provides long term engineering 
support at five of the uK’s traditional 
power generation sites through seven 
framework agreements. t he ongoing 
maintenance and support of these 
sites is critical in ensuring provision 
of the uK’s future energy needs. 
In renewables, we have increased our service 
offering in the wind energy sector where 
we were commissioned by E.On to carry out 
a range of challenging repair works which 
successfully brought a number of turbines 
back on line on a remote site in Scotland. 
We are also engaged to supply a range of 
highly engineered components to one of 
the uK’s largest offshore windfarms for 
the same client. Hydro generation schemes 
are also providing a number of opportunities 
with projects for Scottish and Welsh Water 
on track to commence in 2014 through 
our frameworks with these clients.
The Group’s priority remains the safety of 
our employees and those working with us. 
Our commitment to this can be seen in the 
significant 92% reduction in our Accident 
Incidence Rate over the last 8 years. 
Engineering Services performance
The development of our Engineering Services business has created a platform 
of sustainable revenue generated from over 60 framework agreements with 
major clients, most of which operate in regulated markets.
Engineering Services order book growth by market
235
2012
301
2013
179
2011
82
2010
Engineering Services 
order book (£m)
Energy
£301m
4.5
2012
4.6
2013
4.2
2011
3.3
2010
Engineering Services 
operating margin (%)
4.6%
↑ 7% 
to £133m
2012: £124m
Infrastructure
↑40% 
to £109m
2012: £78m
Environmental
↑ 79% 
to £59m
2012: £33m
09 Renew Holdings plc Annual Report and Accounts 2013 Chief Executive’s review continued
New Nuclear Power
HM Government’s ‘Strike price’ agreement 
with EDF Energy announced in October 2013 
represents a crucial milestone in the role of 
new nuclear as part of the uK’s future energy 
strategy. t he final investment decision for 
the proposed new station at Hinkley point 
is anticipated by the summer of 2014. t he 
forecast costs of Hinkley point ‘C’ are circa 
£16bn which is to be spent over a ten year 
construction period. t his initial project 
as well as the anticipated increased 
momentum at other proposed new uK 
sites, which also have consents to develop, 
will present opportunities for Renew. An 
established and proven track record of 
service delivery to the highest standards 
within this highly regulated sector will be 
a prerequisite to participation. t he Group 
has demonstrated its attainment of the 
necessary standards over many years 
and continues to be involved in supporting 
proposals for elements of the requirements 
at Hinkley point, including the manufacture 
and supply of high integrity fabricated 
steel components which will be required 
early in the construction phase.
Environmental
t he Group continues to provide operational 
support and maintenance to the water 
infrastructure, flood alleviation, river and 
coastal defence, land remediation and 
engineering renovation sectors where 
much of the work is undertaken through 
long term framework agreements with 
repeat clients.
Our progress in the Water sector has been 
enhanced by the acquisition of l ewis Civil 
Engineering l imited (“l ewis”). Our work for 
Northumbrian Water, Wessex Water and 
Welsh Water includes sewer maintenance, 
clean and waste water rehabilitation, 
strategic mains maintenance and general 
utility infrastructure services under 
the regulated AMp5 programme.
For Northumbrian Water, Seymour has 
been appointed a preferred supplier to 
deliver a number of accelerated flood 
prevention schemes in addition to having 
been awarded their third out of four trunk 
Mains Cleaning projects and continuing 
to provide maintenance support under 
seven frameworks. 
For Wessex Water, l ewis is sole supplier on 
the Networks 1 framework under their AMp5 
investment programme. For Welsh Water, 
l ewis has positions on the pressurised 
pipelines and Major Civil Engineering 
projects frameworks. l ewis also adds 
a particular specialism to the Group with 
their expertise in trenchless technology. 
In l and Remediation, work continues 
for long standing client National Grid 
under a number of established national 
remediation framework agreements. t he 
National Contaminated l and Remediation 
Contractor’s framework delivered the 
award of a major remediation scheme for 
Blackpool Council. Recent project awards 
for Scotia Gas Networks have led to a 
five year framework appointment. 
During the year, the Group has been 
appointed to the Environment Agency’s 
minor works frameworks across all of its 
regions. t he Group is the only contractor 
to have achieved this nationwide position.
In the Engineering Renovation sector, the 
Group has recently commenced work on a 
£9m project at the palace of Westminster. 
t his contract is associated with the repair 
and restoration of the cast iron roofs at 
this World Heritage Site where the Group 
has previously completed work on a similar 
project on the Speaker’s Court section of 
the roof. t his award provides continuity with 
a long established client in a market sector 
where the Group has renowned expertise 
and a proven delivery record. previously, the 
The Group’s strong results 
are a testament to the 
skills and commitment 
of all our employees. 
The Board would like to 
express its gratitude for 
this ongoing effort which 
is vital to the continued 
success of the Group.
10 Renew Holdings plc Annual Report and Accounts 2013 Group has carried out all of the restoration 
work on both the undercroft and roof during 
the redevelopment of St pancras Station, 
together with work on many of the country’s 
principal glasshouse structures including 
Kibble palace and Wentworth House.
Infrastructure
t he Group operates mainly in the Rail 
sector delivering off-track asset renewal 
and refurbishment as well as a wide range 
of planned and reactive maintenance 
services critical to keeping the rail 
network operational.
For our largest client, Network Rail, 
we remain the sole provider of engineering 
maintenance services nationally which we 
deliver under both the Building and Civils 
Delivery partnership (“BCDp”) and Asset 
Management (“AM”) frameworks. In addition 
to ongoing engineering support our local 
delivery teams respond nationally across 
the rail network providing 24 hour 
emergency services. 
We have seen a substantial increase 
in activity during the year across our 
entire work portfolio. t his increase is 
attributable to the responsiveness of 
our local teams which are aligned closely 
with the operational structure of Network 
Rail. During the year, we have carried out 
approximately 4,000 separate instructions 
in AM and been awarded almost 100 
projects in BCDp.
t he Group’s specialist skills in tunnel 
and shaft refurbishment provide a 
differentiator in this market and were 
further enhanced in the year with the 
formation of our National tunnel Delivery 
team. We have recently been awarded 
the £12m Holme tunnel project which 
has now started on site, together with 
further works to reline the crown of 
Whiteball tunnel.
Our increased activity in Rail is reflected 
in a 36% uplift in our forward order book to 
£101m (201 2: £7 4m). t he recently announced 
funding plan for Network Rail over the next 
five years provides excellent visibility of 
future work opportunities in the Rail sector.
Specialist Building
Specialist Building activity remains 
focused on the High Quality Residential 
and New Build Affordable Housing markets 
in the South. Specialist Building showed 
an increased operating margin of 2.0% 
(2012: 1.7%) through maintaining an 
operating profit of £2.1m (2012: £2.1m) 
on revenue of £102.5m (2012: £123.1m). 
Our Specialist Building order book has 
grown by 20% to £115m (2012: £96m) 
and although we anticipate delivering 
growth in revenue during 2013/14, our 
focus in this segment will remain on 
delivering a consistent level of operating 
profit. t he Group has specific expertise 
in these niche markets as well as many 
years’ experience which combined with our 
strong relationships provides a sustainable 
environment for future opportunities. 
In the High Quality Residential market in 
l ondon and the Home Counties we remain 
a leading quality provider. Our extensive 
experience and expertise in innovative 
temporary works engineering solutions 
when carrying out complex structural 
remodelling and extending properties 
below ground provides a key differentiator. 
Over £60m of new opportunities have been 
secured in this strong market which has 
good visibility of future opportunities and 
the business has all of its budget revenue 
for 2013/14 already contracted. 
t he demand for New Build Affordable 
Housing remains high and the Group has 
established relationships with many of 
the leading Housing Associations in the 
South providing access to an advertised 
spend of £700m per annum for the next 
three years. Over £50m of awards have 
been contracted during the year including 
further projects for peabody, One Housing 
Group and Notting Hill Housing securing 76% 
of the business’ 2013/14 budget revenue.
People
t he Group’s priority remains the safety of 
our employees and those working with us. 
Our commitment to this can be seen in the 
significant 92% reduction in our Accident 
Incidence Rate over the last eight years. 
t he Group has a number of safety related 
initiatives in place and is particularly 
focused on ensuring that all incidents, 
not only those which result in reportable 
accidents, are recorded and analysed to 
ensure all possible lessons are learned.
t he Group’s strong results are a testament 
to the skills and commitment of all our 
employees. t he Board would like to express 
its gratitude for this ongoing effort which is 
vital to the continued success of the Group.
Summary
Renew provides essential engineering 
maintenance, refurbishment and renewal 
services to support the uK’s critical assets 
in regulated markets underpinned by 
sustainable revenue. 
Our strong order book and proven 
strategy of delivering growth in the 
Group’s Engineering Services business, 
both organically and by acquisition, 
illustrates that we are increasingly well 
placed in our target markets, providing 
confidence for future growth.
B W May
chief executive
26 November 2013
The Group continues to deliver its strategy 
of growing its Engineering Services business 
both organically and through selective earnings 
enhancing acquisitions. 
11 Renew Holdings plc Annual Report and Accounts 2013 Financial review John Samuel, Group Finance Director
afte R tax, exceptional items and 
amoR tisation, the pR ofit foR the 
yea R f Rom continuing ope Rations 
was £8.9m .
Results
Group revenue from ongoing operations 
was £334.6m (201 2: £337 .4m) with a profit 
before tax of £10.7m (201 2: £10.0m) prior 
to exceptional items and amortisation 
charges and the loss from the discontinued 
operation. A tax charge of £1.8m (2012: 
£1.7m) resulted in a profit after tax for 
the year of £8.9m (2012: £8.3m) prior 
to exceptional items and amortisation 
charges and the loss from the discontinued 
operation. After tax, exceptional items 
and amortisation, the profit for the year 
from continuing operations was £8.9m 
(2012: £7.1m).
Exceptional items
A number of exceptional items have been 
recognised during the year, the most notable 
of which was the realisation of land at Rugby 
which recorded exceptional revenue of 
£14.4m and a gain of £9.2m. 
In the uSA, the Group has three remaining 
property assets where delays due to 
economic conditions have led to detailed 
planning and zoning agreements expiring. 
Outline permissions remain, however 
forthcoming changes to state and county 
regulations will require new applications to 
be made with the expectation of reductions 
in allowable building density. t he Board 
commissioned an independent review 
of the Group’s u S property assets and 
decided to write down the carrying value 
of two of these assets in the light of these 
new requirements and current market 
conditions by $8m (£4.9m).
In relation to the running down of certain 
regional non-specialist building activities, 
revenue of £1m and losses of £2.8m were 
recorded together with £0.3m of redundancy 
costs. t hese losses are due primarily to 
the insolvency of certain subcontractors. 
A charge of £0.5m has been made following 
costs arising from exceptional storm 
damage on a Specialist Building contract. 
Costs incurred with the acquisition 
of l ewis Civil Engineering l imited 
amounted to £0.2m. 
In total, exceptional items amounted 
to revenue of £15.4m and a gain of 
£0.5m. Additionally, £0.5m (201 2: £0.5m) 
of amortisation charges relating to the Amco 
acquisition were incurred. Amortisation 
charges relating to the l ewis acquisition 
will commence from 1 October 2013.
Discontinued operation
In 2012, the Board decided to close the 
business of C&A pumps l td. It had become 
increasingly difficult for this small business 
to trade profitably following changes to 
Water industry framework arrangements 
in AMp5. C&A was accounted for as a 
discontinued operation in the year to 
30 September 201 2 and in 2013 a further 
loss of £0.3m has been recorded due to 
writing off work in progress and debtors 
which have proven to be irrecoverable. 
Cash 
In 2011, the Group arranged a £15m 
three year term loan to fund the acquisition 
of Amco, also using £7 .2m of its own cash 
resources. During the year, £5.0m of 
repayments have been made reducing 
the loan balance to £2.5m at the year end. 
t he cash inflow of £9.2m from the sale of 
the Rugby land was largely deployed in the 
£8.2m cost of acquiring l ewis. together with 
improved working capital, this cash inflow 
has led to our reporting a cash balance of 
£5.3m (201 2: £2.0m) at the year end. As a 
result, the Group’s net cash position as at 
30 September 2013 was £2.8m (201 2: net 
debt of £5.5m). t he Group has complied 
with the covenants associated with this 
loan throughout the year. 
  t he Group recorded 
profit before tax of £10.7m 
(2012: £10.0m) prior to 
exceptional items and 
amortisation charges. 
  t he Group’s outstanding term 
loan has been reduced to 
£2.5m (201 2: £7 .5m).
  t he rate of corporation 
tax payable in each of the 
next few years is expected 
to remain below the 
headline rate. 
Summary
12 Renew Holdings plc Annual Report and Accounts 2013 Pension schemes
t he IAS 19 valuation of the l ovell pension 
Scheme, which was closed to new members 
in 2000, has resulted in an increase in the 
accounting deficit to £2.8m (2012: £0.4m) 
after accounting for deferred taxation. 
In 201 1, the Board, in conjunction with the 
trustees of the l ovell Scheme, completed 
a buy-in of part of the pensioner liabilities 
of the scheme. t his 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 represented 33% of the scheme’s 
total liabilities. In accordance with the 
scheme specific funding requirements of 
the pensions Act 2005 and, following the 
triennial valuation of the scheme which was 
carried out as at 31 March 201 2, the Board 
has an agreement with the trustees of the 
scheme on the level of future contributions 
which are currently approximately £3.2m per 
annum inclusive of costs. t he next triennial 
valuation is due as at 31 March 2015. 
t he IAS 19 valuation of the Amco pension 
Scheme shows a surplus of £0.8m (201 2: 
£1.4m) 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. t his 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 represented 55% of the 
scheme’s total liabilities. In accordance with 
the scheme specific funding requirements 
of the pensions Act 2005 and, following the 
triennial valuation of the scheme which 
was carried out as at 31 December 2010, 
the Board has an agreement with the 
trustees of the scheme on the level of 
future contributions which are currently 
£0.3m per annum inclusive of costs. t he 
next triennial valuation will be carried 
out as at 31 December 2013. 
Due to the impact of actuarial losses 
measured in these schemes in the year, 
most of which relates to adopting actuarial 
assumptions which assume increased 
life expectancy of scheme members, 
£5.5m (201 2: £2.6m), net of deferred tax, 
has been charged to the statement of 
comprehensive income, reducing the 
Group’s net assets accordingly. 
Taxation
A deferred tax asset included in non-current 
assets of £3.1m (2012: £2.9m) is carried in 
the balance sheet, which principally relates 
to the likely future utilisation of tax losses. 
A deferred tax liability related to the Amco 
defined benefit pension scheme of £0.2m 
(2012: £0.4m) is shown in non-current 
liabilities. t he remaining deferred tax liability 
of £0.8m (201 2: £0.6m) relates to fair value 
adjustments arising on acquisitions.
t he uK tax charge on profits for the year 
is £0.8m (2012: £0.3m). t he deferred tax 
charge of £1.0m (2012: £1.2m) is 
attributable primarily to the defined 
benefit pension schemes. t he total tax 
charge for the year of £1.8m (2012: £1.3m) 
represents an effective Group tax rate of 
17% (2012: 16%). Only the £0.8m current 
year charge is payable in cash. t he Group 
has material tax losses to carry forward 
and the rate of corporation tax payable in 
each of the next few years is expected to 
remain below the headline rate.
Distributable profits
t he distributable profits of Renew 
Holdings plc stood at £20.5m (2012: 
£1 1.2m) enabling the Board to recommend 
a final dividend of 2.5p (2012: 2.1p) per 
share bringing the total for the year to 
3.6p (2012: 3.15p), an increase of 14.3%.
J Samuel
g roup f inance director
26 November 2013
The distributable profits of Renew Holdings plc 
stood at £20.5m (2012: £1 1.2m) enabling the Board 
to recommend a final dividend of 2.5p (2012: 2. 1p) 
per share bringing the total for the year to 3.6p 
(2012: 3. 15p), an increase of 14.3%.
13 Renew Holdings plc Annual Report and Accounts 2013 Review of operations
14 Renew Holdings plc Annual Report and Accounts 2013 this section loo Ks at the gR oup’s 
ta Rget ma RKets and highlights ou R 
achievements duRing the yea R.
in engineeR ing s eRvices , the 
gRoup delive Rs multidisciplina Ry 
civil, mechanical and elect Rical 
enginee Ring se Rvices nationwide, 
concent Rating on c Ritical planned 
and R eactive maintenance and 
asset R enewal p Rog Rammes . 
ouR integ Rated offe Ring p Roves a 
diffe Rentiato R in ou R th Ree ta Rget 
maRKets of e ne Rgy, e nvi Ronmental 
and i nf Rast Ructu Re.
In this section
16  Energy
18  Environmental
20  Infrastructure
22  Specialist Building
Review of  
ope Rations
15 Renew Holdings plc Annual Report and Accounts 2013 Review of operations: Energy
Nuclear
  Nuclear operational support 
and asset care
  Nuclear dismantling
  Nuclear decommissioning
Renewables
  Civil, mechanical and electrical 
engineering services
   Critical planned and reactive 
maintenance 
  Feasibility and solution  
development
Traditional
   Mechanical/electrical supply 
and installation
   Design and design management
Decommissioning and clean-up 
operations remain a large part of the 
uK nuclear market. We are engaged on 
9 nuclear licenced sites that command 
around 70% of the NDA’s £3bn 2013/14 
planned expenditure with 55% of total 
expenditure allocated to Sellafield.
1
Significant investment is planned in 
nuclear new build in the uK as most 
of the existing fleet of nuclear power 
stations are set to retire by 2023.
Renew targets the ongoing 
investment in the renewable energy 
market required to help meet the 
energy targets set by the European 
u nion. Generation necessary to meet 
these targets is likely to be delivered 
from technologies including biomass, 
hydro and wind.
traditional fuels will continue to play 
an important role in the u K’s future 
energy provision. 
Opportunities remain in the 
maintenance of existing generation 
assets and in the capital investment 
required to meet emission control 
and environmental improvements.
Opportunity Expertise
ENERGy
How we respond to our 
Energy opportunities
In nuclear our operations focus on 
high hazard risk reduction, providing 
engineering support on the care and 
maintenance of operational plant 
associated with waste treatment 
or processing, decommissioning, 
demolition and clean-up of redundant 
facilities. Our directly employed 
multi-skilled operatives undertake all 
aspects of mechanical and electrical 
project support, outage management 
and working in line processes. 
t he Group is also a supplier of 
high integrity fabrications to 
the nuclear industry.
In the renewables market the 
Group is experienced in providing 
design and procurement as well 
as asset care and maintenance. 
Our expertise in the newer forms of 
renewable energy includes specialist 
capabilities in biomass materials 
handling, hydroelectric development 
and the fabrication of components 
for the wind energy sector. 
At many of the traditional uK 
power generation plants we provide 
engineering services where our 
capabilities include mechanical and 
electrical as well as civil engineering 
services delivered in partnership 
with our clients mainly through 
embedded support teams. 
Renew, with its R ange of 
integ Rated  enginee Ring se Rvices , 
is ideally positioned to access 
essential maintenance and 
Renewal spending ac Ross 
the ene Rgy ma RKet.
How we target the Energy market
The Group operates in the nuclear, traditional and renewable power generation 
sectors nationally providing planned and reactive maintenance and asset renewal 
support for a range of clients mainly through long standing framework agreements.
16 Renew Holdings plc Annual Report and Accounts 2013 Our work in Energy
  At Sellafield, where we have been 
active for over 60 years, we remain 
the principal provider of mechanical 
and electrical services. 
  Working as one of three preferred 
strategic partners on the Multi Discipline 
Site Works 2 framework to deliver work 
packages worth a potential £280 million 
over four years at Sellafield.
  Expansion of service provision on 
Evaporator D, the uK’s largest current 
nuclear project, will provide over £60m 
of work through to completion in 2015.
  Frameworks at Sellafield include the 
£26m 4 year Bulk Sludge Retrievals 
Framework and as sole M&E partner 
on the £58m 4 year Site Wide Asset 
Care framework.
  We continue to support the ongoing major 
project programmes at the Sellafield 
site including as sole mechanical and 
electrical supply chain partner on the 15 
year £1. 1bn Infrastructure Strategic 
Alliance framework.
  Awarded supply chain accreditation 
for service provision at the Sellafield 
site in recognition of our performance 
to the highest quality standards and 
the 2013 Sellafield Resident Engineers 
Safety Award for ‘Outstanding Safety 
performance’. 
  Over 4 years and 4 million man hours of 
operations since a l ost t ime Accident 
at Sellafield.
  We continue to work on the 
decommissioning and demolition 
contract at Springfields for 
Westinghouse.
  Continue to develop our position 
supporting proposals within the 
nuclear new build market including 
the manufacture and supply of high 
integrity fabricated steel components 
required early in the construction phase.
  Continue to differentiate ourselves 
by integrating our generation, grid 
and decommissioning skills.
  Continue to provide long term 
engineering support at 5 of the uK’s 
traditional power generation sites 
through 7 framework agreements. 
  Increased service offering in the 
wind energy sector including the 
supply of a range of highly engineered 
components to one of the u K’s 
largest offshore wind farms.
  Increasing opportunities in biomass 
and hydro generation with schemes 
for Scottish and Welsh Water expected 
to commence in 2014.
Sources
1  Nuclear Decommissioning Authority, Business plan 
2012 – 2015.
17 Renew Holdings plc Annual Report and Accounts 2013 Review of operations: Environmental
Water
   Main drainage, roads and 
sewer maintenance
  Flood alleviation and attenuation
  Clean and waste water rehabilitation 
  Strategic mains maintenance and 
utility infrastructure
  port, harbour and sea defences 
Land Remediation
   Soil and groundwater remediation 
and associated earthworks
  Soil treatments including biophysical 
treatments, soil washing, solidification 
and stabilisation 
  Development of remedial strategies 
  Groundwater treatment and 
management
  Site surveys and the assessment 
of potential risk
t he uK water industry continues to 
spend on infrastructure development 
and operational maintenance. 2013 
has seen major programmes of work 
in sewer maintenance, clean and 
waste water rehabilitation, strategic 
mains maintenance and general 
utility infrastructure services under 
the regulated AMp5 programme.
2
t he removal of the l andfill t ax 
exemptions for waste soils arising 
from historically contaminated land 
means the cost of disposing of any 
actively contaminated soils continues 
to rise increasing the importance on 
retaining, remediating and reusing 
excavated materials on site.
3
Opportunity Expertise
How we target the Environmental market
Renew continues to deliver a range of multidisciplinary engineering services providing 
operational support and maintenance in water infrastructure development and 
maintenance, flood alleviation, river and coastal defence, land remediation and 
engineering renovation sectors where much of the work is undertaken through 
long term framework agreements with repeat clients.
we delive R sustainable solutions 
in ou R envi Ronmental maRKets 
utilising integ Rated enginee Ring 
se Rvices capabilities f Rom ac Ross 
the Renew g Roup.
ENvIRONMENtAl
How we respond to our 
Environmental opportunities
t he Group has extensive expertise 
in water infrastructure development 
and maintenance, flood alleviation, 
river and coastal defences and land 
reclamation. A large portion of work in 
this sector is procured under long term 
framework agreements, many of these 
with repeat clients. t he Group has 
developed specialist capabilities in 
trunk mains cleaning using innovative 
and specialist techniques to clean 
large sections of the underground 
water pipe network.
Renew is a leading provider 
of sustainable land remediation 
services nationwide. 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, including manufacturing 
high value aggregates, on site can 
provide a sustainable and cost 
effective solution for our clients.
18 Renew Holdings plc Annual Report and Accounts 2013 Our work in Environmental
  Strengthened our capabilities with the 
acquisition of l ewis Civil Engineering 
l imited which undertakes construction 
and maintenance of infrastructure and 
assets in the water sector. l ewis gives 
us access to additional frameworks 
with Wessex and Welsh Water.
  Appointed as preferred supplier 
to deliver a number of accelerated 
flood prevention schemes for 
Northumbrian Water.
  Awarded third out of four trunk Mains 
Cleaning projects delivering cleaning 
and general maintenance services 
to the trunk mains network.
  We have positions on 7 non-discretionary 
maintenance frameworks with 
Northumbrian Water where we 
are seeing increasing workload for 
services including sewer maintenance 
and strategic water mains maintenance.
  Working for Northumbrian Water, 
Wessex Water and Welsh Water delivering 
sewer maintenance, clean and waste 
water rehabilitation and strategic 
mains maintenance and general 
utility infrastructure services under 
the regulated AMp5 programme.
  We have extended our 16 year 
relationship with National Grid 
working on a number of remediation 
frameworks nationally.
  Working under the Environment 
Agency’s National Contaminated l and 
Remediation Contractors Framework, 
which runs to 2016, led to us delivering a 
major remediation scheme for Blackpool 
County Council.
  Recent project awards for Scotia 
Gas Networks have led to a five year 
framework appointment.
  We are the only contractor to have 
secured a position on the Environment 
Agency’s minor works frameworks 
across all of its regions. 
  Ongoing work for the Environment 
Agency delivered through 7 minor works 
and river maintenance frameworks.
  Continue to develop strong 
relationships with clients responsible 
for delivering infrastructure renewal 
and enhancement programmes.
Sources
2 
OFWAt , Future water and sewerage charges 
2010-15: Final determinations.
 
3 
Department for Environment, Food and Rural 
Affairs, Environmental protection Act 1990: part 2A, 
Contaminated l and Statutory Guidance (April 201 2).
19 Renew Holdings plc Annual Report and Accounts 2013 Review of operations: Infrastructure
Rail
   Off track asset renewal 
and refurbishment
  planned and reactive 
maintenance services
  tunnel and shaft refurbishment
  Bridges, structures and earthworks
As part of the uK’s transport strategy, 
current investment in the rail network 
is the largest since the v ictorian 
era to ensure that future transport 
challenges are met. Network Rail 
undertakes a programme of renewals 
and enhancements on the rail network 
which has planned expenditure from 
committed funding over the long term.
Opportunity Expertise
How we target the Infrastructure market
The Group provides a range of civil, mechanical and electrical engineering and 
maintenance services nationally operating mainly in the Rail sector delivering 
off-track asset renewal and refurbishment as well as a wide range of planned and 
reactive maintenance services critical to keeping the rail network operational. 
w e delive R integ Rated and 
sustainable solutions acRoss 
the  Rail netwo RK fo R a Range 
of clients including n etwo RK Rail, 
whe Re ou R seRvice is enhanced by 
ou R maRKet leading expe Rtise in 
tunnel R efu Rbishments and ou R 
24/7 emeRgency call-out p Rovision. 
INFRASt RuCtu RE
How we respond to our 
Infrastructure opportunities
Our work in rail is underpinned 
by framework agreements and is 
focused on essential maintenance 
and renewal works including 
off-track civil engineering works, 
tunnel and shaft refurbishment and 
enhancement, structural renewal 
and maintenance, refurbishment 
and build of lineside structures, 
renewal and maintenance of 
mechanical and electrical 
installations and delivery of 
a wide range of planned and 
reactive maintenance and 
asset management services.
We deliver integrated and sustainable 
solutions across the rail network for 
a range of clients including Network 
Rail, where our service is enhanced 
by our directly employed, skilled 
workforce and our market leading 
expertise in tunnel refurbishment. 
Our engineering service currently 
delivers works along all 10 major 
Network Rail routes.
4,000
instructions on our Asset 
Management frameworks 
10
We currently deliver works along 
all 10 major Network Rail routes
20 Renew Holdings plc Annual Report and Accounts 2013 Our work in Rail
  A record year for our work in Rail 
with a substantial increase in activity 
across the entire work portfolio for 
Network Rail.
  Our excellent record for safe and 
effective delivery has been maintained.
  Increasing opportunities with Network 
Rail as a result of our close alignment 
with their operational structure.
  We remain the sole provider of 
engineering maintenance services 
nationally to Network Rail, delivered 
under both the Building & Civils 
Delivery partnership and Asset 
Management frameworks. 
  Existing Asset Management 
frameworks with Network Rail 
renewed for up to 5 years and 
extended by a new framework 
appointment in Scotland.
  We provide ongoing engineering 
support through local delivery teams 
responding nationally across the 
rail network providing 24 hour 
emergency services.
  Our specialist skills in tunnel and shaft 
refurbishment have been enhanced 
with the formation of a National tunnel 
Delivery team; recent awards include 
the £12m Holme tunnel project which 
has now started on site. 
  Awarded a second phase of works 
at Whiteball tunnel to reline the crown.
Barnsley
Birmingham
Braintree
Crawley
Ferryhill
Fort William
Glasgow
Hilton
Inverness
Irvine
Manchester
Nottingham
perth
pontyclun
Welshpool
Our 15 national 
rail depots
21 Renew Holdings plc Annual Report and Accounts 2013 Review of operations: Specialist Building
High Quality Residential
    New build, fit out and refurbishment of 
prestigious private residential projects 
  Innovative temporary works design 
and engineering solutions 
New Build Affordable Housing
   New build affordable housing units
  Working with many of the larger 
Housing Associations in the South
t he High Quality Residential market 
in l ondon remains strong. Space 
restrictions in the South and the 
complex nature of developments 
mean this market has high barriers 
to entry with specialist engineering 
and temporary works skills required. 
t he need for new build affordable 
remains high and the Group has 
established relationships with 
many of the leading Housing 
Associations in the South. 
Opportunity Expertise
How we target the Specialist Building market
Our Specialist Building operations are focused on High Quality Residential 
and New Build Affordable Housing in the South of England.
in specialist b uilding ou R wo RK 
taRgets sustainable ma RKets in 
the south that have good visibility 
of ea Rnings. i n these ma RKets, 
ou R activities concentR ate on 
oppoR tunities whe Re the gR oup 
has expe Rtise and expe Rience.
SpECIAl ISt 
BuIl DING
How we respond to 
our Specialist Building 
opportunities
We are recognised as a leading 
quality provider with expertise in 
new build, fit out and refurbishment of 
prestigious private residential projects 
in and around l ondon. Our particular 
skills in listed and historical buildings 
and challenging structural works 
provide a differentiator in this market. 
Our in-house specialist temporary 
works design and engineering 
capabilities are able to provide 
innovative solutions when extending 
properties below ground. Our services 
include design management, planning, 
traffic management and logistics 
support as well as expertise in 
specialist finishes. 
t he Group has extensive expertise 
in delivering new build affordable 
housing schemes in the south where 
most of the work is undertaken 
for repeat clients in this market. 
We deliver new build contracts for 
Housing Association clients under 
a number of framework agreements, 
accessing a £700m annual spend.
22 Renew Holdings plc Annual Report and Accounts 2013 Our work in Specialist Building
  Over £50m of New Build Affordable 
Housing awards during the year 
including further projects for 
peabody, One Housing Group 
and Notting Hill Housing.
  Continuing to work for some of the 
largest Housing Associations in the 
South East including a new framework 
secured with Catalyst Housing and a 
negotiated first project.
  Continuing to develop our relationship 
with Notting Hill Housing trust where 
we are ranked as ‘Best Contractor’ 
with two further awards.
  We have framework agreements with 
leading Housing Associations including 
l ondon & Quadrant, Notting Hill Home 
Ownership, Hyde Housing Association 
and One Housing Group.
  Secured in excess of £60m of 
High Quality Residential projects.
  Continuing to assist our clients and 
their teams in achieving statutory 
consents for complex structural 
engineering projects.
Our particular skills 
in listed and historical 
buildings and challenging 
structural works provide 
a differentiator in this 
market.
23 Renew Holdings plc Annual Report and Accounts 2013 Corporate governance
24 Renew Holdings plc Annual Report and Accounts 2013 this section details the 
gRoup’s  co RpoRate gove Rnance 
pRocedu Res including coR poR ate 
social R esponsibility and the 
diRecto Rs’ Repo Rts .
In this section
26  Corporate social responsibility
30  Directors’ report
34   D i r e c t o r s ’ r e m u n e r a t i o n r e p o r t
37  Corporate governance
39   Statement of directors’ responsibilities
coRpoR ate 
gove Rnance
25 Renew Holdings plc Annual Report and Accounts 2013 Corporate social responsibility
the gR oup is committed to 
its  social and envi Ronmental 
Responsibilities , ensu Ring ou R 
activities leave a lasting positive 
impact on the communities in 
which we ope Rate. 
Renew’s corporate social responsibility in 2013
We strive to ensure our activities are carried out with sensitivity, limiting their 
impact whilst seeking to maximise the benefits of our work, beyond compliance 
with minimum legal requirements. Our responsibility to our employees, the 
communities in which we operate as well as our clients, consultants and supply chain 
is an integral part of any work we undertake.
Awards
Among other awards, Renew was recognised by RoSPA and the Considerate 
Constructors Scheme in 2013.
The Royal Society for the 
Prevention of Accidents 
(“RoSPA”)
t he 2013 RoSpA Occupational Health and 
Safety Awards saw many of our businesses 
recognised for their safe working 
practices. Shepley Engineers received 
an “Order of Distinction” for achieving 17 
gold awards, recognising 17 consecutive 
years of safe working in the challenging 
nuclear environment.
ppS Electrical and v HE both received 
their second president’s Awards in 
recognition of their 10th and 11th 
respective Gold awards. Britannia 
achieved a Gold award for the fourth 
consecutive year. 
  A war d s  
>page 26
  S a f e t y  
>page 28
  E n v i r o nm en t an d 
sustainability 
>page 28
  Employment and training 
>page 29
  C o m m u ni t y e n ga g e m en t 
and charitable giving  
>page 29
Our commitments
26 Renew Holdings plc Annual Report and Accounts 2013 Allenbuild
Considerate Constructors 
"Performance Beyond 
Compliance" certificates
Britannia
RoSPA Gold Award fourth 
in four years
Considerate Constructors 
"Performance Beyond 
Compliance" certificates
PPS Electrical
RoSPA President’s Award
Seymour
“Highly Commended Award” 
in the Infrastructure category 
at the RICS Renaissance 
Awards 2013.
Commendation at the CECA 
(North East) “Project of the 
Year 2012” awards
Considerate Constructors 
Scheme
All our sites register with the Considerate 
Constructors Scheme which concentrates 
on assessing how sites consider the general 
public, its workforce and the environment 
whilst carrying out its operations.
During the year Walter Lilly, Allenbuild 
and Britannia all received a number of 
“Performance Beyond Compliance” 
certificates under the scheme. 
Other awards
Seymour received a “Highly Commended 
Award” in the Infrastructure category at 
the prestigious Royal Institute of Chartered 
Surveyors ("RICS") Renaissance Awards 
2013 for the Longbenton Flood Alleviation 
Scheme in Newcastle for Northumbrian 
Water. Seymour also received a 
Commendation Award at the Civil 
Engineering Contractors Association 
(North East) ("CECA") “Project of the 
Year 2012” for the Longbenton scheme.
Shepley Engineers was recognised with 
the award of a “2013 Resident Engineers 
Contractors Safety Award” for continually 
delivering an excellent health and safety 
performance at the Sellafield nuclear site 
in Cumbria. 
Walter Lilly received a silver medal at the 
Chartered Institute of Building ("CIOB") 
Construction Manager of the Year 2012 
Awards in the New Build & Refurbishment 
£17-£23m category for works to a residence 
in Regent’s Park, London. Walter Lilly were 
also highly commended in the Premier 
Guarantee ‘Refurb/conversion development 
of the year’ awards for works to form 
apartments in Knightsbridge, London.
Shepley Engineers
RoSPA ‘Order 
of Distinction’ award
2013 Sellafield Resident 
Engineers Contractors 
Safety Award
VHE
RoSPA President’s Award 
Walter Lilly
Silver Medal at the CIOB 
Construction Manager of the 
Year Awards 2012
Considerate Constructors 
"Performance Beyond 
Compliance" certificates
27 Renew Holdings plc Annual Report and Accounts 2013 Corporate social responsibility continued
Safety
The Group’s priority remains the safe working of its employees and those who work with us.
Whilst our aim is always to strive to 
achieve no accidents, we further improved 
our safety performance in the year alongside 
the continued development of a responsible 
safety culture. 2013 saw a record reduction 
in the Group’s Accident Incidence Rate 
which is now at its lowest ever figure, 
an improvement of 92% over the last 
eight years. 
A number of our businesses continue 
to be accredited and approved with 
various health and safety schemes 
including the Contractors Health and 
Safety Assessment Scheme or CHAS, 
Constructionline and SAFEContractor.
Our businesses' initiatives reflect the 
unique characteristics and challenges 
of the markets in which they operate, 
with the Renew Safety and Environmental 
Management Group coordinating safety 
activities across the Group. One of the 
most challenging areas of work is in the 
nuclear environment where the Group, 
through its subsidiary Shepley Engineers, 
has undertaken over 4 million man hours 
of operations and it is now more than 
4 years since a lost time event at Sellafield. 
Elsewhere AMCO Engineering has achieved 
10 years without a l ost t ime Accident 
on Magnox nuclear sites as well as 
achieving a similar milestone of fourteen 
years without a l ost t ime Accident on 
E ON uK sites, which cover a diverse 
blend of coal, gas, wind and CHp 
generation stations.
We continue to implement initiatives to 
support our safety culture and ensure 
safety remains at the forefront of our 
working practices. Examples include 
promotion of the behavioural safety 
programme in the workplace alongside 
our robust systems and management. 
A variety of Group safety initiatives are 
undertaken including cross business 
safety audits, tool box talks and warning 
card systems. Each of our businesses 
also implements safety schemes which 
reflect the environment in which they 
operate. Walter l illy and Amco also 
present annual safety awards designed 
to raise awareness of new initiatives 
across the businesses. Walter l illy also runs 
an occupational health scheme where 
posters and other literature help raise 
awareness. 
Environment and sustainability
Commitment to the environment includes accreditation for all our subsidiary 
businesses to the ISO 14001 standard demonstrating their commitment to 
closely monitoring the impact of their operations on the environment. 
Consideration of the environment and 
the impact of any work we undertake 
begins in the planning stages of our work. 
Schemes designed to encourage our 
employees and subcontractors to adopt 
sound environmental understanding and 
practices use a mixture of training and 
awareness programmes. One example 
is Amco’s established ‘carbon strategy’ 
which looks to reduce emissions both 
on site and in the office through initiatives 
such as the hire, lease and procurement 
of more efficient plant, equipment and 
motor vehicles, and through the use 
of energy from renewable sources 
in their offices.
Our ability to deliver sustainable 
schemes on site benefits from the 
Group’s specialist skills including land 
remediation techniques which were 
recognised when v HE, as part of a 
team alongside National Grid, won the 
Constructing Excellence 2012 Cl :AIRE 
Award for the Best u se of the Waste Code 
of practice. t he Cl :AIRE Award was 
presented for the uK’s first multiple site 
“Hub and Cluster” project where 
contaminated waste from four separate 
former gas manufacturing stations in the 
North West was remediated at a single 
‘Hub’ site.
Cumulative reduction in Group 
Accident Incidence Rate
92% 
over last 8 years
4 years
since a l ost t ime Accident 
at Sellafield
Sustainable 
solutions are 
integral to the 
design process 
and can help 
towards achieving 
environmental 
objectives.
28 Renew Holdings plc Annual Report and Accounts 2013 Employment and training
An integral part of developing our business is providing a range of training and 
employment opportunities through our subsidiary businesses in the form of 
apprenticeship schemes, scholarships and work experience in partnership 
with the local communities in which we operate.
Walter Lilly and Seymour are training 
providers to the Engineering Construction 
Industry Training Board delivering their 
Supervisory Management Training and 
Development programme. Other examples 
include Amco’s ongoing Graduate Training 
Programme approved by the Institute of 
Civil Engineering which was introduced 
last year and has a number of trainees 
registered as well as a bespoke supervisor 
development programme. 
Shepley Engineers continues to invest 
significantly in its craft apprenticeship 
training programme which supports 
over 50 trainees. Amco Engineering also 
invests in craft apprenticeship schemes 
to ensure that the traditional electrical 
and mechanical engineering skills base 
is maintained for the future.
Allenbuild has seen further success through 
its mentor and trainee programme “Achieve 
with Allenbuild”, which provides placements, 
trainee positions and employment.
Community engagement and charitable giving
Ensuring our work leaves a positive impact on the communities in which we operate 
is a key part of our operations on site.
Consideration of those affected by 
our works is paramount and clear 
communication as well as work to engage 
the local community is undertaken where 
possible. Recent recognition of such 
work included an award for Seymour at 
Northumbrian Water’s “Going the Extra 
Mile Awards” in the Customer 
Focus category. The awards scheme 
recognises excellence in delivery by 
organisations, teams or individuals that 
have gone the extra mile. 
Britannia continues to support The 
Milestone School in Gloucester as one 
of its nominated charities with a variety 
of initiatives including earlier this year 
when work was undertaken to construct 
a new outdoor soft surface learning area 
which was integrated into their existing 
Sensory Garden. Britannia also supports 
Gear Projects, a charity which helps 
homeless and vulnerable people 
in the Gloucester area.
Many of our businesses participate in 
fundraising events for their chosen charities. 
For the third year running employees at 
Walter Lilly took part in the Cyclothon UK 
event at Brands Hatch where they 
achieved a silver award. The event is a 1 2 
hour endurance challenge raising money for 
a variety of charitable causes. Seymour 
supports its local hospice and lifeboat 
station with employees undertaking a 
range of fundraising activities in the year. 
Shepley Engineers continues to support 
the Calvert Trust on a range of projects, 
the Lake District charity provides outdoor 
activity adventure holidays for all ages 
and abilities. 
Amco took part in Breast Cancer 
Campaign’s “Wear it Pink” day and 
Shepley Engineers works with West 
Cumbria’s “Hospice at Home” as well as 
pledging support to other local Cumbrian 
causes in the year. Many other charities, 
both national and local, were supported 
throughout the year including the British 
Heart Foundation, The Guide Dogs, The 
Royal National Lifeboat Institution, the 
Yorkshire Air Ambulance, the Bradford 
Toy Library and Ilkley Candlelighters.
Amco
Graduate T raining Programme 
approved by the Institute 
of Civil Engineering 
Bespoke Supervisor 
Development Programme
Allenbuild
Mentor and trainee 
programme “Achieve 
with Allenbuild”
Shepley
Craft Apprenticeship training 
programme supporting 
over 50 trainees
Walter Lilly and Seymour
Training providers to the 
Engineering Construction 
Industry Training Board 
delivering supervisory 
management training and 
development programme
Many of our 
businesses 
participate 
in fundraising 
events for 
their chosen 
charities.
29 Renew Holdings plc Annual Report and Accounts 2013 30 Renew Holdings plc Annual Report and Accounts 2013
Directors’ report
The Directors present their report and the audited accounts for the year ended 30 September 2013.
Principal activities
For the year ended 30 September 2013 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 
Review of Operations and the Financial Review. A list of the principal operating subsidiaries of the Group as at 30 September 2013 
appears on page 74.
Results and dividends
The Group profit for the year was £8,597,000 (2012: £4,741,000). The Directors recommend the payment of a final dividend on the 
Ordinary Shares of 2.50p (2012: 2.10p) giving a total for the year of 3.60p (2012: 3.15p).
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 Review of Operations and is incorporated into this report by cross reference.
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 tables 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.
2016 2015 2014 2013 2012 2011
Engineering Services revenue as a percentage 
of Group revenue
Target – not less than 70% 70% 70% 70%
Actual performance 70% 64% 50%
Engineering Services operating profit as 
a percentage of revenue
Target – not less than 5.0%
Actual performance 4.6% 4.5% 4.2%
Reduction in accident 
incidence rate
Cumulative target since 2005 76% 69% 63% 57% 52% 47%
Cumulative actual performance since 2005 92% 87% 77% 31 Renew Holdings plc Annual Report and Accounts 2013
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.
A risk inherent in the contracting industry occurs in the nature, timing and contractual conditions which exist at the time of contract 
procurement. To mitigate these risks, 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. The Group also seeks to limit its risks by specialising in certain markets where it has extensive experience 
and a particular skills base.
The Group has two closed final salary pension schemes, details of which are disclosed in Note 24. Should the actuarial deficit 
relating to one or both of these schemes materially deteriorate then the Group could be required to make substantial payments 
into the 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 2013, these 
policies are equivalent to 35% of the combined scheme liabilities. 
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 2013, £4,325,000 (2012: £9,506,000) of the Group’s net 
assets are denominated in foreign currency. 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 sub-contractors 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.
The Group’s average creditor days during the year were 35 days (2012: 42 days).
Donations
Charitable donations made by the Group during the year amounted to £49,243 (2012: £34,606). 
The Group made no political donations during the year (2012: £nil). 32 Renew Holdings plc Annual Report and Accounts 2013
Directors’ report continued
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.
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 to re-train employees who become disabled, so that they can continue 
their employment in another position. Renew and its subsidiaries engage, promote and train staff on the basis of their capabilities, 
qualifications and experience, without discrimination, giving all employees an equal opportunity to progress within the Group.
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. Minimum 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 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 determine system amendment 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 2013, 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 26 to 29.
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, 68, 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, 53, was appointed to the Board as a non-executive Director in June 201 1. 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 a non-executive 
director of Vertu Motors plc.
Roy Harrison OBE - Director, 66, 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 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 and a non-executive director of 
Fox Marble Holdings plc. 33 Renew Holdings plc Annual Report and Accounts 2013
Executive Directors
Brian May - Director, 62, 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. 
John Samuel - Director, 57, 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.
John Samuel retires by rotation at the 2014 Annual General Meeting (“AGM”) and will offer himself for reappointment. The Board 
recommends his reappointment as it considers that he continues to perform his role well. 
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 page 36. No Director has any interest in any other Group company. Details of the Directors’ remuneration and service 
contracts appear on page 35.
Disclosable interests
As at the date of this report, 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 15.59%
Hargreave Hale Limited 9,208,481 15.00%
Brewin Dolphin Limited 2,800,783 4.56%
Share capital
As at the date of this report, the total number of shares in issue (being ordinary shares of 10p each) is 61,403,668. 
During the year, the Company has not bought back any of its own shares. 1,504,741 new ordinary shares of 10p each were issued 
at par 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:
•	 so	far	as	each	Director	is	aware,	there	is	no	relevant	audit	information	of	which	the	Group’s	Auditor	is	unaware,	and
•	 	 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 appoint KPMG LLP (in place of KPMG Audit Plc) as Auditor to the Group 
and to authorise the Directors to determine their remuneration.
Approval
The Board approved the Report of the Directors on 26 November 2013.
By Order of the Board
J Samuel FCA
Company Secretary
26 November 2013
Company number 650447 34 Renew Holdings plc Annual Report and Accounts 2013
Directors’ remuneration report
The Directors present the Directors’ Remuneration Report (the “Remuneration Report”) for the financial year ended 30 September 2013.
As an AIM listed company, Renew is not required to prepare the Report in accordance with the Directors’ Remuneration Report 
Regulations 2002 or the recently enacted 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 would normally seek to follow them to the extent considered relevant for an AIM listed company. However the 
Regulations are new and market practice as to the extent to which AIM companies will follow these Regulations has not yet evolved. 
There are improved disclosures in the report presented below and 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 Directors’ Remuneration Report.
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 package of the Executive Directors should be sufficiently competitive 
to attract, retain and motivate 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 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:
•	 basic	salary,	including	benefits;
•	 annual	bonus	awards;
•	 equity	incentive	plans;	and
•	 pension	arrangements.
Basic salary
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 the Director and immediate family. 
The Company also has a permanent health insurance policy to provide cover for the Executive Directors.
Annual bonus awards
The Company provides a bonus incentive scheme for Directors and senior executives of the operating companies, linked to the 
performance of the business for which they are responsible. All performance criteria are subject to approval by the Remuneration 
Committee before payment is made. At the beginning of each year, the Remuneration Committee sets 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 with the maximum 
bonus of 100 percent of salary being paid if the performance exceeds the target by 30 per cent. The Remuneration Committee make 
such adjustments to the target and or results to remove distortions such as acquisitions, disposals and other items as they believe 
are justified.
Equity incentive plans
The Remuneration Committee has ceased to use the Renew Holdings plc 2004 Executive Share Option Scheme (“ESOS”) and 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. The Remuneration Committee does not intend 
to grant any further options under the ESOS which has been terminated save in respect of options previously granted under it. 35 Renew Holdings plc Annual Report and Accounts 2013
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 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%. 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. There is no vesting if TSR growth is 25% 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).
There are 400,000 options outstanding under the LTIP which may be exercised between 2 March 2015 and 1 March 2022 and a further 
400,000 options which may be exercised between 21 December 2015 and 20 December 2022.
The ESOS was approved at an EGM held on 11 March 2004. There are 114,280 options outstanding under the scheme all of which 
have now vested and may be exercised between now and 6 June 2016. 
The Renew Savings Related Share Option Scheme was also approved at the EGM on 11 March 2004. There are no options outstanding 
under this 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.
Pension 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 10% of their basic salary in lieu of pension contributions from the Company.
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. 
Service contracts and letters of appointment
The Company’s policy is for all of the 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.
The service contracts of the Directors, who served during the year ended 30 September 2013, 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 year 12
J Bishop Non-executive 1 September 2008 Rolling one year 12
D M Forbes Non-executive 1 June 2011 Rolling one year 12
B W May Executive 20 June 2005 Rolling one year 12
J Samuel Executive 17 May 2006 Rolling one year 12
Directors’ remuneration
Information is provided below for Directors who served during the financial year and as at 30 September 2013:
Total emoluments Total emoluments
Salary/fees Bonuses Benefits 2013 2012
Notes £000 £000 £000 £000 £000
Executive Directors
B W May 1,2,3,4 295 204 57 556 510
J Samuel 1,2,3,4 227 169 43 439 393
995 903
Non-executive Directors
R J Harrison 57 — — 57 56
J Bishop 31 — — 31 30
D M Forbes 31 — — 31 30
1,114 1,019
Notes:
1. The highest paid Director for 2013 and 2012 was B W May who received emoluments of £556,000 (2012: £510,000). 
2. Benefits include car allowances and certain medical cover for the Director and immediate family.
3.  B W May and J Samuel received payments in lieu of Company pension contributions, which are paid through payroll and taxed 
as salary and are included in Benefits above.
4. Bonuses were earned by B W May and J Samuel during the current financial year and will be paid in the year ending 30 September 2014. 36 Renew Holdings plc Annual Report and Accounts 2013
Directors’ remuneration report continued
Equity incentive plans
Directors’ share options under the ESOS
Options have been granted to B W May and J Samuel under the ESOS as set out in the table below. The market price of the 
Company’s shares at 30 September 2013 was 146p and the range of market prices during the year was between 76.5p and 146p.
Information is provided below for Directors who served during the financial year and as at 30 September 2013:
Cumulative total
2006 Award 30 September 2013 1 October 2012
B W May 57,140 57,140 1,384,338
J Samuel 57,140 57,140 810,148
Date of award 7 June 2006
Exercise price (£) 0.525
Earliest exercise date 7 June 2009
Expiry of exercise period 7 June 2016
Directors’ share options under the LTIP
Pursuant to the LTIP, the Board has granted the following options to the Executive Directors which are exercisable at a nominal 
cost subject to the achievement of performance criteria as follows:
B W May 240,000     J Samuel 160,000   Exercisable between 2 March 2015 and 1 March 2022
B W May 228,560     J Samuel 171,440   Exercisable between 21 December 2015 and 20 December 2022.
Performance criteria for the vesting of the share options under both the ESOS and the LTIP are set out in Note 20 to the financial statements.
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 2013 as follows:
Ordinary Shares of £0.10 each
30 September 2013 30 September 2012
R J Harrison 150,000 150,000
J Bishop 10,000 10,000
D M Forbes 20,000 20,000
B W May 844,193 505,000
J Samuel 240,548 50,000
Directors’ pension information
No Director had pension entitlements under the Company’s defined benefit pension scheme.
Approval
The Directors’ Remuneration Report was approved by the Board on 26 November 2013 and signed on its behalf by:
D M Forbes
Chairman of the Remuneration Committee
26 November 2013 37 Renew Holdings plc Annual Report and Accounts 2013
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, one Executive Director and two independent 
non-executive Directors. Brief biographies of the Directors are given on pages 32 and 33. 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 because, 
although the Board believes that he acts as an independent director, Mr Harrison 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 induction 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. 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 Audit, Remuneration and Nominations 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 on pages 34 to 36. 
The Nominations Committee, which comprises the entire Board, 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, re-appointment 
or re-election of Directors upon conclusion of a specified term or retirement by rotation.
The Audit Committee has held three 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. The Audit Committee also reviews the 
interim statement, the preliminary announcement and accounting policies. 
The Board forms a General Purposes Committee from time it time as it deems necessary. This Committee comprises the 
two Executive Directors and considers 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 38 Renew Holdings plc Annual Report and Accounts 2013
Corporate governance continued
Internal controls
Throughout the financial year ended 30 September 2013 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. 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 six years and including 2013, 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 29 January 2014, 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 together with other special resolutions proposing 
amendments to service requirements and resolution amendments to bring the Articles of Association into line with modern 
practice. 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 26 November 2013.
By Order of the Board
John Samuel
Company Secretary
26 November 2013 39 Renew Holdings plc Annual Report and Accounts 2013
Statement of directors’ responsibilities in respect of the Annual Report and financial statements
The Directors are responsible for preparing 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 
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:
•	select	suitable	accounting	policies	and	then	apply	them	consistently;
•	make	judgements	and	estimates	that	are	reasonable	and	prudent;
•	for	the	Group	financial	statements,	state	whether	they	have	been	prepared	in	accordance	with	IFRSs	as	adopted	by	the	EU;
•		 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
•		 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.  Accounts
40 Renew Holdings plc Annual Report and Accounts 2013 This sec Ti on de Ta ils The 
Group’s  a cco un Ts f or The 
year ended 30 s e p Te mber 2013 .
In this section
42  Independent auditor’s report
43 Group income statement
44  Group statement of comprehensive income
44  Group statement of changes in equity
45 Group balance sheet
46 Group cashflow statement
47 Notes to the accounts
67 Company balance sheet
68 Notes to the company accounts
75 Directors, officers and advisors
76 Shareholder information
a c coun Ts 41 Renew Holdings plc Annual Report and Accounts 2013 42 Renew Holdings plc Annual Report and Accounts 2013
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 2013 set out on pages 43 to 74. 
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 39, 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	2013	
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 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.	
Robert Iain Moffatt (Senior Statutory Auditor)
For and on behalf of KPMG Audit Plc, Statutory Auditor 
Chartered Accountants 
1 The Embankment 
Neville Street 
Leeds 
LS1 4DW 
26 November 2013  43 Renew Holdings plc Annual Report and Accounts 2013
Group income statement for the year ended 30 September
Before Exceptional Before Exceptional
exceptional items and exceptional items and
items and 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
2013 2013 2013 2012 2012 2012
Note £000 £000 £000 £000 £000 £000
Group revenue from 
continuing activities 2 334,649 15,412 350,061 337,423 — 337,423
Cost of sales (296,232) (14,408) (310,640) (301,040) — (301,040)
Gross profit 38,417 1,004 39,421 36,383 — 36,383
Administrative expenses (27,185) (968) (28,153) (26,115) (1,620) (27,735)
Operating profit 3 11,232 36 11,268 10,268 (1,620) 8,648
Finance income 4 25 — 25 45 — 45
Finance costs 4 (362) — (362) (518) — (518)
Other finance (expense)/
income - defined benefit 
pension schemes 4 (232) — (232) 246 — 246
Profit before income 
tax 10,663 36 10,699 10,041 (1,620) 8,421
Income tax expense 6 (1,778) (9) (1,787) (1,713) 405 (1,308)
Profit for the year from 
continuing activities 8,885 27 8,912 8,328 (1,215) 7,113
Loss for the year from 
discontinued operation 3 (315) (2,372)
Profit for the year 
attributable to equity 
holders of the parent 
company 8,597 4,741
Basic earnings per 
share from continuing 
activities 8 14.85p 11.87p
Diluted earnings per 
share from continuing 
activities 8 14.70p 11.38p
Basic earnings per 
share 8 14.33p 7.91p
Diluted earnings per 
share 8 14.18p 7.59p 44 Renew Holdings plc Annual Report and Accounts 2013
Group statement of comprehensive income for the year ended 30 September
Group statement of changes in equity for the year ended 30 September
2013 2012
Note £000 £000
Profit for the year attributable to equity holders of the parent company 8,597 4,741
Items that will not be reclassified to profit or loss:
Movement in actuarial valuation of the defined benefit pension schemes 24 (6,895) (3,442)
Movement on deferred tax relating to the defined benefit pension schemes 1,429 847
Total items that will not be reclassified to profit or loss (5,466) (2,595)
Items that are or may be reclassified subsequently to profit or loss:
Exchange movement in reserves (24) (407)
Total items that are or may be reclassified subsequently to profit or loss (24) (407)
Total comprehensive income for the year attributable to 
equity holders of the parent company 3,107 1,739
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 2011 5,990 5,893 3,896 1,182 283 (8,268) 8,976 
Transfer from income statement for the year 4,741 4,741 
Dividends paid (1,827) (1,827)
Recognition of share based payments 6 6 
Exchange differences (407) (407)
Actuarial losses recognised in pension schemes (3,442) (3,442)
Movement on deferred tax relating to the pension schemes     847 847 
At 1 October 2012 5,990 5,893 3,896 775 289 (7,949) 8,894 
Transfer from income statement for the year 8,597 8,597 
Dividends paid (1,917) (1,917)
New shares issued 150 150
Recognition of share based payments 101 101 
Exchange differences (24) (24)
Actuarial losses recognised in pension schemes (6,895) (6,895)
Movement on deferred tax relating to the pension schemes     1,429 1,429 
At 30 September 2013 6,140 5,893 3,896 751 390 (6,735) 10,335  45 Renew Holdings plc Annual Report and Accounts 2013
Group balance sheet at 30 September
2013 2012
Note £000 £000
Non-current assets
Intangible assets – goodwill 9 33,060 26,918
– other 9 3,959 2,250
Property, plant and equipment 10 8,680 4,690
Retirement benefit assets 24 962 1,820
Deferred tax assets 6 3,051 2,929
49,712 38,607
Current assets
Inventories 11 3,195 9,109
Trade and other receivables 12 75,868 73,958
Current tax assets 1,007 834
Cash and cash equivalents 14 5,348 2,040
85,418 85,941
  
Total assets 135,130 124,548
Non-current liabilities
Borrowings 16 — (2,500)
Obligations under finance leases 17 (1,984) (676)
Retirement benefit obligations 24 (3,545) (569)
Deferred tax liabilities 6 (1,036) (1,039)
Provisions 18 (628) (566)
(7,193) (5,350)
Current liabilities
Borrowings 16 (2,500) (5,000)
Trade and other payables 15 (112,329) (104,302)
Obligations under finance leases 17 (1,509) (570)
Current tax liabilities (1,160) (266)
Provisions 18 (104) (166)
(117,602) (110,304)
  
Total liabilities
(124,795) (115,654)
  
Net assets
10,335 8,894
Share capital 20
6,140 5,990
Share premium account 21 5,893 5,893
Capital redemption reserve 21 3,896 3,896
Cumulative translation adjustment 21 751 775
Share based payments reserve 21 390 289
Retained earnings 21 (6,735) (7,949)
Total equity 10,335 8,894
Approved by the Board and signed on its behalf by:
R J Harrison OBE
Chairman
26 November 2013 46 Renew Holdings plc Annual Report and Accounts 2013
Group cashflow statement for the year ended 30 September
2013 2012
£000 £000
Profit for the year from continuing operating activities 8,912 7,113
Amortisation of intangible assets 500 500
Depreciation 1,288 905
Profit on sale of property, plant and equipment (110) (17)
Decrease/(increase) in inventories 6,466 (501)
Decrease in receivables 2,093 10,081
Increase/(decrease) in payables 1,936 (10,969)
Current service cost in respect of defined benefit pension scheme 53 54
Cash contribution to defined benefit pension schemes (3,346) (3,477)
Expense in respect of share options 101 6
Finance income (25) (291)
Finance expenses 594 518
Interest paid (362) (518)
Income taxes paid (429) (333)
Income tax expense 1,787 1,308
Net cash inflow from continuing operating activities 19,458 4,379
Net cash outflow from discontinued operating activities (220) (794)
Net cash inflow from operating activities 19,238 3,585
Investing activities
Interest received 25 45
Proceeds on disposal of property, plant and equipment 1,854 191
Purchases of property, plant and equipment (705) (270)
Acquisition of subsidiaries net of cash acquired (9,384) —
Net cash outflow from continuing investing activities (8,210) (34)
Net cash inflow from discontinued investing activities — 36
Net cash (outflow)/inflow from investing activities (8,210) 2
Financing activities
Dividends paid (1,917) (1,827)
Issue of Ordinary Shares 150 —
Loan repayments (5,000) (5,000)
Repayments of obligations under finance leases (958) (396)
Net cash outflow from continuing financing activities (7,725) (7,223)
Net cash outflow from discontinued financing activities — —
Net cash outflow from financing activities (7,725) (7,223)
Net increase/(decrease) in continuing cash and cash equivalents 3,523 (2,878)
Net decrease in discontinued cash and cash equivalents (220) (758)
Net increase/(decrease) in cash and cash equivalents 3,303 (3,636)
Cash and cash equivalents at beginning of year 2,040 5,688
Effect of foreign exchange rate changes on cash and cash equivalents 5 (12)
Cash and cash equivalents at end of year 5,348 2,040
Bank balances and cash 5,348 2,040 47 Renew Holdings plc Annual Report and Accounts 2013
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 cash flows 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 cash flows. 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 is different from the budgets and forecasts 
used then the value of such deferred tax assets may differ from that shown in these financial statements.
(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 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.
(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.
(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. Notes to the accounts continued
48 Renew Holdings plc Annual Report and Accounts 2013
Notes to the accounts continued
1 Accounting policies continued
(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 resource to segments and 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 other 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 cash flows are likely to arise from these relationships and rights.
(vii) Property, plant and equipment
Property, plant and equipment are 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:
Group occupied property
Freehold land and buildings  - no depreciation charge
Long leasehold land and buildings - shorter of fifty years and period of lease
Plant, vehicles & 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, 
are 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 
cash flows 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 cash flows. 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 cash flow 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 included within 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. 49 Renew Holdings plc Annual Report and Accounts 2013
1 Accounting policies continued
(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.
(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 
Transactions 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 cash flows 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 
cash flows which arise from holding a financial asset is recognised in the income statement in accordance with IAS39. 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 cash flows 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 cash flows 
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 either a Black Scholes or a Monte Carlo valuation model as was deemed appropriate by the Directors 
for the relevant options’ conditions. 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.  Notes to the accounts continued
50 Renew Holdings plc Annual Report and Accounts 2013
1 Accounting policies continued
(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. 
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 31. 1% (201 2: 21.4%) 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.
(a) business analysis 
Revenue is analysed as follows:
2013 2012
£000 £000
Engineering Services 232,371 214,102
Specialist Building 102,521 123,070
Inter segment revenue (246) (179)
Segment revenue 334,646 336,993
Central activities 3 430
Group revenue before exceptional items 334,649 337,423
Exceptional revenue 15,412 —
Group revenue from continuing activities 350,061 337,423
Analysis of operating profit from continuing activities 
 
Before Before
exceptional Exceptional exceptional Exceptional
items and items and items and items and
amortisation amortisation amortisation amortisation
of intangible of intangible of intangible of intangible
assets assets Total assets assets Total
2013 2013 2013 2012 2012 2012
£000 £000 £000 £000 £000 £000
Engineering Services 10,646 (500) 10,146 9,639 (986) 8,653
Specialist Building 2,083 (3,539) (1,456) 2,134 (634) 1,500
Segment operating profit 12,729 (4,039) 8,690 11,773 (1,620) 10,153
Central activities (1,497) 4,075 2,578 (1,505) — (1,505)
Operating profit 11,232 36 11,268 10,268 (1,620) 8,648
Net financing expense (569) — (569) (227) — (227)
Profit on ordinary activities 
before income tax 10,663 36 10,699 10,041 (1,620) 8,421 51 Renew Holdings plc Annual Report and Accounts 2013
2 Segmental analysis continued
(a) business analysis continued
Balance sheet analysis of business segments
2013 2012
Assets Liabilities Net assets Assets Liabilities Net assets
£000 £000 £000 £000 £000 £000
Engineering Services 140,967 (86,560) 54,407 116,600 (76,749) 39,851
Specialist Building 115,303 (135,736) (20,433) 106,061 (123,577) (17,516)
Central activities 172,525 (195,128) (22,603) 189,352 (202,130) (12,778)
Discontinued operation 28 (1,064) (1,036) 686 (1,349) (663)
Group eliminations (293,693) 293,693 — (288,151) 288,151 —
Group net assets 135,130 (124,795) 10,335 124,548 (115,654) 8,894
Other information
2013 2012
Capital Capital
additions Depreciation Amortisation additions Depreciation Amortisation
£000 £000 £000 £000 £000 £000
Engineering Services 1,318 1,138 500 1,147 710 500
Specialist Building 84 138 — 102 183 —
Central activities 4 12 — 4 12 —
Discontinued operation — — — 6 183 —
1,406 1,288 500 1,259 1,088 500
(b) Geographical analysis
Revenue is analysed as follows:
2013 2012
£000 £000
UK 350,061 337,423
USA — —
Group revenue from continuing activities 350,061 337,423
Non-current asset analysis of geographical segments 
Assets Assets
£000 £000
UK 49,712 38,607
3 Operating profit 
2013 2012
£000 £000
Operating profit is arrived at after charging/(crediting):
Auditor’s remuneration - audit services 200 208
Depreciation of owned assets 738 695
Depreciation of assets held under finance leases 550 210
Operating lease rentals - plant and machinery 834 976
Operating lease rentals - motor vehicles 574 868
Operating lease rentals - other 3,467 3,146
Rental income (1,006) (1,183)
Profit on sale of property, plant and equipment (110) (17)
During the year, the following services were provided by the Group auditor: 
2013 2012
£000 £000
Fees payable to the Company’s auditor for the audit of the financial statements 51 54
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 149 154
Other services related to tax advice 14 29
214 237 Notes to the accounts continued
52 Renew Holdings plc Annual Report and Accounts 2013
3 Operating profit continued
Exceptional items and amortisation of intangible assets
2013 2012
£000 £000
Redundancy and restructuring costs 272 1,120
Provision against amounts recoverable on old building contracts 2,767 —
Costs related to exceptional storm damage on a building contract 500 —
Lewis acquisition costs 196 —
Profit arising from sale of land (9,190) —
Write down of land stock in the USA 4,919 —
Total (gains)/losses arising from exceptional items (536) 1,120
Amortisation of intangible assets (see Note 9) 500 500
(36) 1,620
The Board has determined that certain charges to the income statement should be separately identified for better understanding 
of the Group’s results. 
During the year the Group has incurred £272,000 (2012: £1,120,000) of exceptional redundancy and restructuring costs in closing 
a regional non-specialist building office. Additionally revenue of £1,028,000 was recorded and provisions amounting to £2,767,000 
have been made against old building contracts in previously closed regional non-specialist building offices, primarily resulting 
from the insolvency of certain subcontractors which arose in the year. 
A Specialist Building subsidiary has recognised a charge in respect of costs arising from exceptional storm damage resulting 
in a charge of £500,000. 
On 9 August 2013 the Company acquired Lewis Civil Engineering Ltd and incurred £196,000 of costs associated with the acquisition. 
On 21 August 2013 the Company sold 71 acres of land near Rugby for a gross sum of £14,384,000 resulting in a profit of £9,190,000. 
As a result of changes to detailed planning and zoning agreements in respect of land owned by the Group in the USA, the Board 
has written down the carrying value of these assets by £4,919,000. 
The Board has also separately identified the charge of £500,000 (201 2: £500,000) for the amortisation of the fair value ascribed to certain 
intangible assets, other than goodwill, arising from the acquisition of Amco Group Holdings Ltd. Further details are given in Note 9.
Discontinued operation analysis
2013 2012
£000 £000
Revenue (364) 1,816
Expenses 92 (3,216)
Write off of goodwill and fair value adjustment — (904)
Loss before income tax (272) (2,304)
Income tax expense - deferred tax (43) (68)
Loss for the year from discontinued operation (315) (2,372)
The discontinued operation, C&A Pumps Ltd, was sold on 14 November 2012 for a nominal consideration. 
4 Finance income and costs 
Finance income
Finance income of £25,000 (2012: £45,000) has been earned during the year on bank deposits.
2013 2012
£000 £000
Interest payable:
On bank loans and overdrafts (282) (484)
Other interest payable (80) (34)
(362) (518)
Other finance (expense)/income - defined benefit pension schemes
Expected return on scheme assets 5,805 6,834
Interest on scheme liabilities (6,037) (6,588)
(232) 246
Further information on the defined benefit pension schemes is set out in Note 24 to the accounts.  53 Renew Holdings plc Annual Report and Accounts 2013
5 Employee numbers and remuneration
2013 2012
Number Number
The average monthly number of employees, including Executive Directors, employed  
in continuing activities during the year was: 2,006 1,890
At 30 September: 2,294 1,889
Production 1,328 1,212
Administrative 678 678
2,006 1,890
Cost of staff, including Executive Directors, during the year amounted to:
2013 2012
£000 £000
Wages and salaries 82,658 77,141
Social security costs 8,589 7,910
Other pension costs 2,933 2,835
Share based payments 101 6
94,281 87,892
Directors’ emoluments 
2013 2012
£000 £000
Aggregate emoluments 1,114 1,019
Highest paid Director: aggregate emoluments 556 510
Details of individual Directors’ emoluments can be found in the Directors’ Remuneration Report.
6 Income tax expense
(a) Analysis of expense in year 
2013 2012
£000 £000
Current tax:
UK corporation tax on profits of the year (858) (266)
Adjustments in respect of previous periods 10 86
Total current tax (848) (180)
Deferred tax - defined benefit pension schemes (612) (893)
Deferred tax - other timing differences (370) (302)
Total deferred tax from continuing activities (982) (1,195)
Income tax expense (1,830) (1,375)
Deferred tax in respect of discontinued operation 43 67
Income tax expense in respect of continuing activities (1,787) (1,308)
(b) Factors affecting income tax expense for the year 
2013 2012
£000 £000
Profit before income tax 10,699 8,421
Profit multiplied by standard rate of corporation tax in the UK of 23.5% (2012:25%) (2,514) (2,105)
Effects of:
Expenses not deductible for tax purposes (116) (198)
Timing differences not provided in deferred tax 217 304
Change in tax rate (94) (96)
Net credit in respect of tax losses 527 286
Tax losses surrendered by discontinued operation 140 348
Deferred tax in respect of discontinued operation 43 67
Adjustments to tax charge in respect of previous years 10 86
(1,787) (1,308) Notes to the accounts continued
54 Renew Holdings plc Annual Report and Accounts 2013
6 Income tax expense continued
(b) Factors affecting income tax expense for the year continued
The Group has available further unused UK tax losses of £48m (2012: £61m) to carry forward against future taxable profits. The Group 
also has unused USA tax losses of $16m (£10.2m) (2012: $16m (£9.9m)) 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 £11.6m 
(2012: £16.3m).
(c) Deferred tax asset
2013 2012
£000 £000
Defined benefit pension scheme 709 137
Accelerated capital allowances 441 551
Other timing differences 122 136
Future tax losses 1,779 2,105
3,051 2,929
(d) Deferred tax liabilities
2013 2012
£000 £000
Defined benefit pension scheme (192) (437)
Fair value adjustments (844) (602)
(1,036) (1,039)
(e) Reconciliation of deferred tax asset
2013 2012
£000 £000
As at 1 October 2,929 3,329
Acquisition of Amco Group Holdings Ltd — (250)
Acquisition of Lewis Civil Engineering Ltd 113 —
Origination of timing differences (105) (43)
Change of deferred tax rate (481) (179)
Defined benefit pension scheme - income statement (549) (880)
Defined benefit pension scheme - SOCI 1,144 952
At 30 September 3,051 2,929
(f) Reconciliation of deferred tax liability
2013 2012
£000 £000
As at 1 October (1,039) (1,091)
Arising on fair value adjustments (341) 149
Change of deferred tax rate 92 58
Defined benefit pension scheme - income statement 40 (50)
Defined benefit pension scheme - SOCI 212 (105)
At 30 September (1,036) (1,039)
7 Dividends
2013 2012
Pence/share Pence/share
Interim (related to the year ended 30 September 2013) 1.10 1.05
Final (related to the year ended 30 September 2012) 2.10 2.00
Total dividend paid 3.20 3.05
£000 £000
Interim (related to the year ended 30 September 2013) 658 628
Final (related to the year ended 30 September 2012) 1,259 1,199
Total dividend paid 1,917 1,827
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 2.50p per Ordinary Share be paid in respect of the year ended 
30 September 2013. This will be accounted for in the 2013/14 financial year. 55 Renew Holdings plc Annual Report and Accounts 2013
8 Earnings per share
2013 2012
Earnings EPS DEPS Earnings EPS DEPS
£000 Pence Pence £000 Pence Pence
Earnings before exceptional 
items and amortisation charges 8,885 14.81 14.66 8,328 13.90 13.33
Earnings before exceptional 
items and amortisation charges 27 0.04 0.04 (1,215) (2.03) (1.95)
Basic earnings per share 
- continuing activities 8,912 14.85 14.70 7,113 11.87 11.38
Loss for the year from 
discontinued operation (315) (0.52) (0.52) (2,372) (3.96) (3.79)
Basic earnings per share 8,597 14.33 14.18 4,741 7.91 7.59
Weighted average number 
of shares 59,998 60,624 59,899 62,493
The dilutive effect of share options is to increase the number of shares by 626,000 (201 2: 2,594,000) and reduce basic earnings per share 
by 0.15p (2012: 0.32p).
9 Intangible assets
Contractual
rights and
customer
Goodwill relationships
£000 £000
Cost:
At 1 October 2011 27,726 4,072
Additions — —
At 1 October 2012 27,726 4,072
Additions 6,142 2,209
At 30 September 2013 33,868 6,281
Impairment losses/amortisation:
At 1 October 2011 — 1,322
Charge for year 808 500
At 1 October 2012 808 1,822
Charge for year — 500
At 30 September 2013 808 2,322
Carrying amount:
At 30 September 2013 33,060 3,959
At 30 September 2012 26,918 2,250
At 1 October 2011 27,726 2,750
The carrying amounts of goodwill by operating segment are as follows:
2013 2012
£000 £000
Specialist Building 2,503 2,503
Specialist Engineering 30,557 24,415
33,060 26,918
Goodwill of £6,142,000 was acquired on the acquisition of Lewis Civil Engineering Ltd (“Lewis”) and will be reviewed for impairment 
one year after the acquisition and then on an ongoing basis as required by IFRS 3.
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 six years.
Amortisation charges in respect of intangible assets arising from the acquisition of Lewis will commence from 1 October 2013.
In order to test goodwill for impairment the Group performs value in use calculations by preparing cash flow forecasts for each cash 
generating unit derived from the most recent financial budgets and strategic plans approved by management going forward three 
years, and then extrapolates cash flows 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 cash generating unit. The cash generating units are deemed to 
be the subsidiaries to which the goodwill relates. Management used growth rates deemed to be appropriate to each cash generating 
unit after reviewing the particular market conditions related to the sector in which the cash generating unit operates. The growth 
rate of 3% per annum has been used. The rate used to discount the forecast cash flows 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 calculation shows that there is substantial 
headroom, and the impairment calculations are not particularly sensitive to changes in the discount rate applied. Notes to the accounts continued
56 Renew Holdings plc Annual Report and Accounts 2013
10 Property, plant and equipment
Freehold Long leasehold Plant, vehicles
land and buildings land and buildings & equipment Total
£000 £000 £000 £000
Cost:
At 1 October 2011 1,826 75 5,455 7,356
Additions — — 1,259 1,259
Disposals — — (1,703) (1,703)
At 1 October 2012 1,826 75 5,011 6,912
Additions 8 — 1,398 1,406
Asset reclassification (187) — 187 —
Disposals (1,613) — (1,445) (3,058)
Acquisition of subsidiary 1,679 — 3,937 5,616
At 30 September 2013 1,713 75 9,088 10,876
Depreciation:
At 1 October 2011 56 75 2,420 2,551
Charge for year 19 — 1,069 1,088
Disposals — — (1,417) (1,417)
At 1 October 2012 75 75 2,072 2,222
Charge for year 14 — 1,274 1,288
Disposals — — (1,314) (1,314)
At 30 September 2013 89 75 2,032 2,196
Net book value:
At 30 September 2013 1,624 — 7,056 8,680
At 30 September 2012 1,751 — 2,939 4,690
At 30 September 2011 1,770 — 3,035 4,805
The net book value of assets under finance leases at 30 September 2013 was £3,947,000 (2012: £1,429,000) of which £2,275,000 
relates to Lewis Civil Engineering Ltd and its subsidiaries.
During the year £550,000 (2012: £210,000) of depreciation was charged against assets held under finance leases.
11 Inventories
2013 2012
£000 £000
Developments and undeveloped land 3,057 8,999
Raw materials 138 110
3,195 9,109
£0.2m (2012: £1.1m) of inventories are pledged as security for liabilities. 
12 Trade and other receivables
2013 2012
£000 £000
Trade receivables 110 262
Amounts due from construction contract customers 69,652 67,942
Other receivables 4,638 4,278
Prepayments and accrued income 1,468 1,476
75,868 73,958
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 £2.8m (2012: £2.5m) 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 and the Group believes that 
the amounts are still considered recoverable since there is no objective evidence that these financial assets are impaired. The 
Group does not hold any collateral over these balances. The average age of these receivables is 328 days (2012: 350 days).
Ageing of past due but not impaired receivables:
2013 2012
£000 £000
30–180 days 705 574
180–365 days 748 448
Greater than 1 year 1,386 1,498
2,839 2,520 57 Renew Holdings plc Annual Report and Accounts 2013
13 Construction contracts
2013 2012
£000 £000
Contracts in progress at balance sheet date:
Amounts due from construction contract customers included in trade and other receivables 69,652 67,942
Amounts due to construction contract customers included in trade and other payables (4,831) (1,936)
64,821 66,006
Contract costs incurred plus recognised profits less recognised losses to date 2,649,406 3,367,214
Less: progress billings (2,584,585) (3,301,208)
64,821 66,006
At 30 September 2013 retentions held by customers amounted to £1 1.6m (201 2: £15.3m). Advances received from customers for contract 
work amounted to £4.8m (201 2: £1.9m).
Amounts due from construction contract customers which are past due at the reporting date amounted to £2.8m (2012: £2.5m).
This amount includes retention balances of £2.1m (2012: £2.0m). The Group does not hold any collateral over these balances or other 
trade and other receivables.
Contract revenue recognised in the year amounted to £335.9m (2012: £337.0m).
14 Cash and cash equivalents 
2013 2012
£000 £000
Cash at bank 5,339 2,036
Cash in hand 9 4
5,348 2,040
15 Trade and other payables
2013 2012
£000 £000
Amounts due to construction contract customers 4,831 1,936
Trade payables 28,959 35,052
Other taxation and social security 4,093 2,500
Other payables 7,127 6,026
Accruals and deferred income 67,319 58,788
112,329 104,302
16 Borrowings
2013 2012
£000 £000
Bank loans and overdrafts repayable:
Within one year 2,500 5,000
Within two to five years — 2,500
2,500 7,500
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
2013 2012 2013 2012
£000 £000 £000 £000
Amounts payable under finance leases:
Within one year 1,633 598 1,509 570
Within two to five years 2,147 700 1,984 676
3,780 1,298 3,493 1,246
Less: future finance charges (287) (52) — —
Present value of lease obligations 3,493 1,246 3,493 1,246
Less: amount due for settlement within twelve months (1,509) (570)
Amount due for settlement after twelve months 1,984 676
It is the Group’s policy to lease certain of its plant, vehicles and equipment under finance leases. The average outstanding lease 
term is 3 years (2012: 3 years). For the year ended 30 September 2013, the average effective borrowing rate was 3% (2012: 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. Notes to the accounts continued
58 Renew Holdings plc Annual Report and Accounts 2013
18 Provisions
Property
obligations
£000
At 1 October 2012 732
Provision utilised during the year (254)
Amount provided during the year 254
At 30 September 2013 732
Non-current liabilities 628
Current liabilities 104
At 30 September 2013 732
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.
Interest rate profile of financial assets and liabilities 
Financial assets/(liabilities)
Fixed rate Fixed Floating
interest rate rate rate Total
 % £000 £000 £000
2013
Assets
Sterling — — 5,127 5,127
Dollar — — 212 212
 — 5,339 5,339
Liabilities
Sterling 3.0 (3,493) (2,500) (5,993)
(3,493) (2,500) (5,993)
 % £000 £000 £000
2012
Assets
Sterling — — 1,667 1,667
Dollar — — 369 369
 — 2,036 2,036
Liabilities
Sterling 3.0 (1,246) (7,500) (8,746)
(1,246) (7,500) (8,746)
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 3 years 
(201 2: 3 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.  59 Renew Holdings plc Annual Report and Accounts 2013
19 Other financial instruments continued
Financial risks continued
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.
c) Currency risk
The only 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 2013 the unhedged portion of the 
inter-company loan was $771,000 (2012: $270,000). The dollar closing exchange rate was $1.62: £1 (2012: $1.61: £1) resulting in a foreign 
exchange loss of £23,000 (2012: £12,000) being charged 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 loss arising on the 
translation of Lovell America Inc.’s net assets was £24,000. The total equity statement would be impacted by £63,000 for each $0.01 
movement in exchange rates.
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.
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
2013 2012
£000 £000
Allotted, called up and fully paid:
61,403,668 (2012: 59,898,927) Ordinary Shares of 10p each 6,140 5,990
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 1,504,741 Ordinary Shares were issued at par value following the exercise of options under the Unapproved element 
of the Renew Holdings plc Executive Share Option Scheme (2012: Nil).
Share options
Renew Holdings 2004 Executive Share Option Scheme
The Group operates a share option scheme, the Renew Holdings 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.
All options granted under the Unapproved element have vested and have been exercised.
Vesting of options is dependant on the achievement of certain performance criteria which are established by the Remuneration 
Committee at the point of grant. 114,280 of the options granted under the Approved element in the 2006 financial year have vested. 
These are the only remaining options outstanding under the scheme.
The scheme does not permit retesting of performance conditions and if the performance criteria are not achieved then the options 
will lapse.
The number of options in issue and their exercise price is given in Note 21.  Notes to the accounts continued
60 Renew Holdings plc Annual Report and Accounts 2013
20 Share capital continued
Share options continued
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.
On 2 March 2012, the Company granted options to subscribe for 400,000 Ordinary Shares pursuant to the LTIP. On 20 December 2012 
options to subscribe for a further 400,000 Ordinary Shares were granted.
The options are exercisable at a nominal cost from 2 March 2015 in respect of those granted on 2 March 201 2 and from 20 December 2015 
in respect of those granted on 20 December 2012, subject to the achievement of certain performance criteria.
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 dependant on the Company’s TSR performance as compared to the TSR achieved by other companies in a comparator group 
of twelve companies selected by the Remuneration Committee. All TSR calculations are based on the average of the opening and 
closing share price over a thirty 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. There will be no vesting if TSR growth is 25% or less.
The comparator group TSR performance target measures the Company’s TSR over the three year performance period against the TSR 
of a group of twelve 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 2011 5,893 3,896 1,182 283 (8,268)
Transfer from income statement for the year 4,741
Dividends paid (1,827)
Recognition of share based payments 6
Exchange differences (407)
Actuarial loss recognised in pension schemes (3,442)
Movement on deferred tax relating to the 
pension schemes    847
At 1 October 2012 5,893 3,896 775 289 (7,949)
Transfer from income statement for the year 8,597
Dividends paid (1,917)
Recognition of share based payments 101
Exchange differences (24)
Actuarial loss recognised in pension schemes (6,895)
Movement on deferred tax relating to the 
pension schemes    1,429
At 30 September 2013 5,893 3,896 751 390 (6,735)
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 IFRS 3, the Directors are not able to state this figure.
Capital redemption reserve
This reserve represents the combined impact of share buy-backs 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 2004 Executive Share Option Scheme
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 by Baker Tilly, Chartered Accountants, using a Black-Scholes 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 
Board’s estimate of shares that will eventually vest.
Nil has been charged (2012: £30,000 credited) to administrative expenses.
1,504,741 options were exercised during the year (2012: Nil). The value per option represents the fair value of the option less the 
consideration payable.
The expected volatility is based on historical volatility of the share price since the Company listed on AIM in 2001.
The risk free rate of return has been derived from the Bank of England’s yield curve taking the spot rate for a maturity of 36 months. 
This period has been selected as being the minimum period over which the options could remain extant. 61 Renew Holdings plc Annual Report and Accounts 2013
21 Reserves continued
Options granted under the Renew Holdings 2004 Executive Share Option Scheme over the Company’s Ordinary Shares 
at 30 September 2013 were as follows:
Date of grant 7 June 2006
Awards outstanding at 30 September 2013
 - Directors 114,280
Exercise price and price at date of grant 52.5p
Maximum option life 10 years
Assumed option life for purposes of valuation 3 years
Expected volatility 47%
Dividend yield 1.0%
Risk free interest rate 4.67%
Value per option 20.5p
The outstanding options have vested in full but have not yet been exercised.
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.
£101,000 has been charged (2012: £36,000) to administrative expenses. There is no impact on net assets since an equivalent amount 
has been credited to the share based payments reserve. No options were exercised during the year. 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 2013 
were as follows:
Date of grant 2 March 2012 20 December 2012 Total
Awards outstanding at 30 September 2013
 - Directors 400,000 400,000 800,000
Exercise price 0.0p 0.0p — 
Price at date of grant 75.0p 87.0p — 
Maximum option life 10 years 10 years — 
Assumed option life for purposes of valuation 3 years 3 years — 
Expected volatility 46% 36% — 
Dividend yield 4.0% 3.6% — 
Risk free interest rate 0.43% 0.48% — 
Value per option 40.0p 30.0p — 
22 Capital and leasing commitments 
Land and Total Total
buildings Other 2013 2012
£000 £000 £000 £000
Commitments under non-cancellable operating leases:
Under one year 1,716 1,046 2,762 3,418
Two to five years 5,016 1,188 6,204 6,974
Five or more years 15,795 — 15,795 16,790
22,527 2,234 24,761 27,182
With regard to the operating leases held by the Group as lessor, the Group recognised £1,006,000 (2012: £1,183,000) of rental income 
in the income statement for 2013, 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 2013 2012
£000 £000 £000 £000
Receivables under non-cancellable operating leases:
Under one year 195 — 195 1,009
Two to five years 400 — 400 596
Five or more years 95 — 95 143
690 — 690 1,748
The Group had capital commitments at 30 September 2013 of £229,000 (2012: £24,000).  Notes to the accounts continued
62 Renew Holdings plc Annual Report and Accounts 2013
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 several 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 2013 shows a deficit of £3,545,000 based on the assumptions 
set out below. The Amco scheme shows a surplus of £962,000 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 this surplus as, having reviewed the rules of the Amco scheme, they are of the view that the employer, 
Amalgamated Construction Ltd, 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 2013 
carried out by Lane Clark & Peacock LLP, Consulting Actuaries, in respect of the Lovell scheme and Capita Employee Benefits 
(Consulting) Ltd in respect of the Amco scheme using the following assumptions:
As at As at As at
30 September 30 September 30 September
2013 2012 2011
Lovell Pension Scheme
Rate of increase in salaries 4.0% 4.0% 4.0%
LPI increases to pensions in payment 3.1% 2.7% 3.2%
Discount rate 4.5% 4.4% 5.2%
Inflation assumption (CPI) 2.2% 2.0% 2.5%
Inflation assumption (RPI) 3.2% 2.7% 3.2%
Increases in deferred pensions 2.2% 2.7% 3.1%
Amco Pension Scheme
Rate of increase in salaries 3.2% 4.0% 4.1%
LPI increases to pensions in payment 2.7% 2.7% 3.2%
Discount rate 4.5% 4.4% 5.2%
Inflation assumption (CPI) 2.2% 2.0% 2.5%
Inflation assumption (RPI) 3.2% 2.7% 3.2%
Increases in deferred pensions 2.2% 2.7% 3.2%
The mortality tables adopted for the valuation of the Lovell scheme are the S1NA tables with future improvements in line with the 
Continuing Mortality Investigations 2010 model with long term improvement rates of 1% 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 60 year old male pensioner is forecast to live for a further 26.6 years and the life expectancy of a male 
aged 60 in 2033 is 28.2 years.
The mortality tables adopted for the valuation of the Amco scheme are the S1PA Mortality tables based on the mortality 
experience of pension scheme members with projected longevity improvements and with an additional allowance for future 
longevity improvements known as the long cohort adjustment. 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 23.7 years and the life expectancy of a male aged 65 in 2033 is 25.8 years.
The assets in the Lovell scheme and the expected rates of return were:
Value as at Value as at Value as at
30 September 30 September 30 September
2013 Expected rate 2012 Expected rate 2011 Expected rate
£000 of return £000 of return £000 of return
Annuities 43,136 4.5% 44,797 5.1% 44,556 4.3%
Diversified portfolio 84,631 4.5% 83,187 4.6% 72,549 6.2%
Bonds — — — — — —
Cash (19) 0.5% (158) 0.5% 1,248 0.5%
Total 127,748 127,826 118,353
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. 63 Renew Holdings plc Annual Report and Accounts 2013
24 Employee benefits: Retirement benefit obligations continued
IAS 19 “Employee benefits” continued
The assets in the Amco scheme and the expected rates of return were:
Value as at Value as at Value as at
30 September 30 September 30 September
2013 Expected rate 2012 Expected rate 2011 Expected rate
£000 of return £000 of return £000 of return
Annuities 6,950 4.5% — — — —
Diversified portfolio 5,951 4.5% 6,358 6.5% 6,262 7.5%
Gilts  — — 3,556 2.2% 3,000 2.9%
Bonds — — 4,195 4.0% 3,392 5.2%
Cash 594 0.5% 406 0.5% 391 0.5%
Total 13,495 14,515 13,045
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. 
The following amounts at 30 September were measured in accordance with the requirements of IAS 19.
Lovell Pension Scheme
2013 2012
£000 £000
Movements in scheme assets and liabilities
Total fair value of scheme assets brought forward 127,826 118,353
Expected return on scheme assets 5,262 6,229
Employer contributions 3,145 3,330
Benefits paid (7,172) (6,977)
Actuarial (loss)/gain on scheme assets (1,293) 6,891
Total fair value of scheme assets carried forward 127,768 127,826
Present value of scheme obligations brought forward 128,395 118,472
Interest costs 5,494 5,983
Current service costs 53 54
Benefits paid (7,172) (6,977)
Actuarial increase in scheme obligations 4,543 10,863
Total fair value of scheme obligations carried forward 131,313 128,395
Deficit in the scheme (3,545) (569)
Deferred tax 709 137
Net deficit (2,836) (432)
Amount charged to operating profit:
Current service cost (53) (54)
(53) (54)
Amount (charged)/credited to other financial income:
Expected return on scheme assets 5,262 6,229
Interest on scheme liabilities (5,494) (5,983)
(232) 246
Amounts recognised in the statement of comprehensive income:
Actual less expected return on scheme assets (1,293) 6,891
Effect of change in assumptions on scheme liabilities (4,543) (10,863)
Actuarial loss (5,836) (3,972)
Movement in the net scheme deficit during the year:
Net scheme deficit brought forward (569) (119)
Current service cost (53) (54)
Cash contribution 3,145 3,330
Other finance (costs)/income (232) 246
Actuarial loss (5,836) (3,972)
Net scheme deficit carried forward (3,545) (569) Notes to the accounts continued
64 Renew Holdings plc Annual Report and Accounts 2013
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 
2013 2012
£000 £000
Movements in scheme assets and liabilities
Total fair value of scheme assets brought forward 14,515 13,045
Expected return on scheme assets 543 605
Employer contributions 201 201
Benefits paid (797) (682)
Actuarial (loss)/gain on scheme assets (967) 1,346
Total fair value of scheme assets carried forward 13,495 14,515
Present value of scheme obligations brought forward 12,695 11,956
Interest costs 543 605
Benefits paid (797) (682)
Actuarial increase in scheme obligations 92 816
Total fair value of scheme obligations carried forward 12,533 12,695
Surplus in the scheme 962 1,820
Deferred tax (192) (437)
Net surplus 770 1,383
Amount credited to other financial income:
Expected return on scheme assets 543 605
Interest on scheme liabilities (543) (605)
 — —
Amounts recognised in the statement of comprehensive income:
Actual less expected return on scheme assets (967) 1,346
Effect of change in assumptions on scheme liabilities (92) (816)
Actuarial (loss)/gain (1,059) 530
Movement in the net scheme surplus during the year:
Net scheme surplus brought forward 1,820 1,089
Cash contribution 201 201
Actuarial (loss)/gain (1,059) 530
Net scheme surplus carried forward 962 1,820 65 Renew Holdings plc Annual Report and Accounts 2013
24 Employee benefits: Retirement benefit obligations continued
IAS 19 “Employee benefits” continued
Lovell Pension Scheme
2013 2012 2011 2010 2009
Difference between the expected and actual 
return on scheme assets £(1,293,000) £6,891,000 £(10,685,000) £13,114,000 £8,548,000
As a percentage of the assets at the end of the year (1.0%) 5.4% (9.0%) 10.4% 7.70%
Experience gains on scheme liabilities — — £1,349,000 £2,100,000 —
As a percentage of the liabilities at the end 
of the year — — 1.1% 1.7% —
Total amount recognised in the statement 
of comprehensive income £(5,836,000) £(3,972,000) £(5,151,000) £1,164,000 £(2,895,000)
As a percentage of the liabilities at the end 
of the year (4.4%) (3.1%) (4.3%) 0.9% (2.6)%
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 deficit of the scheme is accounted 
for as an unallocated consolidation adjustment.
Amco Pension Scheme
2013 2012 2011
Difference between the expected and actual return on scheme assets £(967,000) £1,346,000 £(58,000)
As a percentage of the assets at the end of the year (7.2)% 9.3% (0.4)%
Experience gains on scheme liabilities — — £490,000
As a percentage of the liabilities at the end of the year — — 4.1%
Total amount recognised in the statement of comprehensive income £(1,059,000) £530,000 £(114,000)
As a percentage of the liabilities at the end of the year (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 £2,933,000 (2012: £2,835,000) into these plans during the year. There are also £117,000 
(2012: £123,000) 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: B W May, J Samuel, 
R J Harrison, J Bishop and D M Forbes, whose total compensation amounted to £1,114,000 all of which was represented by 
short-term employment benefits.
There were no other transactions with key management personnel in the year. Notes to the accounts continued
66 Renew Holdings plc Annual Report and Accounts 2013
26 Acquisition of subsidiary undertaking
On 9 August 2013, the Company acquired the whole of the issued share capital of Lewis Civil Engineering Ltd (“Lewis”) for 
a consideration of £10.9m, of which £8.0m was paid in cash and £2.9m in deferred consideration. Immediately following the 
acquisition, the deferred consideration was satisfied by transferring non-cash assets to the value of £2.9m to the vendors.
The value of the assets and liabilities of Lewis at the date of acquisition were:
Book value Adjustments Fair value
£000 £000 £000
Non-current assets
Intangible assets - goodwill 260 5,882 6,142
Intangible assets - other — 2,209 2,209
Property, plant and equipment 5,616 — 5,616
Deferred tax assets 113 — 113
5,989 8,091 14,080
Current assets
Inventories 591 — 591
Trade and other receivables 4,063 — 4,063
Cash and cash equivalents 1,703 — 1,703
6,357 — 6,357
Total assets 12,346 8,091 20,437
Non-current liabilities
Obligations under finance leases (1,511) — (1,511)
Deferred tax liabilities — (442) (442)
(1,511) (442) (1,953)
Current liabilities
Borrowings (188) — (188)
Trade and other payables (6,105) — (6,105)
Obligations under finance leases (992) — (992)
Current tax liabilities (300) — (300)
(7,585) — (7,585)
Total liabilities (9,096) (442) (9,538)
   
Net assets 3,250 7,649 10,899
Fair value adjustments arising from the acquisition
In accordance with IFRS3, the Board will review the fair value of assets and liabilities using information available up to 12 months 
after the date of acquisition.
Goodwill impairment review
The Board has reviewed the goodwill arising on acquisition for impairment as required by IFRS3. No such impairment was identified.
The current year end of Lewis is 31 July and this will be changed to 30 September in due course to bring it into line with that of the Group. 
If the acquisition of Lewis had occurred on 1 October 2012, Group revenue would have been approximately £358m and profit for 
the year ended 30 September 2013 would have been approximately £9m. 67 Renew Holdings plc Annual Report and Accounts 2013
Company balance sheet at 30 September
2013 2012
Note £000 £000
Fixed assets
Tangible assets E 659 668
Investments F 69,560 79,191
70,219 79,859
Current assets
Stocks and work in progress G 91 1,213
Debtors: due within one year H 27,228 20,878
27,319 22,091
Creditors: amounts falling due in less than one year I (60,719) (72,191)
Net current liabilities (33,400) (50,100)
Total assets less current liabilities 36,819 29,759
Creditors: amounts falling due after more than one year J - (2,500)
Net assets 36,819 27,259
Capital and reserves
Share capital L 6,140 5,990
Share premium account M 5,893 5,893
Capital redemption reserve M 3,896 3,896
Share based payments reserve M 390 289
Profit and loss account M 20,500 11,191
Equity shareholders’ funds N 36,819 27,259
Approved by the Board and signed on its behalf by:
R J Harrison OBE
Chairman
26 November 2013 68 Renew Holdings plc Annual Report and Accounts 2013
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 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 or valuation for certain properties, 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 and buildings – no depreciation charge
Long leasehold land – shorter of fifty years and 
and buildings  – period of lease
Plant, vehicles & 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 Payments” requires a fair value to be established for any equity settled share based payments. Fair value 
has been independently measured using either a Black Scholes or a Monte Carlo valuation model as was deemed appropriate by the 
Directors for the relevant options’ conditions. 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; 
c) fair value adjustment gains to fixed assets and stock to uplift prices to those ruling when an acquisition is made; and 
d) 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 or, if appropriate, at the forward contract rate. 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. However, 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. 69 Renew Holdings plc Annual Report and Accounts 2013
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 £11,226,000 (2012: £1,402,000).
The audit fee charged within the profit and loss account amounted to £51,000 (2012: £54,000).
C Employee numbers and remuneration
2013 2012
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: 26 31
At 30 September: 26 30
Cost of staff, including Executive Directors, during the year amounted to:
£000 £000
Wages and salaries 1,940 2,376
Social security costs 254 285
Other pension costs 194 131
Share based payments 101 6
2,489 2,798
Directors’ emoluments
£000 £000
Aggregate emoluments 1,114 1,019
Highest paid Director: aggregate emoluments 556 510
Details of individual Directors’ emoluments and pension contributions can be found in the Directors’ Remuneration Report.
D Dividends
2013 2012
Pence/share Pence/share
Interim (related to the year ended 30 September 2013) 1.10 1.05
Final (related to the year ended 30 September 2012) 2.10 2.00
Total dividend paid 3.20 3.05
£000 £000
Interim (related to the year ended 30 September 2013) 658 658
Final (related to the year ended 30 September 2012) 1,259 1,199
Total dividend paid 1,917 1,857
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 2.50p per Ordinary Share be paid in respect of the year ended 
30 September 2013. This will be accounted for in the 2013/14 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 2012 701 75 311 1,087
Additions — — 3 3
At 30 September 2013 701 75 314 1,090
Depreciation:
At 1 October 2012 37 75 307 419
Charge for year 10 — 2 12
At 30 September 2013 47 75 309 431
Net book value:
At 30 September 2013 654 — 5 659
At 30 September 2012 664 — 4 668
  70 Renew Holdings plc Annual Report and Accounts 2013
Notes to the company accounts continued
F Investments 
Subsidiary
undertakings
£000
Shares at cost:
At 1 October 2012 215,070
Additions 10,899
Disposals (22,430)
At 30 September 2013 203,539
Provisions:
At 1 October 2012 135,879
Provided during the year (1,900)
At 30 September 2013 133,979
Net book value:
At 30 September 2013 69,560
At 30 September 2012 79,191
On 9 August 2013, the Company acquired the whole of the issued share capital of Lewis Civil Engineering Ltd for a consideration 
of £10.9m.
During the year Britannia Construction Ltd and Walter Lilly & Co Ltd were transferred to a subsidiary undertaking at net book value.
During the year the Company reorganised its investments in subsidiary undertakings resulting in a net loss of £1,032,000.
Details of the principal subsidiary undertakings are included in Note R.
The investment in subsidiaries is supported by their net asset values and their discounted expected future cash flows.
G Stock and work in progress
2013 2012
£000 £000
Undeveloped land 91 1,213
H Debtors 
2013 2012
£000 £000
Due within one year:
Trade debtors 42 194
Due from subsidiary undertakings 25,660 19,561
Other debtors 981 412
Deferred tax 24 18
Prepayments and accrued income 521 693
27,228 20,878
I Creditors: amounts falling due within one year 
2013 2012
£000 £000
Bank loans and overdrafts 24,290 22,641
Trade creditors 519 921
Other taxation and social security 1,450 546
Due to subsidiary undertakings 28,806 40,302
Other creditors 546 602
Accruals and deferred income 5,108 7,179
60,719 72,191
J Creditors falling due after more than one year
2013 2012
£000 £000
Bank loan — 2,500
Bank loans and overdrafts repayable:
Within one year 24,290 22,641
Within two to five years — 2,500
24,290 25,141 71 Renew Holdings plc Annual Report and Accounts 2013
K Derivatives and other financial instruments
Currency exposures
The only 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 2013 the unhedged 
portion of the inter-company loan was $771,000 (2012: $270,000).
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
2013 2012
£000 £000
Allotted, called up and fully paid:
61,403,668 (2012: 59,898,927) Ordinary Shares of 10p each 6,140 5,990
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 1,504,741 Ordinary Shares were issued at par value following the exercise of options under the Unapproved 
element of the Renew Holdings plc Executive Share Option Scheme (2012: Nil).
Share options
Renew Holdings 2004 Executive Share Option Scheme
The Company operates a share option scheme, the Renew Holdings 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.
All options granted under the Unapproved element have vested and have been exercised.
Vesting of options is dependant on the achievement of certain performance criteria which are established by the Remuneration 
Committee at the point of grant. 114,280 of the options granted under the Approved element in the 2006 financial year have vested. 
These are the only remaining options outstanding under the scheme.
The scheme does not permit retesting of performance conditions and if the performance criteria are not achieved then the options 
will lapse.
The number of options in issue and their exercise price is given in Note M.
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.
On 2 March 2012, the Company granted options to subscribe for 400,000 Ordinary Shares pursuant to the LTIP. On 20 December 2012 
options to subscribe for a further 400,000 Ordinary Shares were granted.
The options are exercisable at a nominal cost from 2 March 2015 in respect of those granted on 2 March 201 2 and from 20 December 2015 
in respect of those granted on 20 December 2012, subject to the achievement of certain performance criteria.
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 dependant on the Company’s TSR performance as compared to the TSR achieved by other companies in a comparator group 
of twelve companies selected by the Remuneration Committee. All TSR calculations are based on the average of the opening and 
closing share price over a thirty 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. There will be no vesting if TSR growth is 25% or less.
The comparator group TSR performance target measures the Company’s TSR over the three year performance period against 
the TSR of a group of twelve 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. 72 Renew Holdings plc Annual Report and Accounts 2013
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 2012 5,893 3,896 289 11,191
Transfer from profit and loss account for the year 11,226
Recognition of share based payments 101
Dividends paid (1,917)
At 30 September 2013 5,893 3,896 390 20,500
Share based payments reserve
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 by Baker Tilly, Chartered Accountants, using a Black-Scholes 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 Board’s estimate of shares that will eventually vest.
Nil has been charged (2012: £30,000 credited) to administrative expenses.
1,504,741 options were exercised during the year (2012: Nil). The value per option represents the fair value of the option less 
the consideration payable.
The expected volatility is based on historical volatility of the share price since the Company listed on AIM in 2001.
The risk free rate of return has been derived from the Bank of England’s yield curve taking the spot rate for a maturity of 36 months. 
This period has been selected as being the minimum period over which the options could remain extant.
Options granted under the Renew Holdings 2004 Executive Share Option Scheme over the Company’s Ordinary Shares at 30 September 2013 
were as follows:
Date of grant 7 June 2006
Awards outstanding at 30 September 2013
- Directors 114,280
Exercise price and price at date of grant 52.5p
Maximum option life 10 years
Assumed option life for purposes of valuation 3 years
Expected volatility 47%
Dividend yield 1.0%
Risk free interest rate 4.67%
Value per option 20.5p
The outstanding options have vested in full but have not yet been exercised. 
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.
£101,000 has been charged (2012: £36,000) to administrative expenses. There is no impact on net assets since an equivalent amount 
has been credited to the share based payments reserve. No options were exercised during the year. 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. 73 Renew Holdings plc Annual Report and Accounts 2013
M Reserves continued
Options granted under the Renew Holdings plc Long Term Incentive Plan over the Company’s Ordinary shares at 30 September 2013 
were as follows:
Date of grant 2 March 2012 20 December 2012 Total
Awards outstanding at 30 September 2013
- Directors 400,000 400,000 800,000
Exercise price 0.0p 0.0p — 
Price at date of grant 75.0p 87.0p — 
Maximum option life 10 years 10 years — 
Assumed option life for purposes of valuation 3 years 3 years — 
Expected volatility 46% 36% — 
Dividend yield 4.0% 3.6% — 
Risk free interest rate 0.43% 0.48% — 
Value per option 40.0p 30.0p — 
N Reconciliation of movements in equity shareholders’ funds 
2013 2012
£000 £000
Profit for the year 11,226 1,402
Dividends paid (1,917) (1,827)
Issue of Ordinary Shares 150 —
Recognition of share based payments 101 6
At 1 October 2012 27,259 27,678
At 30 September 2013 36,819 27,259
O Capital and leasing commitments
Land and Total Total
buildings Other 2013 2012
£000 £000 £000 £000
Annual commitments under non-cancellable 
operating leases expiring in:
Under one year 210 — 210 968
Two to five years 125 20 145 359
Five or more years 741 — 741 741
1,076 20 1,096 2,068
The Company had no capital commitments at 30 September 2013 (2012: £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 £194,000 (2012: £131,000) into these plans during the year. There are also £10,000 
(2012: £10,000) of accruals relating to these plans. 74 Renew Holdings plc Annual Report and Accounts 2013
Notes to the company accounts continued
R Principal 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 principal subsidiary undertakings are shown below.
Incorporation & Proportion of
principal place Ordinary Shares
of business held by the Company
Subsidiary undertakings
Allenbuild Ltd Owned by subsidiary England and Wales 100%
Britannia Construction Ltd Owned by subsidiary England and Wales 100%
Walter Lilly & Co Ltd Owned by subsidiary England and Wales 100%
Seymour (Civil Engineering Contractors) Ltd Owned by subsidiary England and Wales 100%
Amalgamated Construction Ltd Owned by subsidiary England and Wales 100%
V.H.E. Construction Plc Owned by Renew Holdings plc England and Wales 100%
Shepley Engineers Ltd Owned by Renew Holdings plc England and Wales 100%
Lewis Civil Engineering Ltd Owned by Renew Holdings plc England and Wales 100%
Lovell America, Inc Owned by Renew Holdings plc USA 100%
S Related parties 
The Company has a related party relationship with its key management personnel who are the Main Board Directors: B W May, 
J Samuel, R J Harrison, J Bishop and D M Forbes, whose total compensation amounted to £1,114,000 all of which was represented 
by short-term employment benefits.
There were no other transactions with key management personnel in the year. 75 Renew Holdings plc Annual Report and Accounts 2013
Directors, officers and advisors
Directors
R J Harrison OBE (Non-executive Chairman) 
B W May  (Chief Executive) 
J Samuel FCA (Group Finance 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 Audit Plc 
1 The Embankment 
Neville Street 
Leeds 
LS1 4DW 
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 
West Yorkshire 
LS25 3AA
Website address
www.renewholdings.com 76 Renew Holdings plc Annual Report and Accounts 2013
Shareholder information
Shareholder information
Annual General Meeting 29 January 2014
Results   Announcement of interim results – May 2014
    Preliminary announcement of full year results – November 2014
Dividend re-investment plan 
For any shareholders who wish to re-invest dividend payments in the Company, a facility is provided by Capita Asset Services, a 
trading name of Capita IRG Trustees Ltd. Under this facility, cash dividends are used to purchase additional shares. Any shareholder 
requiring further information should contact Capita on 0871 664 0381 (calls cost 10p per minute plus any network extras from within 
the UK; lines are open from 9am to 5.30pm Monday to Friday). If calling from overseas +44(0)208 639 3402. Fax 0208 639 1023. 
Email shareholderenquiries@capita.co.uk or visit www.capitaassetservices.com.
Boiler room fraud 
In recent years many companies have become aware that their shareholders have received unsolicited phone calls or correspondence 
concerning investment matters. These are typically from overseas based “brokers” who target UK shareholders, offering to sell them 
what turn out to be worthless or high risk shares in US or UK investments. These operations are commonly known as “boiler rooms”. 
Shareholders are advised to be wary of any unsolicited advice, offers to buy shares at a discount or offers of free company reports. 
If you receive any unsolicited investment advice:
•		 	 Check	that	they	are	properly	authorised	by	the	FCA	by	visiting	www.fca.org.uk/register/
•		 	 Report	the	matter	to	the	FCA	by	calling	0800	111	6768
If you deal with an unauthorised firm, you will not be eligible to receive payment under the Financial Services Compensation Scheme. 
The FCA can be contacted by completing an online form at www.fca.org.uk/scams. More detailed information on this or similar 
activity can be found on the FCA website www.fca.org.uk. Amco
Whaley Road 
Barugh 
Barnsley 
South Yorkshire 
S75 1HT 
Tel: 01226 243413
Shepley Engineers
Robinson House 
Westlakes Science Park 
Moor Row 
Cumbria 
CA24 3HY 
Tel: 01946 599 022
Seymour
30–34 Navigation Point 
Hartlepool 
TS24 0UQ 
Tel: 01429 223 521
VHE
Whaley Road 
Barugh 
Barnsley 
South Yorkshire 
S75 1HT 
Tel: 01226 320150
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 449200
Walter Lilly
Waddon House 
283 Stafford Road 
Croydon 
Surrey 
CR0 4NN 
Tel: 020 8730 6200
Allenbuild (South East)
Unecol House 
819 London Road 
North Cheam 
Surrey 
SM3 9BN 
Tel: 020 8335 4800 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 2013