annual report & accounts | 2008
delivering
specialist
construction
services
renew holdings plc annual report & accounts | 2008
Renew Holdings plc
Yew Trees, Main Street North
Aberford, West Yorkshire LS25 3AA 
tel: 0113 281 4200 fax: 0113 281 4210
web: www.renewholdings.com
Company Number: 650447 
Registered in England & Wales
93035 RENEW R&A 2008 COVER PAGE OBC 93035 RENEW R&A 2008 COVER PAGE OFC
93035_Renew_R&A_2008_Cover.qxp:93035_Renew_R&A_2008_Cover  12/12/08  13:38  Page 1 Renew delivers specialist construction
services in engineering and building
through its branded businesses which
operate in robust and sustainable markets
36 independent auditors’ report
37 group income statement
37 group statement of recognised income and expense 
38 group balance sheet
39 group cash flow statement
40 notes to the accounts
66 company balance sheet
67 notes to company accounts
74 shareholder information
75 directors and advisors 
76 notice of annual general meeting 
80 group businesses 
01 financial highlights 
02 chairman’s statement 
03 chief executive’s review
05 financial review
06 review of operations
06 specialist engineering
14 specialist building
24 corporate social responsibility
26 directors’ report
30 directors’ remuneration report 
33 corporate governance 
35 statement of directors’ responsibilities 
Produced by Salient Communications. Tel: 01635 861112.
93035 RENEW R&A 2008 COVER PAGE IFC 93035 RENEW R&A 2008 COVER PAGE IBC
93035_Renew_R&A_2008_Cover.qxp:93035_Renew_R&A_2008_Cover  12/12/08  13:38  Page 2 revenue £390.6m
(2007: £348.1m)
profit 
before tax
(2007: £7.4m)
earnings 
per share 12.2p
*
(2007: 12.2p)
full year
dividend 3.0p
(2007: 1.8p)
net cash
balance £28.2m
(2007: £24.4m)
net assets £14.3m
(2007: £10.0m)
financial highlights
01 financial highlights
12%
UP
67%
UP
15%
UP
43%
UP
£9.5m
*
*Figures given prior to exceptional items and amortisation charges
UP
29%
annual report & accounts 2008
93035 RENEW R&A 2008 TEXT PAGE 1
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I am pleased to report a strong set of results.
We are successfully meeting our strategic
objectives for our two main business
streams. In Specialist Engineering we have
continued to grow revenue, which was
bolstered by a full year’s contribution from
Seymour, while in Specialist Building we saw
a marked increase in revenue and particularly
in operating profits prior to exceptional items.
Against a background of increasingly difficult
market conditions, the results again illustrate
the quality and sustainability of earnings with
our forward order book indicating an increased
level of work in our specialist sectors.
Results
Group revenue for the year ended 
30 September 2008 was £390.6m 
(2007: £348.1m), a 12% increase over the
corresponding period last year. Profit before
income tax for the year prior to exceptional
items and amortisation charges was up 29%
to £9.5m (2007: £7.4m). Profit after tax,
exceptional items and amortisation charges
was £5.3m (2007: £7.3m).
At 30 September 2008, the Group’s net cash
position stood at £28.2m (2007: £24.4m).
As has been well documented, conditions 
in the house building market, which is 
the principal end market for our Land
Remediation business, have worsened
considerably over the last six months. 
We are also seeing weaker market conditions
for our non-specialist and retail businesses
which jointly accounted for 46% of 
Specialist Building revenue in 2008.
As stated in our pre-close announcement on
1 October 2008, the Board has taken
decisive action to address these issues by
realigning the Land Remediation activities to
address the more robust regional civil
engineering market, whilst retaining its land
remediation capability. In Specialist Building,
the Group has reduced capacity by 15%.
Whilst these actions have resulted in an
exceptional charge in 2008 of £1.5m for
redundancy costs, the resultant saving in
annual costs will be in excess of £5m.
The Group’s order book at 30 September
2008 stood at £219m (2007: £252m) 
with, pleasingly, 79% represented by repeat
order work. The 13% reduction, which is
predominantly in non-specialist areas, is 
in line with the implemented capacity
reductions. This reflects our emphasis on
project selectivity and quality of earnings as
we seek to continue to improve percentage
operating margins in these more challenging
market conditions. 
Dividend
In accordance with the Group’s progressive
policy, a final dividend of 2.0p per share
(2007: 1.2p) is being proposed. This takes
the total dividend for the year to 3.0p 
(2007: 1.8p), a 67% increase over last year.
The dividend will be paid on 23 February
2009 to shareholders on the register as at 
30 January 2009 and in accordance with
accounting standards will be accounted for 
in the 2009 financial year. The shares will
become ex-dividend on 28 January 2009.
Growth strategy
Our declared strategy of focusing on two
distinct business streams, Specialist
Engineering and Specialist Building, remains
in place.
Our aim is to increase revenue in Specialist
Engineering both organically and by
acquisition, with operating margins of at least
4%. In Specialist Building, our aim is to
continue to increase operating margins with 
a medium-term target of 2%. Currently our
Specialist Building margin stands at 1.7%.
Our medium-term objective remains to
develop a Specialist Construction business
with overall operating margins of 2.5% and
with Specialist Engineering providing 33% 
of revenue.
Outlook
Market conditions are more challenging but
the Group is operating from a position of
strength, supported by a strong balance
sheet with cash resources available to take
advantage of carefully considered
opportunities which may arise. Our
management team, led by our Chief Executive
Brian May, is very experienced and I am
confident in their ability to deliver excellent
performance in the difficult economic climate.
The impact of the decisive action taken in
September to realign and reduce capacity,
and the continued resilience of our specialist
markets, gives the Board confidence that we
can continue to grow the Group’s operating
margin percentage albeit on reduced levels of
activity in 2009.
Roy Harrison OBE
Chairman
25 November 2008
chairman’s statement 02
chairman’s statement
£7.4m
£9.5m
*
£4.6m
Profit Before Tax (£m)
10
0
2006 2007 2008
50
0
£24.4m
£28.2m
2006 2007 2008
£19.4m
Net Cash (£m)
*Figures given prior to
exceptional items and
amortisation charges
annual report & accounts 2008
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chief executive’s review
Overview
Our strategy of seeking growth in Specialist
Engineering, whilst maintaining target
margins, combined with growing margins in
Specialist Building continues. 
In Specialist Engineering, revenue increased
by 36%, which included a full year’s
contribution from Seymour which we
acquired in July 2007. Whilst margins were
lower due to falling demand for Land
Remediation related to the house building
sector, they remain at 3.7%, over double that
of the margins in Building. The forward order
book in Specialist Engineering stands at
£49m (2007: £54m).
Revenue in Specialist Building increased by
11% with a 34% increase in operating profit
to £4.9m prior to exceptional charges. The
forward order book in Specialist Building is
£170m (2007: £198m), 14% lower than last
year which is in line with the capacity
reductions implemented in September.
Our total order book remains strong at
£219m (2007: £252m), with 86% being in
our specialist sectors and 79% in the form of
repeat business. These key performance
indicators remain ahead of our targets of
66% in each case.
As part of our strategy of developing our
Specialist Engineering business we continue
to look for complementary acquisitions that
can meet our demanding criteria.
Immediately following the year end, we
completed the acquisition of C.&A. Pumps
Limited (“C&A”), a specialist water services
business based in County Durham but which
operates nationally. C&A will combine with
Seymour to offer an extended package of
capability to the Water industry. This
acquisition is a further demonstration of our
commitment to grow our Specialist
Engineering business both organically and by
acquisition and follows on from the previous
acquisitions of Seymour itself and PPS
Engineering Limited, in the Nuclear sector.
Review of operations
Specialist Engineering
Nuclear
Shepley Engineers continues to be the
largest Tier 2 mechanical and electrical
contractor at Sellafield, operating in the fields
of asset support and decommissioning.
Activity levels on the Multi Disciplined Site
Wide framework were 70% above those
anticipated. Our four frameworks continue at
Sellafield with extensions recently agreed on
both Demolition and Decommissioning. Our
PPS subsidiary, which we acquired in 2006,
had an exceptional year, outperforming
forecasts and repaying its acquisition cost
within two years. We have also secured a
position in a consortium with EnergySolutions
to process Metals Recycling at Sellafield and
Drigg. We continue to have activity at the
Springfields facility at Preston and have also
been awarded a decommissioning project at
Capenhurst, which is our first award at 
this site.
Land Remediation
In response to the downturn in the house
building market, we have quickly realigned
the VHE business to access regional civil
engineering opportunities. This is
demonstrated by the recent £15m award of
the Cudworth Bypass which is the fifth major
award in recent years from Barnsley MBC.
VHE retains its Land Remediation capability
and has established itself as the leading
specialist contractor for local authority
remediation works under Part llA of the
Environment Act, completing five such
residential projects during the year, with a
further recent £2m award in Glasgow. We are
also seeing renewed activity for 2009 from
the National Grid framework.
Water
The Seymour acquisition has been fully
integrated into the Group and is performing in
line with our expectations and acquisition
plans, with 15% organic growth achieved this
year. The Northumbrian Water framework
continues to provide a significant level of
activity with good visibility out to 2010. We
have seen an encouraging increase in repeat
business for regional industrial and local
authority clients including the award of a
framework with Darlington MBC. The C&A
acquisition enhances our offering to the
Water industry. In the year ended
31 December 2007, C&A recorded an
operating profit of £0.2m on a turnover of
£4.7m. Organic expansion of civil engineering
capabilities in the South West under the
Britannia Civil Engineering brand has also
been achieved to enable access to regional
specialist water and environmental markets.
50
0
Specialist Engineering (%)
20%
24%
15%
2006 2007 2008
5
0
Group Operating Margins (%)
1.5%
1.0%
2006 2007 2008
1.9%
*
% of Group revenue
annual report & accounts 2008
93035 RENEW R&A 2008 TEXT PAGE 3
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Social Housing 
Including the recent agreements with
Sanctuary and Hexagon Housing
Associations, Allenbuild now has eight
framework agreements in place, all with
leading Housing Associations in the South
East of England, for the delivery of their new
build programmes. We secured £42m of new
projects during the year. New projects
completed during the year include Cranes
Farm and Clyde Terrace, each valued at over
£8m. This business area is particularly well
secured for 2009 and our pipeline of future
projects for our existing framework partners
remains in excess of £100m.
Retail
Britannia Construction’s first project with
Marks & Spencer in Manchester has been
completed. Four projects were completed for
Tesco, with another at Wells in progress.
Allenbuild successfully completed a £26m
negotiated hotel and mixed retail
development at Southport which included
hotel, casino and retail outlets and
incorporated restoration works to the historic
Floral Hall.
Science and Education
Allenbuild has been appointed preferred
bidder on a £58m project to build the new
Kirklees College Waterfront Project at
Huddersfield and has successfully completed
the £18m Rossington School project in
Doncaster. Elsewhere, Walter Lilly has
continued good progress on the £20m
Queen Mary Innovation Centre project in
London and has received awards for two
further projects from GSK together with a
£12m contract for Eisai Pharmaceuticals 
at Hatfield.
Restoration and Refurbishment
The high-end residential sector remains busy
with a number of awards for Walter Lilly
giving good visibility for 2009 and beyond.
Five projects have now been successfully
completed under the Grosvenor Framework,
with others being processed. Good progress
continued on the major contracts at
Grosvenor Crescent and Regent’s Park. Our
established relationship with Cadogan
Estates continues with a further project at
Cadogan Gardens. 
YJLi has been appointed to a five year LUL
framework for tube network modernisations.
During the year, further modernisation works
were secured for CTRL Platforms for South
Eastern and for Network Rail at Waterloo
where we are bringing a redundant Eurostar
platform back into operational use.
Property and other activities
We have successfully developed and sold a
new factory in Cumbria for the Cumberland
Pencil Company, but, in light of recent market
conditions, there are no current development
activities ongoing in the UK. During the year,
we completed and sold the Applied Research
Facility in the USA for Johns Hopkins
University. We continue to look to realise
value from our land assets in the US with our
portfolio particularly well located in Maryland,
predominantly in the Baltimore/Washington
corridor, near to the Fort Meade National
Security Centre. 
People
The health and safety of our people at work
is our priority at all times. During the year, we
achieved a further reduction in the Accident
Incidence Rate which has now reduced by
57% over the last three years. Our target for
each of these years was a 10% reduction. 
The Group’s success derives from the quality
and skills of our people. Throughout the
Group, we have an excellent blend of
experience, youth, talent and ambition. The
Board has great confidence in our staff and
thanks them all for their commitment 
and effort.
Summary 
The Group continues to make progress on
the implementation of its strategy. Despite the
prevailing economic environment, our
specialist markets are resilient and this is
reflected in the quality of our forward 
order book.
Brian May
Chief Executive
25 November 2008
chief executive’s review 04
chief executive’s review
annual report & accounts 2008
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Results
The Group’s revenue from ongoing
operations was £390.6m (2007: £348.1m)
with an operating profit of £7.6m 
(2007: £5.2m) prior to exceptional items and
amortisation charges. Profit before income
tax was £6.7m (2007: £7.4m). A tax charge
of £1.5m (2007 £0.1m) resulted in a profit
after tax for the year of £5.3m (2007: £7.3m).
Accounting policies
The Group was required to adopt
International Financial Reporting Standards
(“IFRS”) in the year and so comparative
financial information has been restated
accordingly. The impact of IFRS on previously
reported results is set out at the start of the
Accounting Policies section in Note 1 of the
Notes to the Financial Statements on pages
40 and 41. Other than the changes required
by IFRS, the Group’s accounting policies
have remained consistent.
Cash generation
The Group’s operating performance has 
been complemented by strong cash
generation and a growth in our net cash
balances of over 15% to £28.2m. The
Group’s only borrowings are £77,000 of
finance leases and £110,000 of overdraft
funding in Lovell America, Inc. 
Treasury
Whilst the Group seeks to maximise the short
term interest returns on its cash, we have
been mindful of the risk profiles of deposit
takers and our policy remains to deposit
funds only with AA+ rated institutions. The
Board approves the list of institutions with
which deposits are made on a regular basis
and applies its own experience and
judgement as to which institutions to use
over and above the credit rating.
Property 
The Group has not realised any UK property
during the year as a result of the prevailing
market conditions. The Group has taken
advantage of those conditions to terminate
certain leasehold arrangements over
properties which were not being used by the
Group for its construction activities. 
Lovell America, Inc.
The Group now has approximately £10m
(2007: £12m) of net assets in the USA, where
Lovell America, Inc. is progressively realising
these assets for cash repatriation to the UK.
During the year, the development of the
Applied Research Facility for Johns Hopkins
University was completed and sold. 
Pensions
The gross deficit in the Lovell Pension
Scheme, which was closed to new members
in 2000, has reduced to £1.5m (2007: £3.6m)
as discount rates have risen, although the
Board has incorporated stronger mortality
assumptions which predict longer lives for
pension fund members together with a 
higher level of forecast future inflation. In
accordance with the scheme specific funding
requirements of the Pensions Act 2005, the
Board has an agreement with the Trustees 
of the scheme on the level of future
contributions which are currently £2.0m per
annum inclusive of costs. This level of
contribution will be reviewed following the
next triennial valuation of the scheme which is
due to be carried out as at 31 March 2009. 
Taxation
A deferred tax asset included in Non-current
assets of £4.1m (2007: £5.0m) is carried in
the balance sheet, which principally results
from the likely future utilisation of tax losses
through the improved and profitable trading
of the Group. The deferred tax asset related
to the defined benefit pension scheme has
reduced by £0.6m to £0.4m as a result of the
reduction in the gross scheme liability. 
A prior year adjustment to current UK tax
payable of £0.4m has been recognised in the
current financial year following the disposal of
Britannia Joinery Ltd. Together with £51,000
of US current taxes payable, the payable
current year UK tax charge is £159,000. 
This represents a 3% Group tax payable rate,
which rises to 22% when the prior year
adjustment and deferred tax impacts are
taken into account.
Despite having material unused tax losses,
the Group anticipates an increase in
corporation tax payable in each of the next
few years although tax payable is expected
to remain below the headline rate of tax due
to losses brought forward.
Net assets
The consolidated net assets of the Group
were £14.3m (2007: £10.0m), an increase of
43%. The distributable profits of Renew
Holdings plc stood at £5.5m (2007: £3.9m)
providing the Board with the platform to
propose an increase in the dividend for the
full year of 67% from 1.8p to 3.0p per share.
The dividend cover stands at 2.9 times. 
John Samuel
Group Finance Director
25 November 2008
05 financial review annual report & accounts 2008
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engineering
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93035 RENEW R&A 2008 TEXT PAGE 7
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specialist 
engineering
Value of annual
framework with
Northumbrian Water
£1 0m
Seymour is a leading civil engineering
business in the North East of England. It
delivers specialist environmental services
including water infrastructure development
and maintenance, flood alleviation and sea
defences, land reclamation, urban renewal
and other infrastructure services.  
A significant proportion of Seymour’s work is
procured under longer term framework
agreements and negotiated contracts. These
include a £10m per annum framework
agreement with Northumbrian Water which
has been extended until 2011.
Flood alleviation projects formed a major part
of Seymour’s work during the year. These
important schemes help to protect people
and property by rapidly dispersing rainwater
that falls during the increasingly frequent
heavy storms. 
One of the largest schemes, worth £2.3m,
was in Guisborough where 1,500m of up to
1,200mm diameter pipeline was installed in
the highway through residential areas. In
Darlington, a £1m scheme involved the
installation of 600m of 1,200mm diameter
pipeline together with a Combined Sewer
Overflow (CSO) and outfall. Similar projects
were also undertaken in Penshaw, Shiney
Row, Leamside, Billingham and Gateshead.
Seymour also worked on a further six
separate CSO projects which allows excess
rainwater to disperse while preventing the
discharge of solid waste. In Corbridge, seven
CSOs and 200m of pipeline was installed
under a £1m contract. 
A £900,000 project at Seaton Burn
comprised the construction of 14 CSOs and
500m of pipeline. Other projects were carried
out in Washington, Chester-le-Street,
Spennymoor, Billingham and 
Stockton-on-Tees.
The company’s skills in flood relief were
recognised when the £3.5m Shiremoor Flood
Relief project was Highly Commended in
three categories of the regional Constructing
Excellence awards and secured Bronze in the
national Considerate Constructor awards.
Seymour’s capability in the water industry
was further enhanced with the acquisition of
C.&A. Pumps Ltd with effect from 1 October
2008. C&A is based in County Durham but
operates nationally. C&A’s capabilities are
mechanical and electrical installation and
design, pump sales and service, steel
fabrication and health and safety consultancy
and training. Both companies will be able to
offer clients a full civil engineering and
mechanical and electrical package 
including design.
Seymour continued to play a leading role in
the urban regeneration of the region with a
number of important environmental contracts
for both Local Authorities and the private
sector. These included the £5m Shiremoor
Bypass, coastal protection projects for both
Hartlepool Borough Council and
Scarborough Borough Council and a first
contract for Leeds City Council.
SEYMOUR
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93035 RENEW R&A 2008 TEXT PAGE 9
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specialist 
engineering
Year presence of
Shepley at Sellafield
50
Specialist Engineering within the nuclear
sector is delivered through Shepley
Engineers, a major mechanical and electrical
contractor and project manager. 
Activity in the year has remained focused at
Sellafield which continues to command the
significant majority of available funding within
the national civil nuclear legacy programme
and where Shepley has worked continuously
for more than 50 years. Shepley is the largest
Tier 2 mechanical and electrical contractor at
Sellafield with a workforce in excess of 400
people across three businesses.
Shepley’s work is derived largely from four
framework agreements. The largest
framework is the Multi Discipline Site Wide
agreement which comprises asset care,
maintenance and support across a range of
complex operational plants within Sellafield’s
controlled areas. 
One major project in very challenging
radiological conditions within the High Level
Waste Plant complex involved the removal of
redundant contaminated equipment together
with the installation of new pipework,
steelwork and electrical systems. Shepley
was fully involved in the planning and
methodology development of the task which
included the use of a full size ‘mock-up’, thus
enabling the entire team to develop and
practice the proposed methods of approach
from design, through implementation to
testing and commissioning. 
The Decommissioning and Demolition
framework agreements have recently 
been extended. A whole range of
decommissioning challenges has been
delivered in the year covering aspects from
design and safety through to implementation.
In June, Shepley secured a decommissioning
waste framework in partnership with
EnergySolutions. This contract is associated
with the recovery and processing of low level
metal waste generated within the ongoing
decommissioning programme at both
Sellafield and Drigg.
At Capenhurst in Cheshire, Shepley secured
its first contract for decommissioning. The
establishment of a Shepley presence on this
facility complements its presence at
Springfields, near Preston, where Shepley
has been on site for more than 10 years,
carrying out both decommissioning and
remediation works.
All work is undertaken with the utmost regard
to safety and in April Shepley gained a third
consecutive RoSPA President’s award.
review of operations 10 annual report & accounts 2008
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© British Nuclear Group Ltd 
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land remediation
specialist 
engineering
Remediation
projects undertaken
by VHE
500
VHE is a leading provider of land remediation
services with a varied public and private
sector client base. The company has
extensive experience in reclaiming 
brownfield land and completed its 500th
remediation contract during the year. 
VHE utilises in-house designed and
developed solutions which apply innovative
and sustainable services, such as specialist
biophysical treatment, soil washing,
solidification and stabilisation along with
groundwater treatment, to maximise the
value of redundant land. The company 
also adds value by enhanced recycling of
site won materials for re-use in 
development infrastructure.
A growing sector of work is in the remediation
of contaminated land as determined by 
Part IIA of the Environment Act. This Act sets
out the regulatory framework for Local
Authorities to identify and deal with the
estimated 200,000 hectares of land
contaminated during previous use. During the
year, VHE completed 5 projects including the
remediation of the front and rear gardens of
31 residential properties and public open
space in Littleport, Cambridgeshire which had
been partly constructed on the site of a
former gas works. Residents remained in
occupation throughout the contract, which
was completed in 16 weeks. Similar Part IIA
projects have also been undertaken in
Warrington and Pontesbury and a further
£2.1m project in Renfrew involves the
remediation of land on 26 properties
constructed during the 1970s on a former 
gas works.
The Greater Manchester Passenger Transport
Executive appointed VHE to undertake
remediation works to enable the development
of the proposed new transport interchange in
Rochdale Town Centre. VHE’s work
comprised soil remediation by stabilisation
and the replacement of the existing river wall
with a sheet piled wall with masonry cladding
along the wall’s current alignment, together
with improvements to the river walkway. 
VHE utilises on-site validation technology
such as X-ray and Ultraviolet Fluorescence
(XRF and UVF), which reduces the need for
samples to be sent for laboratory analysis, to
hasten the reclamation of contaminated sites.
The technology has been used on a number
of schemes including the remediation of the
former Bristol Diesel Depot for the South
West England Regional Development Agency.
A further major contract is the £15m
Cudworth and West Green Bypass awarded
in November by Barnsley MBC. This is the
fifth major project that VHE has secured with
this client in recent years. The 18-month
programme comprises the construction of
5.2km of new single carriageway along with
rail and road overbridges.
VHE continues to undertake work for
National Grid Property Ltd to carry out
remediation works on its sites across the UK
under a framework agreement. VHE has also
been appointed as a panel contractor on the
REMADE programme, REclamation and
MAnagement of DErelict land, which has
been set up by Lancashire County Council in
partnership with the Northwest Regional
Development Agency. 
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building
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social housing
specialist 
building
Social housing
development 
pipeline 
£1 00m
New build social housing is delivered
principally in the South East through Allenbuild
which has eight framework agreements with
major housing associations which is reflected
in a project pipeline in excess of £100m. Two
new frameworks have been secured during
the year with Sanctuary Housing Association
and Hexagon Housing Association.
The company is involved in a number of
major projects. The largest is a £18.5m urban
regeneration project for Paddington
Churches/Genesis Housing Group in Bow’s
conservation area and comprises the
construction of several multi-storey blocks to
accommodate 146 flats and ground floor
office space. In Woolwich, three blocks are
being constructed to provide 74 flats in a
£11m contract for the same client. Also
underway is a £5.5m brownfield project for
Community Housing Group in Plaistow,
which comprises the demolition and
decontamination of an existing petrol filling
station and construction of a Life Skills 
and Turnaround Centre with 23 
associated apartments.
A further contract for Paddington Churches
involves the £10m construction of an eight-
storey block consisting of 35 residential units
and 12 live-work units with terraces and
balconies, together with retail, restaurant, and
office use plus underground parking for 40
cars. Extensive use has been made of the
adjacent Grand Union Canal to transport
excavated material and dramatically reduce
the number of lorry movements to the site. 
A number of major schemes were completed
during the year. These include 106
apartments in Hackney in a £15.5m contract
for Metropolitan Housing Trust and 50
apartments, 10 live-work units and seven
commercial units for London & Quadrant
Housing Trust valued at £8.2m.
One of the greatest innovations in recent
years has been the widespread adoption of
Modern Methods of Construction (MMC).
These include factory made timber frames,
lightweight steel frames and prefabricated
components such as bathroom pods. MMC
also helps reduce dependency on 
site labour. 
Allenbuild has supply chain partnering
arrangements with MMC manufacturers
which helps reduce the project lead in times.
MMC has contributed greatly to reducing
construction programmes as the
components are much quicker to erect than
traditional materials. Pre-cast foundations,
timber frames and bathroom pods have been
used on the £9m Cranes Farm Road project
in Basildon, which will provide 60 affordable
housing units in a combination of flats,
terraced and semi-detached houses. 
Allenbuild is currently utilising MMC on eight
social housing projects where the use of post
tensioned reinforced concrete floors shortens
build time and significantly reduces the extent
of reinforcement and concrete required, thus
lowering the carbon footprint in the
construction stages.
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retail
specialist 
building
Square feet of retail
space constructed
for Tesco 
195,000
During 2008 Group companies undertook
a number of significant retail projects across
the UK encompassing new build and
refurbishment in both town centres and 
retail parks. 
Britannia continued its long association with
Tesco which dates back to 1984 and now
encompasses approximately 100 contracts.
New stores were constructed in Maesteg,
Cullompton, Aston and Ilminster, totalling
more than 195,000 sq ft. 
Britannia completed its first project for 
Marks & Spencer, the £6.8m fit-out of a
40,000 sq ft extension to the Trafford Centre
in Manchester. 
Smaller works included the £3m
pedestrianisation of the Broadmead in Bristol
as part of the Cabot Circus development for
the Prudential. Also in Bristol, Britannia
delivered the £1.5m Food Court alterations at
the giant Mall shopping centre at Cribbs
Causeway retail centre.
In Wales, Britannia is working on a £5.6m
B&Q warehouse in Newport and continued
annual improvement works to Cwmbran 
town centre.
On the leisure side of retail, Britannia
completed the fit-out contract for a 12-screen
facility at High Wycombe for Cineworld,
following a similar project in Didcot for the
same client. 
Retail and leisure schemes have formed a
central part of urban regeneration in
Southport where Allenbuild has recently
completed the £26m redevelopment of the
Floral Hall Gardens site for Neptune
Developments. The scheme included a
133 bed four-star hotel and casino including
extended conference facilities for the nearby
historic Floral Hall which was also restored
within the contract. 
Nearby, Allenbuild completed the £9m
construction and fit-out of The Vincent Hotel.
The 60 bed hotel is the first “boutique” five
star hotel to be constructed in the town.
Allenbuild has also constructed the £5.6m
Jasper Square development in Tunstall for
Dransfield Properties. The design and build
project provides a new 45,000 sq ft JJB
facility, a Carphone Warehouse and a further
retail unit.
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Walter Lilly continues to excel in the
restoration and refurbishment of high quality
residential properties in prime London
boroughs. The company is especially skilled
in the transformation of historic or listed
buildings where extensive structural alteration
is often required.
One of the most technically challenging
schemes is a £32m contract in Grosvenor
Crescent in Belgravia to convert and refurbish
an unbroken crescent-shaped terrace of
eight Grade ll listed buildings into 17
Essenza-style lateral living apartments.
The project includes an underground car
stacking system for 22 cars created in a
46 foot deep basement over three storeys.
To construct the basement and provide
access to the rear of the site for a piling rig,
a 52 foot long access passage was broken
through the building. This involved the
approval of both Grosvenor and English
Heritage, cutting a 13 foot square hole,
dismantling the ground floor and three
staircases and identifying 300 numbered
components for eventual reinstatement.
A £20m project in Regent’s Park comprises
the alteration and extensive refurbishment of
a Grade II listed private residence. It includes
finishes to eight bathrooms, fitting out of the
family kitchen and pantry and neoclassical
formal rooms. Throughout there are
exceptional joinery and fibrous plaster
finishes, bespoke marble and hardwood
floors. Ornate bronze and mirrored panelling
surrounds the elevated deck swimming pool.
Enabling works are underway at a prestigious
private residence in Mayfair as the first stage
of a proposed £35m refurbishment. Work is
also ongoing to fit-out a number of
apartments and penthouses in Manresa
Road in Kensington and Chelsea.
Frameworks with London’s leading estates
continued with a £8m mixed use scheme
being constructed in Cadogan Gardens for
Cadogan Estates. Grosvenor also awarded
five projects totalling £7.4m, principally for
residential schemes.
In the rail sector YJL Infrastructure completed
a train servicing depot for Network Rail at
Tonbridge, a station upgrade for CGL Rail at
Cutty Sark and a further phase of station
cooling works for London Underground on
the Central and Circle Lines. The company
was also selected for a five year framework
for London Underground.
Allenbuild completed the £5m redevelopment
and extension of the Grade II listed Wood
End Museum in Scarborough. The scheme
includes a mix of studios, gallery areas,
workspace, educational and learning
resources, exhibition and storage space.
Additionally Allenbuild completed over £7m of
restoration and expansion works at the
Reform Club in Pall Mall, London and at the
Victoria and Albert Museum in Kensington.
Notable iron restoration projects included the
Peach House at The President’s Residence in
Phoenix Park, Dublin, and on the outskirts of
Belfast the historically significant iron
conservatory at Ballywalter House for Baron
Dunleath. Walter Lilly is working on the £1.8m
restoration of the 13,000 sq ft Grade I listed
Conservatory at Chiswick House for client
English Heritage.
restoration and refurbishment
specialist 
building
Foot depth of three-
storey basement
constructed 
in Belgravia
46
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science and education
specialist 
building
Item capacity of the
British Library
archive
7,000,000
Group companies enjoyed significant
success with a wide range of science and
education projects.
Allenbuild has delivered a “world first” project
for the British Library, a £22m fully automated
archival facility in Yorkshire. The BLASP
project features the world’s first use of
oxygen depletion as a fire prevention
strategy in an air-tight archive, which will
accommodate up to seven million items on
262 linear kilometres of steel racking.
Following the success of this project,
Allenbuild is now able to offer a tried and
tested airtight solution, which can provide a
‘fire free’ environment for clients wanting to
store valuable, volatile or perishable goods,
or indeed safeguard expensive process
equipment or technology.
One of the largest schemes under
construction during the year was the 
108,000 sq ft Rossington All Saints Church
of England School for the Diocese of
Sheffield. Constructed within the grounds of
the existing school in Doncaster, the £18m
project also includes a modern Sports Village.
Allenbuild has also been selected as
preferred bidder for the £58m Kirklees
College Waterfront Project in Huddersfield.
The state-of-the-art campus will provide
approximately 300,000 sq ft of new
accommodation for the college. Work is
expected to commence in the summer of
2009 and continue until 2011. Preferred
bidder status has also been achieved with
St Helens MBC for the provision of a new
specialist secure teaching facility at Red Bank
School. In Wigan the company has just
successfully completed its first contract with
Wigan MBC under the Council’s Education
Framework whilst in Manchester, Allenbuild is
in the second year of the framework
agreement with Salford City Council. 
Other education projects undertaken by
Allenbuild include the new £7m Kingfisher
Primary School in Solihull and the completion
of the £2.6m Arts and Creative Media building
at Mid-Cheshire College in Northwich.
Many of Walter Lilly’s science projects are
delivered under frameworks. The company
completed its eighth year on DEFRA’s
Veterinary Laboratory Agency Framework as
well as securing the £5.4m award of a
specialist stores building. Walter Lilly has
carried out numerous projects for
GlaxoSmithKline spanning more than 20
years. The works have included Category II
and III Laboratories, GMP Manufacturing
areas and Clean Rooms, along with offices,
packaging and other facilities, the most
recent project being a £7.1m laboratory
refurbishment at Ware. A further significant
award in the year was a £12.4m laboratory
fit-out for Eisai Pharmaceuticals in Hatfield.
Walter Lilly is also the design and build
contractor for the £21m Queen Mary
BioEnterprises Innovation Centre in
Whitechapel which will provided science-
based incubator premises. Work continued
on Walter Lilly’s Imperial College framework
with the £6.3m fit-out of the Burlington 
Danes laboratory on their Hammersmith
Hospital campus.
At Westonbirt School near Tetbury, Britannia
completed the £1.1m construction of a new
two-storey Vl Form accommodation block in
natural materials to blend in with the
surrounding Cotswold stone buildings. The
project was undertaken in a live school
environment and included a two-bedroom
apartment on the ground floor together with
associated landscaping and external works.
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Renew Holdings plc and its subsidiaries
make every effort to minimise the impact and
to maximise the social, economic and
environmental benefits of their operations
beyond compliance with minimum legal
requirements. The Group continues to build
on the achievements of previous years and
develop Corporate Social Responsibility
initiatives that reflect the diverse operations of
each specialist business.
Safety
The safety of the Group’s employees, sub-
contractors and all who come into contact
with its operations is paramount. Safety
forms one of the Group’s Key Performance
Indicators and is measured in the Accident
Incidence Rate in which the Group has
achieved a 57% reduction in the last three
years against a year on year target of 10%.
The Safety report is the first item on every
agenda at all Group or subsidiary Board
meetings. Some businesses, such as
Shepley, work in the most highly regulated
safety environments in the world. During the
year Shepley received a third consecutive
RoSPA President’ s award while PPS gained
a fourth consecutive RoSPA Gold Medal and
first prize in the annual Sellafield Resident
Engineers presentations for ‘the company’s
commitment and leadership in its health and
safety programme.’ 
Environment
Renew intends that all Group companies
should achieve ISO14001, the environmental
management standard, and a programme is
in place to gain this accreditation. VHE
continues to promote the use of recycling
and on site treatment of contaminated
materials where appropriate. The company is
also actively working with local authorities
across the country to remediate historically
contaminated land on which residential
properties have been built. 
In order to dramatically reduce the number of
vehicle movements to site, Allenbuild utilised
the Grand Union Canal in London to transfer
excavated material from a £10m housing
project in Kilburn. Around 12,000m
3
of soil
was moved on barges to a waste transfer
station for recycling. The development also
makes extensive use of dry construction,
eliminating the waste, such as surplus sand
and cement, arising from wet construction.
Sustainability 
All Renew businesses are committed to
increasing the procurement of sustainable
products and reducing construction waste.
Timber frames were used exclusively on a
£9m development of 60 homes in Basildon.
Allenbuild has secured the Sustainable
Procurement Support Package from Action
Sustainability to further embed sustainable
procurement into business culture. The
company was also one of the first to sign up
to the Buy Recycled Code.
Considerate Constructors Scheme
All Group companies are active participants
in the Considerate Constructors scheme with
Walter Lilly and Seymour each winning
Bronze awards. All projects are required to
register with the scheme and scores are
reported and monitored at Board meetings.
A minimum target score of 26.5 has been set
for each inspection with the Group averaging
a score of 31.8 in 2008.
Employment and training
Allenbuild maintained sponsorship of the All
Hallows RC Business and Enterprise College
Construction Centre in Salford which delivers
B-Tec diplomas to years 10 and 11. The
success of this scheme has prompted
discussion with three schools in the 
Maghull area.
Allenbuild has recently signed up to help
deliver the Salford Youthbuild scheme, a
charitable programme run by NCH, helping
disadvantaged young people into work within
the construction industry, through work
placements and skills training. The
programme offers an initial 8 week placement
after which there is an option for an extended
26 week programme of support.
corporate social responsibility
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25 corporate social responsibility
Shepley has a thriving apprenticeship
programme which currently supports 25 craft
apprentices at various stages of development
and this year joined the Arkwright Scholarship
Scheme which assists those seeking a career
in mechanical or electrical engineering.
Energy saving and carbon footprint
VHE has continued to investigate the
potential for alternative energy supplies for
small or remote site establishments and has
invested in an inverter which allows storage
of electricity provided by generators during
the day to supply, via batteries, noise free
power overnight. Solar powered welfare
facilities have also been trialled for use.
Alternative power schemes have been installed
on a number of projects, such as Alltwen
Hospital in North Wales which incorporates
biomass boilers that burn wood pellets.
Britannia is also involved in a biomass heating
system for New Star College in Cheltenham.
Allenbuild is constructing the innovative
Environmental Energy Technology Centre
(EETC) at the Advanced Manufacturing Park
in Waverley for Yorkshire Forward. The entire
project aims to be zero carbon and have the
lowest carbon footprint in the UK. It will be
heated by a network of pipes set into the 
concrete, supplied by water from bore holes. 
Electricity will come from a 225kW wind
turbine at the edge of the site, attached to an
electrolysis unit which will convert some of
the wind energy into hydrogen. 
Community engagement
At St Mark’s Field in Rochford Allenbuild
worked with the local youth project
“Footprints” to decorate the site hoardings.
All of VHE’s Part IIA projects involve working
around occupied residential properties and
the scheme in Yarm on Teesside won a
national award for best community/
stakeholder engagement.
Charitable giving
Group companies and their employees
undertake a wide range of charitable work.
The Group prefers to support local charities
or those with which our employees are
personally engaged. Among the many
activities, Walter Lilly supported Genes for
Jeans Day, Allenbuild participated in the
Manchester Dragon Boat Race for the
construction sector charity CRASH and VHE
took part in a 10km road race for the
Yorkshire Air Ambulance Society. “Team
Allenbuild”, comprising 27 employees, cycled
for 100km to raise funds for the Wigan &
Leigh Hospice and the Queenscourt Hospice
in Southport. Other charities supported
during the year included Ilkley Candlelighters,
CLIMB, the Hospital Heartbeat Appeal and
the Jane Tomlinson Appeal.
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The Directors present their Report and the audited 
accounts for the year ended 30 September 2008.
Principal activities
For the year ended 30 September 2008 the principal activity
of the Group was in construction and construction related
activities. The main construction 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
2008 appears on page 73.
International Financial Reporting Standards (IFRS)
The Group is obliged to comply with IFRS for the first time in
preparing these financial statements. A reconciliation of the
financial position as at 30 September 2007 as previously
reported under UK GAAP and the revised position under
IFRS is given within Note 1 to the financial statements on
pages 40 to 42.
Results and dividends
The Group profit for the year was £5,260,000 
(2007: £7,320,000). The Directors recommend the payment
of a final dividend on Ordinary Shares of 2.0p (2007: 1.2p)
giving a total for the year of 3.0p (2007: 1.8p).
Business review
Information that fulfils the business review requirements
applicable to the Company 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.
Acquisitions and disposals
The Group made no acquisitions in the year. Details of the
acquisition by the Group of C.& A. Pumps Limited, which
took effect on 1 October 2008, are included in the Chief
Executive’s Review. On 13 November 2007, the Group
disposed of its interest in Britannia Joinery Limited.
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 target given for profit before income tax, which 
is set prior to exceptional costs and amortisation charges, 
as a percentage of revenue is a medium-term target which
the Directors are aiming to achieve within two years. The
order targets have been established as part of the Board’s
drive to improve the quality and sustainability of the Group’s
workload and to support the reliability of financial
performance. 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. 
directors’ report 26
directors’ report
0.6
3.0
2.2
2.6
1.8
1.4
1.0
2010 2007 2008 2006
1.5%
2.5%
1%
ACTUAL
TARGET
1.9%
Operating profit as a percentage of revenue
64
%
65
66
67
68
69
70
71
72
73
74
75
76
77
78
2006 2007 2008
TARGET 66%
ACTUAL 77%
TARGET 66%
ACTUAL 72%
TARGET 66%
ACTUAL 69%
Percentage of orders from repeat clients
%
2006 2007 2008
62
64
66
68
70
72
74
76
78
80
82
84
TARGET 66% TARGET 66%
ACTUAL 79%
TARGET 66%
ACTUAL 83%
ACTUAL 78%
Percentage of orders in specialist sectors
%
2006 2007 2008
05
10
15
20
25
30
35
40
45
50
55
65
60
TARGET 10%
ACTUAL 19% TARGET 19%
ACTUAL 52%
TARGET 27%
ACTUAL 57%
Cumulative improvement in Accident Incidence Rate
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27 directors’ report
directors’ report
Principal risks and uncertainties
This Annual Report contains certain forward looking
statements. These statements are made by the Directors in
good faith, based on the information available to them up to
the time of approval of this Report. Actual results may differ
to those expressed in such statements, depending on a
variety of factors. These factors include customer
acceptance of the Group’s services, levels of demand in the
market, restrictions to market access, competitive pressure
on pricing or additional costs, failure to retain or recruit key
personnel and overall economic conditions.
A risk inherent in the construction 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.
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 debtors and trade creditors that arise directly from its
operations. The Group also uses foreign currency borrowings
to hedge certain of the currency risks arising from the
Group’s overseas 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 and foreign currency risk.
Cash flow interest rate risk
The Group borrows in dollars at floating rates of interest
under the terms of loan facilities with Barclays Bank plc.
Interest rates are linked to the Bank’s prime US dollar lending
rate, hence enabling the Group to track market interest rates.
Interest bearing assets comprise cash and bank deposits
and earn 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 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. The Company seeks to limit the effect of this
currency exposure by using foreign currency borrowings to
hedge the debt due to it by its US subsidiary against
currency depreciation. The principal hedging instrument
used by the Group is a US$ loan that was taken out on
8 November 2000 when the US$ to £stg rate was $1.446.
The original hedge amounted to US$25m and this has been
reduced to US$3.5m by the receipt of funds from the US in
the intervening period. As at 30 September 2008,
£10,212,000 (2007: £11,575,000) 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 debtors,
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 debtors.
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 Company’s average creditor days during the year were
32 days (2007: 37 days).
Donations
Charitable donations made by the Group during the year
amounted to £34,592 (2007: £26,948). 
The Group made no political donations during the year
(2007: £nil).
Employees
The Directors recognise the need for communication with
employees at every level. All employees have access to a
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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 Directors are actively considering ways to
increase further the involvement of employees in the 
Group’s performance.
The Group continues to be committed to the health, safety
and welfare of its employees and to observe the terms of the
Health & 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
Brian 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 regularly
reviewed at Group Board Meetings 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. Both 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 accommodates 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 six 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 (RoSPA)
and locally-based construction safety groups. All safety and
environmental department personnel hold membership with
the Institution of Occupational Safety and Health (IOSH).
Attendance on the five day CITB 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 was used
to introduce new systems and detail changes to construction
legislation. Short duration ‘tool box talks’ and ‘safety
briefings’ are increasingly 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 12 month period to 30 September 2008,
measured on the standard base line of 100,000 persons at
work, is a key area where the Group measures its
performance. At the start of the financial year the Chief
Executive set a target of reducing AIR by 5% per annum.
Against this taxing target the Group actually achieved an
8.5% reduction.
Corporate social responsibility and the environment
The Group’s Corporate Social Responsibility Report, which
includes its report on the environment, is on pages 24 to 25.
Directors
The Directors of the Company, who served throughout the
year, and brief biographical details, are set out below. 
Non-executive Directors
John Bishop - Director, 63, 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 12 years at
Morgan Sindall Plc as Development Director and latterly as
Finance Director. He is currently Chairman of CLC Group
PLC, a leading UK building maintenance business.
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29 directors’ report
directors’ report
Roy Harrison OBE - Director, 61, 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, senior Independent 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.
Executive Directors
Brian May - Director, 57, was appointed to the Board as
Chief Executive in June 2005. He is a Chartered Civil
Engineer who 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, 52, 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 Bishop will retire by rotation at the 2009 Annual
General Meeting (“AGM”) and will offer himself for
reappointment. The Board recommends the reappointment
of John Bishop as it is considered that he brings
considerable management, financial and related commercial
experience to the Group’s business.
The Articles of Association provide that each Director shall 
be indemnified by the Company against losses, costs and
expenses he may sustain or incur in connection with the
performance of his duties of office, to the fullest extent
permitted by law. The Company has purchased and
maintained throughout the year directors’ and officers’ liability
insurance in respect of its Directors.
Directors’ interests
The beneficial interests of the Directors (and their immediate
family members) in the shares of the Company and options
for shares are set out on page 32. No Director has any
interest in any other Group company. Details of the Directors’
remuneration and service contracts appear on pages 
30 to 32.
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:
Share capital
As at the date of this report, the total number of shares in
issue (being Ordinary Shares of 10p each) is 59,898,927. 
During the year, the Company has not bought back any of its
own shares nor issued any new share capital.
Disclosure of information to auditors
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 Auditors are
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 Auditors are aware of that information.
Auditors
Resolutions will be proposed at the forthcoming AGM to 
re-appoint KPMG Audit Plc as Auditors to the Group and to
authorise the Directors to determine their remuneration.
Approval
The Board approved the Report of the Directors on 
25 November 2008.
By Order of the Board
Ben Feather 
Group Solicitor and Company Secretary
25 November 2008
Number of Percentage of 
Ordinary Shares issued share 
capital
Gartmore Investment Limited 8,477,691 14.15%
Octopus Investments 
Nominees Limited 4,830,510 8.06%
Johan Claesson and 
connected parties 3,930,723 6.56%
JPMorgan Asset Management 
(UK) Limited 3,193,375 5.33%
Rensburg Sheppards Investment 
Management Limited 2,467,820 4.12%
G. Merrett 2,323,250 3.88%
Ruffer LLP 2,262,850 3.78%
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The Directors present the Directors’ Remuneration Report
(the “Remuneration Report”) for the financial year ended 
30 September 2008.
As an AIM listed company, Renew is not required to prepare
the Report in accordance with the Directors’ Remuneration
Report Regulations 2002 (the “Regulations”), which
introduced new requirements in respect of financial periods
ending on or after 31 December 2002. 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. The Auditors are not required to report to the
shareholders on the Directors’ Remuneration Report.
Remuneration Committee
Following the appointment of Roy Harrison as Executive
Chairman in March 2004, there was only one independent
non-executive Director on the Board and the Committee was
rendered inquorate. The Board therefore decided in July
2004 to temporarily suspend all Committees. Roy Harrison’s
previous role as an Executive Director precludes him from
being considered as independent under the Combined Code
(the “Code”) and so the Board has decided to continue to
review remuneration matters as a full Board. Any matters
normally reserved for consideration by the Remuneration
Committee are currently decided upon by the full Board, with
any individual having a personal interest in the matter under
consideration not taking part in the meeting. The Board held
three meetings during the financial year to discuss
remuneration arrangements. 
The Remuneration Committee’s normal 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;
(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;
� share option plans; and
� pension arrangements.
Basic salary
Basic salaries are reviewed annually by the Board in its
capacity as Remuneration Committee, and increased where
the Committee believes that adjustments are appropriate to
reflect performance, increased 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.
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31 directors’ remuneration report
directors’ remuneration report
Share option plans
The Renew 2004 Executive Share Option Scheme (the
“2004 ESOS”) was approved at an Extraordinary General
Meeting (“EGM”) held on 11 March 2004. During the year
417,960 options were granted under the 2004 ESOS to the
Executive Directors. There are 1,284,196 other options
outstanding under the scheme. 
The Renew Savings Related Share Option scheme (the
“Renew SAYE”) 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
Until 1 April 2008, the Group provided retirement benefits to
employees through independent pension schemes. The
assets of these schemes are held by trustees and managed
by independent investment managers. On 1 April 2008, the
principal such scheme, the Renew Holdings Retirement
Benefits Scheme, commenced winding up and the Group
established individual stakeholder plans for each member
into which the Group continues to make contributions;
Messrs. May and Samuel are not members of these
schemes and receive salary in lieu of pension contributions
from the Company.
The retirement age of the Executive Directors under the
current Articles of Association of the Company is 65. This
restriction is removed in the revised Articles of Association
being proposed for adoption at the forthcoming AGM. 
Service contracts and letters of appointment
The Company’s policy is for the Executive Directors to have
12-month rolling service contracts that provide for a 12-
month notice period. The non-executive Directors do not
have service contracts. The non-executive Directors have
letters of appointment concerning, amongst other things, the
initial terms for which they are appointed, a general
statement of their role and duties and the fees they will
receive as a Director. 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 letters of appointment do not contain a
provision for termination payments. The Directors are
indemnified to the full extent permitted by Statute under the
Articles of Association.
The service contracts and letters of appointment of the
Directors, who served during the year ended 30 September
2008, include the following terms:
Directors Executive/ Letter of appointment Date of letter Unexpired terms Notice period 
Non-executive or contract or contract (months) (months)
J Bishop Non-executive Letter 4 October 2006 12 1
R Harrison Non-executive Letter 7 October 2005 Rolling one month 1
B May Executive Contract 20 June 2005 Rolling one year 12
J Samuel Executive Contract 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 2007:
Notes Salary/fees Bonuses Benefits Total Total
emoluments emoluments
2008 2007 
£000 £000 £000 £000 £000
Executive Directors
B May 1,2,3,4 273 203 56 532 446
J Samuel 1,2,3,4 210 156 43 409 288
941 734
Non-executive Directors
R Harrison 53 - - 53 50
J Bishop 28 - - 28 27
A Wagner 5 --- - 2
1,022 813
Notes:
1. The highest paid Director for 2008 and 2007 was B May who received emoluments of £532,000 (2007: £446,000). 
2. Benefits include car allowances and certain medical cover for the Director and immediate family.
3. Messrs. May and 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. The bonuses paid to Messrs. May and Samuel during the financial year included in the table above were in respect of
the year ended 30 September 2007.
5. A Wagner resigned on 31 October 2006.
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Options have been granted to Messrs. May and Samuel under the Renew ESOS as set out in the table below. No other
options lapsed, were exercised or were awarded during the year. The market price of the Company’s shares at 30 September
2008 was 75.5p and the range of market prices during the year was between 74.5p and 115p.
Information is provided below for Directors who served during the financial year and as at 30 September 2008:
2008 Award 2007 Award 2006 Award Cumulative Total
30 September 1 October
2008 2007
B May 265,048 331,210 476,190 1,072,448 807,400
J Samuel 152,912 191,082 285,714 629,708 476,796
Date of Award 3 December 2007 8 January 2007 7 June 2006
Exercise Price (£) 1.03 0.785 0.525
Earliest Exercise Date 3 December 2010 8 January 2010 7 June 2009
Expiry of Exercise Period 3 December 2017 8 January 2017 7 June 2016
Performance criteria for the vesting of the share options is set out on page 59 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 2008 as follows:
Ordinary Shares of £0.10 each
30 September 2008 30 September 2007
J Bishop 10,000 10,000
R Harrison 60,000 60,000
B May 155,000 105,000
J Samuel 130,000 130,000
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 25 November 2008 and signed on its behalf by:
Roy Harrison OBE
Chairman
25 November 2008
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33 annual report & accounts 2008 corporate governance
As an AIM listed company, Renew is not required to follow
the provisions of the Combined 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 Combined Code. The Directors normally
seek to follow the Code to the extent considered relevant for
an AIM listed company but have been 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, the
non-executive Chairman, one Executive Director and one
independent non-executive Director. Brief biographies of the
Directors are given on pages 28 and 29.
As the Company has only had one independent non-
executive Director within the meaning of the Code during the
year, it has not been compliant with the requirement of the
Code that more than half of the Board should be comprised
of independent non-executive Directors. 
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 nine times in the year with all
Directors in attendance, plus Committee meetings dealing
with the daily business of the Company being 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, the Directors have access to the advice and
services of the Group Solicitor and Company Secretary and
procedures are in place for them to seek independent
professional advice, if necessary, at the Company’s expense.
Board Committees
Following the appointment of R Harrison as Executive
Chairman on 24 March 2004, A Wagner became the sole
independent non-executive Director and the Audit,
Remuneration and Nomination Committees were rendered
inquorate. The Board therefore decided in July 2004 to
temporarily suspend all Committees. Since the Committees
were rendered inquorate any matters normally reserved for
consideration by the Committees have been decided upon
by the full Board, with any individual having a personal
interest in the matter under consideration not taking part in
the meeting. As at 1 October 2005, R Harrison reverted to
non-executive Chairman, however, his previous role as an
Executive Director prevents him from being considered as
independent under the Combined Code 2003. Following the
resignation of A Wagner, J Bishop was appointed and is now
the sole independent non-executive Director. The Board has
decided, therefore, to continue to consider the above
Committee matters as a full Board and will re-instate the
Committees as soon as it is in a position to do so. 
In normal circumstances the Board delegates clearly defined
powers to its Audit, General Purposes, Remuneration and
Nomination Committees. Each of the Board’s Committees
has carefully drafted terms of reference. 
The Remuneration Committee 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 30 to 32. 
The Nomination Committee monitors the composition of the
Board and recommends the appointment of new Directors.
The Board in its capacity as Nomination Committee, with all
Directors present, has held one meeting during the year to
discuss nomination matters.
The Nomination 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 Company ceased to comply with the Code guidance
(Section C 3.1) that the Audit Committee should comprise of
at least two non-executive Directors following the
appointment of R Harrison as an Executive Director. The
Board in its capacity as Audit Committee, with all Directors
present, has held three meetings to consider Audit
Committee business. John Bishop acts as Chairman of the
Board for the purposes of Audit Committee business. In
normal circumstances 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 Auditors. The
Audit Committee monitors the non-audit work performed by
the Auditors to help ensure that the independence of the
Auditors is maintained. The Audit Committee also reviews
the interim statement, the preliminary announcement and
accounting policies. 
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corporate governance 34
The General Purposes Committee is constituted by the two
Executive Directors and considers routine day-to-day
business decisions, which are then reported to the Board.
Internal controls
Throughout the financial year to 30 September 2008 and up
to the date of approval of the 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 Company 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.
However, during 2008, the Group commenced 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 Auditors.
Going concern
After making enquiries, the Directors 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 Registrars plc.
Annual General Meeting
The AGM will be held on 28 January 2009, the Notice for
which is set out on page 76. The Notice contains special
business, including the adoption of new Articles of
Association and the renewal of the Board’s power to allot
equity shares. Brief details of the purpose and effect of the
proposed resolutions are set out in the Notice of AGM and
the notes thereto on pages 76 to 79. 
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
25 November 2008.
By Order of the Board
Ben Feather 
Group Solicitor and Company Secretary
25 November 2008
corporate governance
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35 statement of directors’ responsibilities
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). 
The Group financial statements are required by law and
IFRSs as adopted by the EU to present fairly the financial
position and the performance of the Group; the Companies
Act 1985 provides in relation to such financial statements
that references in the relevant part of that Act to financial
statements giving a true and fair view are references to their
achieving a fair presentation. 
The parent company financial statements are required by law
to give a true and fair view of the state of affairs of the 
parent company. 
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 judgments 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 proper accounting
records that disclose with reasonable accuracy at any time
the financial position of the company and enable them to
ensure that its financial statements comply with the
Companies Act 1985. 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.
statement of directors’ responsibilities
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independent auditors’ report to the members of Renew Holdings plc 36
We have audited the Group and parent company financial
statements (the “financial statements”) of Renew Holdings
plc for the year ended 30 September 2008 which comprise
the Group Income Statement, the Group Statement of
Recognised Income and Expense, the Group and Parent
Company Balance Sheets, the Group Cash Flow Statement
and the related notes. These financial statements have been
prepared under the accounting policies set out therein. 
This report is made solely to the company’s members, as a
body, in accordance with section 235 of the Companies Act
1985. 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 auditors 
The Directors’ responsibilities for preparing the Annual
Report and the Group financial statements in accordance
with applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the EU, and for preparing
the parent company financial statements in accordance with
applicable law and UK Accounting Standards (UK Generally
Accepted Accounting Practice) are set out in the Statement
of Directors’ Responsibilities on page 35. 
Our responsibility is to audit the financial statements in
accordance with relevant legal and regulatory requirements
and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial
statements give a true and fair view and whether the financial
statements have been properly prepared in accordance with
the Companies Act 1985. We also report to you whether in
our opinion the information given in the Directors’ Report is
consistent with the financial statements. The information
given in the Directors’ Report includes that specific
information presented in the Chief Executive’s Review and
Chairman’s Statement that is cross referred from the
Business Review section of the Directors’ Report.
In addition we report to you if, in our opinion, the company
has not kept proper accounting records, if we have not
received all the information and explanations we require for
our audit, or if information specified by law regarding
Directors’ remuneration and other transactions is 
not disclosed. 
We read the other information contained in the Annual
Report and consider whether it is consistent with the audited
financial statements. We consider the implications for our
report if we become aware of any apparent misstatements or
material inconsistencies with the financial statements. Our
responsibilities do not extend to any other information.
Basis of audit opinion 
We conducted our audit in accordance with International
Standards on Auditing (UK and Ireland) issued by the
Auditing Practices Board. An audit includes examination, on
a test basis, of evidence relevant to the amounts and
disclosures in the financial statements. It also includes an
assessment of the significant estimates and judgments made
by the Directors in the preparation of the financial
statements, and of whether the accounting policies are
appropriate to the group’s and company’s circumstances,
consistently applied and adequately disclosed. 
We planned and performed our audit so as to obtain all the
information and explanations which we considered
necessary in order to provide us with sufficient evidence to
give reasonable assurance that the financial statements are
free from material misstatement, whether caused by fraud or
other irregularity or error. In forming our opinion we also
evaluated the overall adequacy of the presentation of
information in the financial statements. 
Opinion 
In our opinion: 
� the Group financial statements give a true and fair view,
in accordance with IFRSs as adopted by the EU, of the
state of the Group’s affairs as at 30 September 2008 and
of its profit for the year then ended; 
� the parent company financial statements give a true and
fair view, in accordance with UK Generally Accepted
Accounting Practice, of the state of the parent
company’s affairs as at 30 September 2008; 
� the financial statements have been properly prepared in
accordance with the Companies Act 1985; and 
� the information given in the Directors’ Report is
consistent with the financial statements. 
KPMG Audit Plc
Chartered Accountants
Registered Auditor
25 November 2008 
independent auditors’ report to the members of Renew Holdings plc
annual report & accounts 2008
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93035 RENEW R&A 2008 TEXT PAGE 37
group income statement
For the year ended 30 September 2008
Note Before Exceptional
exceptional items and
items and amortisation
amortisation of intangible
of intangible assets
assets (see Note 3) Total Total
2008 2008 2008 2007
£000 £000 £000 £000
Profit for the year attributable to equity holders of the parent company 5,260 7,320
Exchange movement in reserves 574 (150)
Movement in actuarial deficit 25 (497) (1,804)
Movement on deferred tax relating to the defined benefit pension scheme 116 427
Total recognised income and expense for the year attributable to
equity holders of the parent company 5,453 5,793
Note Total Total
2008 2007
£000 £000
group statement of recognised income and expense
For the year ended 30 September 2008
Group revenue from continuing activities 2 390,557 - 390,557 348,149
Cost of sales (347,820) - (347,820) (311,486)
Gross profit 42,737 - 42,737 36,663
Administrative expenses (35,137) (2,765) (37,902) (31,445)
Operating profit 3 7,600 (2,765) 4,835 5,218
Finance income 1,618 - 1,618 2,199
Finance costs 4 (254) - (254) (768)
Other finance income - defined benefit pension scheme 4 543 - 543 745
Profit before income tax 9,507 (2,765) 6,742 7,394
Income tax expense 6 (2,209) 727 (1,482) (74)
Profit for the year attributable to equity holders 
of the parent company 7,298 (2,038) 5,260 7,320
Basic earnings per share 8 8.78p 12.22p
Diluted earnings per share 8 8.55p 11.99p
group income statement annual report & accounts 2008
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93035 RENEW R&A 2008 TEXT PAGE 38
group balance sheet
At 30 September 2008
Non-current assets
Intangible assets - goodwill 9 8,548 8,516
- other 9 620 868
Property, plant and equipment 10 4,503 5,188
Deferred tax assets 6 4,069 4,987
17,740 19,559
Current assets
Inventories 11 6,367 6,391
Trade and other receivables 12 87,766 89,669
Current tax assets 455 -
Cash and cash equivalents 14 28,289 24,565
122,877 120,625
Total assets 140,617 140,184
Non-current liabilities
Obligations under finance leases 17 (10) (118)
Retirement benefit obligations 25 (1,479) (3,559)
Deferred tax liabilities 6 (256) (418)
Provisions 18 (1,068) (1,172)
(2,813) (5,267)
Current liabilities
Borrowings 16 (110) (165)
Trade and other payables 15 (119,246) (121,304)
Obligations under finance leases 17 (67) (429)
Current tax liabilities (159) (480)
Provisions 18 (3,941) (2,530)
(123,523) (124,908)
Total liabilities (126,336) (130,175)
Net assets 14,281 10,009
Share capital 20 5,990 5,990
Share premium account 21 5,893 5,893
Capital redemption reserve 21 3,896 3,896
Cumulative translation reserve 21 424 (150)
Share based payments reserve 21 233 97
Retained earnings 21 (2,155) (5,717)
Total equity 22 14,281 10,009
Approved by the Board and signed on its behalf by:
R Harrison OBE
Chairman
25 November 2008
Note 2008 2007
£000 £000
group balance sheet annual report & accounts 2008
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group cash flow statement
For the year ended 30 September 2008
Profit for the year 5,260 7,320
Amortisation of intangible assets 248 41
Depreciation 1,708 1,326
Profit on sale of property, plant and equipment (262) (85)
Decrease in inventories 716 11,909
Decrease/(increase) in receivables 2,405 (1,766)
(Decrease)/increase in payables (1,599) 6,360
Current service cost in respect of defined benefit pension scheme 72 79
Cash contribution to defined benefit pension scheme (2,106) (1,534)
Expense in respect of share options 136 97
Financial income (2,161) (2,944)
Financial expenses 254 768
Interest paid (254) (768)
Income taxes paid (1,344) (107)
Income tax expense 1,482 74
Net cash inflow from operating activities 4,555 20,770
Investing activities
Interest received 1,618 2,199
Proceeds on disposal of property, plant and equipment 1,267 309
Purchases of property, plant and equipment (2,028) (1,060)
Acquisition of subsidiary net of cash acquired (32) (5,932)
Net cash inflow/(outflow) from investing activities 825 (4,484)
Financing activities
Dividends paid (1,317) (839)
Repayments of obligations under finance leases (470) (542)
Repayment of development loans - (9,795)
Net cash outflow from financing activities (1,787) (11,176)
Net increase in cash and cash equivalents 3,593 5,110
Cash and cash equivalents at beginning of year 24,400 19,570
Effect of foreign exchange rate changes on cash and cash equivalents 186 (280)
Cash and cash equivalents at end of year 28,179 24,400
Bank balances and cash 28,289 24,565
Bank overdrafts (110) (165)
28,179 24,400
Total Total
2008 2007
£000 £000
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group cash flow statement annual report & accounts 2008
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93035 RENEW R&A 2008 TEXT PAGE 40
Explanatory note on adoption of IFRS for the year
ended 30 September 2007
A1 Presentation of consolidated financial statements
The consolidated financial statements have been prepared
in accordance with the International Financial Reporting
Standards (IFRS) as adopted by the EU (“adopted IFRS”).
The financial statements are presented in sterling since this
is the currency in which the majority of the Group’s
transactions are denominated.
A2 First-time adoption of international financial
reporting and accounting standards
The Group has applied IFRS 1 “First time adoption of
International Financial Reporting Standards” to provide a
starting point for reporting under IFRS. The date of
transition to adopted IFRS was 1 October 2006 and all
comparative information in these financial statements has
been restated to reflect the Group’s adoption of IFRS.
The adoption of IFRS has resulted in the following transition
adjustments to the Group’s accounting policies from its
former basis of accounting (“UK GAAP”):
Goodwill
Under UK GAAP goodwill was amortised over its useful
economic life. Under IFRS 3 “Business Combinations”,
goodwill is not amortised but is carried at cost with
impairment reviews being undertaken annually or when
there is an indication that the carrying value has been
reduced. Under IFRS 1, the Group has applied the change
from the date of transition as opposed to full application to
all business combinations prior to that date.
The goodwill in the balance sheet at the date of transition to
IFRS was £4,527,000. The impact on the 2007 profit for
the financial year is a reversal of the amortisation previously
charged under UK GAAP of £356,000.
Intangible assets 
IFRS 3 “Business Combinations” requires the existence of
intangible assets to be assessed and, when recognised,
requires an annual amortisation charge. The Group
acquired £909,000 in relation to contractual rights on the
acquisition of Seymour, which is being amortised over 44
months giving rise to a charge of £41,000 in 2007. Deferred
tax has been provided on these intangible assets.
Employee benefits
IAS 19 “Employee Benefits” requires that liabilities for
employee benefits should be recognised in the period in
which services are provided by the employee. This includes
specific guidance on dealing with short-term employee
benefits such as holiday pay for which there is no
equivalent under UK GAAP . Consequently the 2007 profit
for the year has been reduced by £114,000 being the
increase in accrual to £626,000 from the opening position
at 1 October 2006 of £512,000. Deferred tax has been
provided on these employee benefits.
IFRS 1 Transition exemptions
IFRS 1 provides certain exemptions which the Group has
decided to utilise. Under IFRS 3 “Business Combinations”,
the Group has elected not to apply the standard
retrospectively to business combinations prior to the date of
transition. Accordingly, the classification of such business
combinations remains unchanged from that under UK
GAAP . Assets and liabilities are recognised at the date of
transition if they would be recognised under adopted IFRS
and are measured using their UK GAAP carrying amount
immediately following acquisition as deemed cost under
adopted IFRS, unless adopted IFRS requires fair value
measurement. IFRS 1 permits revaluations of property, plant
and equipment which had been carried out under UK
GAAP to be treated as the deemed cost at the date of
transition and the Group has applied this exemption.
Cumulative translation differences
The Group has taken advantage of the exemption whereby
the cumulative translation differences are deemed to be
zero at the date of transition to IFRS.
Share based payments
The Group has applied IFRS 2 “Share based payment” from
the date of transition to adopted IFRS.
In preparing its opening adopted IFRS balance sheet, the
Group has adjusted amounts previously reported in financial
statements prepared in accordance with UK GAAP . An
explanation of how the transition from UK GAAP to adopted
IFRS has affected the Group’s financial position,
performance and cashflow is set out below.
Reconciliation on transition to adopted IFRS:
1  Accounting Policies
1 October 30 September
2006 2007
£000 £000
Total equity as presented 
under UK GAAP 5,316 10,145
Employee benefits (512) (626)
Amortisation of goodwill - 356
Amortisation of intangible asset - (41)
Deferred tax 154 175
Equity as presented under 
adopted IFRS 4,958 10,009
notes to the accounts
annual report & accounts 2008
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1  Accounting Policies (continued)
A3 Explanation of material adjustments to the cash
flow statement for 2007
Interest paid of £768,000 during 2007 is classified as
operating cash flow under adopted IFRS, but was included
in a separate category of returns on investments and
servicing of finance under UK GAAP .
B 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
Balance Sheet, the value of transactions recorded in the
Income Statement and the movements in equity as shown
in the Statement of Recognised Income and Expense. 
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) Recognition and measurement of intangible assets
in accordance with IFRS 3 “Business Combinations” 
and IAS 38 “Intangible Assets”
IFRS 3 requires that fair values are attributed to the assets
and liabilities acquired in a business combination. As a
result of the Seymour acquisition in 2007, the Group
recognised as an intangible asset the value of certain
contractual rights Seymour has in a framework agreement
with a major customer. The recognition and subsequent
measurement of that asset required management to make
estimates as to the future economic benefits which are
encapsulated within the framework agreement. This was
done by reviewing the historic cash flows which had been
received by Seymour during the life of the agreement,
estimating the future cash flows and then discounting them
to determine a net present value. The life of these cash
flows was determined as the remaining period of the
agreement. More information is given in Note 9 to these 
financial statements.
d) Accounting for the defined benefit pension scheme
in accordance with IAS 19 “Employee Benefits”
The independent actuary to the Lovell Pension Scheme
calculates the Group’s liability in respect of the defined
benefit scheme. The actuary makes 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
actuary. If the actual experience of the scheme 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 25 to these financial statements.
30 September
2007
£000
Profit as presented under UK GAAP 7,098
Amortisation of goodwill 356
Amortisation of intangible asset (41)
Employee benefits (114)
Income taxes 21
Profit as presented under adopted IFRS 7,320
93035 RENEW R&A 2008 TEXT PAGE 41
notes to the accounts
annual report & accounts 2008
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93035 RENEW R&A 2008 TEXT PAGE 42
1  Accounting Policies (continued)
e) Accounting for provisions in accordance with 
IAS 37 “Provisions, Contingent Liabilities and
Contingent Assets”
The Group has made provisions against two specific areas
where the Board has determined 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 could arise 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.
The Group has a pension scheme related to one of its
dormant subsidiaries which has been in wind up since
1999, the British Building and Engineering Appliances plc
Pension Scheme. The Trustees to the scheme, who are
independent of the Group, are determining the level of the
statutory debt on the employer in conjunction with the
independent scheme actuary. The Board has estimated the
level of this liability in accordance with legal and actuarial
advice. A provision in respect of this liability was first made
in the 2005 financial statements, however the Board now
estimates that that provision was insufficient and has
increased the level of the provision in these financial
statements. More information is given in Note 18 to these
financial statements.
f) Inventories
The Group has undeveloped land assets both in the UK
and in the USA which are carried at the lower of cost and
net realisable value. The Board has prepared discounted
cash flow projections to determine the present value of the
economic benefits expected to arise from these assets.
Such calculations involve the use of judgements and
estimates as to the timescale over which the assets may be
realised, the values which may be received and the discount
factors applied to the estimated cash flows. If the economic
benefit which is ultimately received is different to that which
the Board has estimated then the values of the assets as
shown in these financial statements may be overstated.
C Principal accounting policies
(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.
The consolidated financial statements have been prepared in
accordance with IFRS 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.
In the current year the Group has adopted the following
new accounting standards:
IAS 1, Amendment to IAS 1 “Presentation of 
financial statements”: Capital disclosures. The adoption of
the amendment had no impact on the financial statements.
IFRS 7, “Financial instruments”: disclosure and the
consequential amendments to IAS 1. The effect of the
adoption of IFRS 7 is to expand the disclosures provided in
the financial statements of the Group’s financial instruments
and management of capital but has no effect on the
reported profit or net assets of the Group.
New IFRS standards and interpretations not applied:
IFRS 8 “Operating segments” (effective for accounting
periods beginning on or after 1 January 2009) replaces IAS
14. The new standard uses a management approach,
under which segment information is presented on the same
basis as that used for internal reporting purposes. The
Group does not expect IFRS 8 to have a significant impact
on the Group’s financial statements.
Amendment to IAS 39 “Financial instruments”: Recognition
and measurement on eligible hedged items (effective for
accounting periods beginning on or after 1 October 2008).
This amendment is not relevant to the Group’s operations.
The Group has elected not to adopt any standards or
interpretations early.
A summary of the more important Group accounting policies,
which have been applied consistently, is set out below:
(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 from the effective date of
acquisition. The results of undertakings disposed of are
included to the effective date of disposal. Subsidiary
undertakings have been consolidated using the acquisition
method of accounting.
notes to the accounts
annual report & accounts 2008
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1  Accounting Policies (continued)
(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.
- sales of developments and land which are recorded upon
legal completion.
(iv) Construction contracts
Contract revenue includes the initial amount agreed in the
contract plus any variations in contract work, claims and
incentive payments to the extent that it is probable that they
will result in revenue and can be measured reliably. Contract
revenue and expenses are recognised in accordance with
the stage of completion of the contract. The stage of
completion is determined by surveys of work performed.
Contract costs incurred that relate to future activities are
deferred and recognised as amounts recoverable on
contracts. When it is probable that the total contract costs
will exceed contract revenue, the expected loss is
recognised as an expense immediately. To the extent that
progress billings exceed costs incurred plus recognised
profits (less recognised losses) they are recognised as
amounts due to construction contract customers.
(v) Segment reporting
Segment reporting is based on two segment formats, of
which the primary format is for business streams in
accordance with the Group’s internal reporting structure
and strategic plan. The secondary format is for
geographical areas. Transactions between segments are
conducted on an arm’s length basis. 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 consolidated assets and liabilities.
(vi) Intangible assets 
a) Goodwill arising on consolidation represents the excess
of the cost of acquisition over the Group’s interest in the fair
value of the identifiable assets, liabilities and contingent
liabilities of a subsidiary, associate or jointly-controlled entity
at the date of acquisition. Goodwill is recognised as an
asset and is tested for impairment annually, or on such
other occasions that events or changes in circumstances
indicate that it might be impaired.
On disposal of a subsidiary undertaking, the attributable
amount of unamortised goodwill which has not been
subject to impairment is included in the determination of 
the profit or loss on disposal. 
b) Other intangible assets are stated at cost less
accumulated amortisation and impairment losses. The cost
of intangible assets is amortised over their expected useful
lives, which is approximately four years.
(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 - no depreciation charge
Long leasehold land - shorter of fifty years and
and buildings period of lease
� Plant and vehicles - three to ten years
� Office equipment - two to seven years
(viii) Impairments
Goodwill arising on acquisitions and other assets that have
an indefinite useful life and are 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.
93035 RENEW R&A 2008 TEXT PAGE 43
notes to the accounts
annual report & accounts 2008
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93035 RENEW R&A 2008 TEXT PAGE 44
(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.
(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 scheme
The Group has adopted the requirements of IAS 19
“Employee Benefits”. 
The 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 scheme expected to arise from employee service in
the period is charged to administrative expenses. The
expected return on the scheme’s assets and the increase
during the period in the present value of the scheme’s
liabilities arising from the passage of time are included in
other finance income. Actuarial gains and losses are
recognised in the Group statement of total recognised
income and expense.
Pension scheme surpluses, to the extent they are
considered recoverable (under the guidance of IAS 19), or
deficits are recognised in full and presented on the face of
the balance sheet.
(xvi) Defined contribution pension scheme
Contributions to the defined contribution scheme 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 is provided on temporary differences arising on
investments in subsidiary undertakings, except where the
timing of the reversal of the temporary difference can be
controlled and it is probable that that the temporary
difference will not reverse in the foreseeable future.
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. 
1  Accounting Policies (continued)
notes to the accounts
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1  Accounting Policies (continued)
(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 dependent 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 IAS 39. Financial assets at fair value include assets
classified as held for trading, and changes in fair value are
recognised through the income statement.
Trade receivables are non-derivative financial assets with
expected receipts which are not quoted in an active market
and they arise when the Group provides goods or services.
A financial asset is assessed at each reporting date to
determine whether there is any objective evidence that it is
impaired. A financial asset is considered to be impaired if
objective evidence indicates that one or more events have
had a negative effect on the estimated future 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 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 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 Group’s estimate of shares that will 
eventually vest.
(xxi) Earnings per share
The Group presents basic and diluted earnings per share
(“EPS”) data for its Ordinary Shares. Basic EPS is calculated
by dividing the profit or loss attributable to ordinary
shareholders of the Company by the weighted average
number of Ordinary Shares outstanding in the period.
Diluted EPS is determined by adjusting the profit or loss
attributable to ordinary shareholders and the weighted
average number of Ordinary Shares outstanding for the
effects of all dilutive potential Ordinary Shares, which
comprise share options granted to employees.
(xxii) Rental income
Rental income from property is recognised in the income
statement on a straight-line basis over the term of the
lease. Lease incentives granted are recognised as an
integral part of the total rental income, over the term of 
the lease.
(xxiii) Finance income and expense
Finance income comprises interest income on funds
invested and gains on hedging instruments that are
recognised in income or expense. Interest income is
recognised as it accrues in income or expense, using the
effective interest method.
Finance expenses comprise interest expense on
borrowings, unwinding of the discount on provisions and
losses on hedging instruments that are recognised in
income or expense. All borrowing costs are recognised in
income or expense using the effective interest method.
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Other information
Building 436 372 - 216 358 -
Engineering 1,568 1,302 - 824 935 -
Property & central activities 24 34 248 20 33 41
2,028 1,708 248 1,060 1,326 41
For management purposes the Group is organised into three operating segments: Building, Engineering and Property &
central activities. The three operating segments are the basis on which the Group reports its primary segment information.
Segment information about the Group’s continuing operations is presented below:
(a) Business analysis
2  Segmental Analysis
Revenue is analysed as follows:
Building 294,553 265,668
Engineering 93,286 68,777
Property & central activities 8,213 16,969
Inter segment revenue (5,495) (3,265)
Group revenue from continuing operations 390,557 348,149
2008 2007
£000 £000
Analysis of operating profit
Building 4,892 (889) 4,003 3,652
Engineering 3,469 (361) 3,108 3,294
Property & central activities (761) (1,515) (2,276) (1,728)
Operating profit 7,600 (2,765) 4,835 5,218
Net financing income 1,907 - 1,907 2,176
Profit before income tax 9,507 (2,765) 6,742 7,394
Before Exceptional
exceptional items and
items and amortisation
amortisation of intangible
of intangible assets
assets (see Note 3) 2008 2007
£000 £000 £000 £000
Balance sheet analysis of 
business segments
Building 157,281 (171,294) (14,013) 192,515 (203,832) (11,317)
Engineering 30,843 (24,739) 6,104 32,061 (25,304) 6,757
Property & central activities 234,959 (212,769) 22,190 237,613 (223,044) 14,569
Group eliminations (282,466) 282,466 - (322,005) 322,005 -
Group net assets 140,617 (126,336) 14,281 140,184 (130,175) 10,009
2008 2007
Assets Liabilities Net assets Assets Liabilities Net assets
£000 £000 £000 £000 £000 £000
Capital Depreciation Amortisation Capital Depreciation Amortisation
additions additions
£000 £000 £000 £000 £000 £000
notes to the accounts
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(b) Geographical analysis
Cost of sales includes £2.0m (2007: £14.5m) of inventories recognised as an expense in the period. There were no 
write-downs or reversal of write-downs of inventories recognised as an expense in the period (2007: £nil).
2  Segmental Analysis (continued)
3  Operating Profit
Revenue is analysed as follows:
UK 384,485 347,780
USA 6,072 369
Group revenue from continuing operations 390,557 348,149
2008 2007
£000 £000
Balance sheet analysis of geographical segments
UK 128,675 126,814
USA 11,942 13,370
Group assets 140,617 140,184
Assets Assets
£000 £000
Other information
UK 2,028 1,060
USA - -
2,028 1,060
Capital Capital
additions additions
£000 £000
Operating profit is arrived at after charging/(crediting)
Auditors’ remuneration - audit services 170 150
Depreciation of owned assets 1,429 1,047
Depreciation of assets held under finance leases 279 279
Operating lease rentals - Plant and machinery 29 34
Operating lease rentals - Motor vehicles 408 358
Operating lease rentals - Other 2,880 3,055
Rental income (1,275) (1,348)
Profit on sale of property, plant and equipment (262) (85)
Foreign exchange (gains)/losses (332) 192
During the period, the following services were provided by the Group Auditor:
Fees payable to the Company’s Auditor for the audit of the financial statements 60 56
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 110 94
Other services related to IFRS conversion 27 -
Other services related to employment matters 121 37
318 187
2008 2007
£000 £000
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3  Operating Profit (continued)
4  Finance Costs
Exceptional items and amortisation of intangible assets
Redundancy costs 1,471 -
Costs in relation to BB&EA pension scheme (see Note 18) 1,168 -
Profit on disposal of plant fleet (122) -
Total exceptional items 2,517 -
Amortisation of intangible assets (see Note 9) 248 41
2,765 41
2008 2007
£000 £000
The Board has determined that certain charges to the income statement should be separately identified for better
understanding of the Group’s results for the year ended 30 September 2008.
Following the deterioration in market conditions faced by certain of the Group’s companies, the Group decided to reduce its
cost base in its Building business and to realign the activities of one of its Engineering businesses. As a result, the Group
has recorded redundancy costs of £1,471,000, approximately £750,000 of which was paid prior to the year end. Associated
with the realignment, the Group disposed of its plant fleet in that Engineering business and the resultant profit on disposal of
£122,000 has also been separately identified.
Additionally, the Group has increased the provision in respect of the statutory debt on the employer liability arising from the
British Building and Engineering Appliances plc pension scheme resulting in a charge of £1,168,000. £960,000 of this cost
is an increase in the provision with the balance being costs incurred in the year. The winding up of the scheme commenced
in 1999 and is expected to be completed in the year ending 30 September 2009. Further details are given in Note 18.
The Board has also separately identified the charge of £248,000 for the amortisation of the fair value ascribed to certain
intangible assets other than goodwill arising from the acquisition of Seymour (C.E.C) Holdings Limited. This item was not
separately identified in the income statement for 2007 as the charge of £41,000 for that year was not considered by the
Board to be material. Further details are given in Note 9.
Interest payable:
On bank loans and overdrafts 223 739
Other interest payable 31 29
254 768
Other finance income - defined benefit pension scheme
Expected return on scheme assets 6,957 6,560
Interest on scheme liabilities (6,414) (5,815)
543 745
2008 2007
£000 £000
Further information on the defined benefit pension scheme is set out in Note 25 to the accounts.
notes to the accounts
annual report & accounts 2008
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5  Employee Numbers and Remuneration
Details of individual Directors’ emoluments and pension contributions can be found in the Directors’ Remuneration Report
on page 31. These numbers have been audited.
(a) Analysis of expense in year
The average monthly number of employees, including executive Directors,
employed in continuing activities during the year was: 1,441 1,341
At 30 September: 1,378 1,512
Production 736 633
Administrative 705 708
1,441 1,341
2008 2007
Number Number
Cost of staff, including executive Directors, during the year amounted to:
Wages and salaries 57,056 50,858
Social security costs 6,286 5,507
Other pension costs 1,819 2,628
Share based payments 136 97
65,297 59,090
£000 £000
6  Income Tax Expense
Current tax:
UK corporation tax on profits of the year (159) (291)
Adjustments in respect of previous periods (409) -
(568) (291)
Foreign tax (51) (107)
Total current tax (619) (398)
Deferred tax - defined benefit pension scheme (699) (616)
Deferred tax - other timing differences (164) 853
Deferred tax - adjustment in respect of previous periods - 87
Total deferred tax (863) 324
Income tax expense (1,482) (74)
2008 2007
£000 £000
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(b) Factors affecting income tax expense for the year
The Group has available further unused UK tax losses of £89m (2007: £88m) to carry forward against future taxable profits.
The Group also has unused USA tax losses of $27m (£15m) (2007: $43m (£22m)) 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 £29m (2007: £31m).
Profit before income tax 6,742 7,394
Profit multiplied by standard rate
of corporation tax in the UK of 29% (2007: 30%) (1,955) (2,218)
Effects of:
Expenses not deductible for tax purposes (187) (55)
Timing differences not provided in deferred tax (408) 503
Losses utilised not previously recognised 1,480 1,882
Change in tax rate 48 (166)
Foreign tax (51) (107)
Adjustments to tax charge in respect of previous periods (409) 87
(1,482) (74)
2008 2007
£000 £000
(c) Deferred tax asset
Defined benefit pension scheme 414 997
Other timing differences 191 175
Tax losses 3,464 3,815
4,069 4,987
2008 2007
£000 £000
(d) Deferred tax liabilities
Accelerated capital allowances (9) (90)
Fair value adjustments (247) (328)
(256) (418)
(e) Reconciliation of deferred tax asset
At 1 October 4,987 4,329
Change in deferred tax rate to 28% - (193)
Origination of timing differences (335) 1,040
Defined benefit pension scheme - income statement (699) (616)
Defined benefit pension scheme - SORIE 116 427
At 30 September 4,069 4,987
6  Income Tax Expense (continued)
notes to the accounts
annual report & accounts 2008
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(f) Reconciliation of deferred tax liability
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 2.0p per Ordinary Share be paid in respect of the year ended
30 September 2008. This will be accounted for in the 2008/09 financial year.
The dilutive effect of share options is to increase the number of shares by 1,598,000 (2007: 1,154,000) and reduce basic
earnings per share by 0.23p (2007: 0.23p).
At 1 October (418) (90)
Accelerated capital allowances 81 -
Arising on fair value adjustments 81 (328)
At 30 September (256) (418)
2008 2007
£000 £000
Interim (related to the year ended 30 September 2008) 1.00 0.60
Final (related to the year ended 30 September 2007) 1.20 0.80
Total dividend paid 2.20 1.40
Interim (related to the year ended 30 September 2008) 598 359
Final (related to the year ended 30 September 2007) 719 480
Total dividend paid 1,317 839
2008 2007
Pence/share Pence/share
£000 £000
6  Income Tax Expense (continued)
7  Dividends
Earnings before exceptional costs 
and amortisation 7,298 12.18 11.87 7,320 12.22 11.99
Exceptional costs and amortisation (2,038) (3.40) (3.32) - - -
Basic earnings per share 5,260 8.78 8.55 7,320 12.22 11.99
Weighted average number of shares 59,899 61,497 59,899 61,053
2008 2007
Earnings EPS DEPS Earnings EPS DEPS
£000 Pence Pence £000 Pence Pence
8  Earnings Per Share
93035 RENEW R&A 2008 TEXT PAGE 51
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Cost:
At 1 October 2006 4,527 -
Additions 3,989 909
At 1 October 2007 8,516 909
Additions 32 -
At 30 September 2008 8,548 909
Impairment losses/amortisation:
At 1 October 2006 - -
Charge for year - 41
At 1 October 2007 - 41
Charge for year - 248
At 30 September 2008 - 289
Carrying amount:
At 30 September 2008 8,548 620
At 30 September 2007 8,516 868
At 1 October 2006 4,527 -
The carrying amounts of goodwill by business segment are as follows:
Building 2,503 2,503
Engineering 6,045 6,013
Property & central activities - -
8,548 8,516
Goodwill Contractual
rights
£000 £000
2008 2007
£000 £000
9  Intangible Assets
Goodwill of £4,021,000 was acquired on acquisition of Seymour (C.E.C) Holdings Limited and has been reviewed for
impairment one year after the acquisition as permitted by IFRS 3. No impairment has been identified.
Amortisation charges in respect of intangible assets with a finite life are recorded within administrative expenses in the
income statement. The amortisation rates are disclosed in the accounting policies.
In order to test goodwill for impairment the Group prepares cash flow forecasts for each Cash Generating Unit derived from
the most recent financial budgets approved by management and extrapolates cash flows based on conservative estimated
growth rates according to management’s view of longer term prospects for each Cash Generating Unit. The growth rate
used at 30 September 2008 was 3%. This rate does not exceed the average long-term growth rate for the construction
industry or Gross Domestic Product. The rate used to discount the forecast cash flows is 8% as the Board considers that
rate appropriate in the current financial market as an approximation of the cost of funds to the Group.
notes to the accounts
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Cost:
At 1 October 2006 - 789 5,002 5,791
Additions - - 1,060 1,060
Disposals - - (893) (893)
Acquisition of subsidiary 500 - 1,358 1,858
At 1 October 2007 500 789 6,527 7,816
Additions - - 2,028 2,028
Disposals - - (3,735) (3,735)
At 30 September 2008 500 789 4,820 6,109
Depreciation:
At 1 October 2006 - 645 1,327 1,972
Charge for year - 5 1,321 1,326
Disposals - - (670) (670)
At 1 October 2007 - 650 1,978 2,628
Charge for year - 5 1,703 1,708
Disposals - - (2,730) (2,730)
At 30 September 2008 - 655 951 1,606
Net book value:
At 30 September 2008 500 134 3,869 4,503
At 30 September 2007 500 139 4,549 5,188
At 1 October 2006 - 144 3,675 3,819
Freehold Long leasehold Plant, vehicles Total
land & buildings land & buildings & equipment
£000 £000 £000 £000
10  Property, Plant and Equipment
Developments and undeveloped land 6,231 6,021
Raw materials 136 370
6,367 6,391
2008 2007
£000 £000
11  Inventories
The net book value of assets under finance leases at 30 September 2008 was £460,000 (2007: £1,026,000). During the
year £279,000 (2007: £279,000) of depreciation was charged against assets held under finance leases.
£0.4m (2007: £2.0m) of inventories are pledged as security for liabilities.
93035 RENEW R&A 2008 TEXT PAGE 53
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Contracts in progress at the balance sheet date:
Amounts due from construction contract customers included in trade and other receivables 80,044 81,453
Amounts due to construction contract customers included in trade and other payables (15,082) (15,426)
64,962 66,027
Contract costs incurred plus recognised profits less recognised losses to date 3,303,391 2,987,238
Less: progress billings (3,238,429) (2,921,211)
64,962 66,027
Trade receivables 346 3,196
Amounts due from construction contract customers 80,044 81,453
Other receivables 5,943 3,400
Prepayments and accrued income 1,433 1,620
87,766 89,669
2008 2007
£000 £000
Ageing of past due but not impaired receivables:
30-180 days 1,502 1,507
180 - 365 days 2,247 1,567
Greater than 1 year 4,013 4,489
7,762 7,563
2008 2007
£000 £000
2008 2007
£000 £000
12  Trade and Other Receivables
13  Construction Contracts
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 £7.8m (2007: £7.6m) 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
341 days (2007: 354 days).
At 30 September 2008 retentions held by customers amounted to £17.0m (2007: £17.9m). Advances received from
customers for contract work amounted to £15.1m (2007: £15.4m).
Amounts due from construction contract customers which are past due at the reporting date amounted to £7.8m (2007: £7.6m).
This amount includes retention balances of £4.5m (2007: £5.1m). The Group does not hold any collateral over these
balances or other trade and other receivables.
Contract revenue recognised in the year amounted to £382.3m (2007: £331.2m).
notes to the accounts
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Cash at bank 28,281 24,559
Cash in hand 8 6
28,289 24,565
2008 2007
£000 £000
14  Cash and Cash Equivalents
Amounts due to construction contract customers 15,082 15,426
Trade payables 35,519 36,646
Other taxation and social security 2,021 2,053
Other payables 1,272 3,771
Accruals and deferred income 65,352 63,408
119,246 121,304
2008 2007
£000 £000
15  Trade and Other Payables
Bank overdrafts 110 165
2008 2007
£000 £000
16  Borrowings
Cash at bank includes £0.0m (2007: £(0.4)m) in respect of the net position on a sterling bank deposit of £2.0m 
(2007: £8.1m) and a connected US $ loan of £2.0m (US $3.5m) (2007: £7.7m ($15.5m)) translated at the year end rate
used to hedge the intercompany balance with the US subsidiary company.
Amounts payable under finance leases:
Within one year 73 458 67 429
Within 2-5 years 11 126 10 118
84 584 77 547
Less: future finance charges (7) (37) - -
Present value of lease obligations 77 547 77 547
Less: amount due for settlement within 12 months (67) (429)
Amount due for settlement after 12 months 10 118
Minimum lease payments Present value of minimum
lease payments
2008 2007 2008 2007
£000 £000 £000 £000
17  Obligations under Finance Leases
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It is the Group’s policy to lease certain of its plant and equipment under finance leases. The average outstanding lease term
is 1 year (2007: 2 years). For the year ended 30 September 2008, the average effective borrowing rate was 7% (2007: 7%).
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.
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. The provision has increased during the year as one of the Group’s properties has
become vacant. 
Other provisions relate to a known claim where uncertainty remains as to the outcome, but the provision represents
management’s best estimate of the expected outflow of economic benefit. The provision relates to the statutory debt on the
employer liability arising from the winding up of the British Building & Engineering Appliances plc pension scheme. The
winding up of this scheme commenced in 1999 and is expected to be completed in the 2009 financial year. The Trustees,
who are independent of the Group, are determining the level of the statutory debt on the employer in conjunction with the
independent scheme actuary. The Board has estimated the level of this liability in accordance with legal and actuarial advice.
A provision in respect of this liability was first made in the 2005 financial statements, however the Board now estimates that
the provision was insufficient and has increased the level of the provision in these financial statements.
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 debtors and trade creditors that arise directly from its operations. 
The Group also uses foreign currency borrowings to hedge certain of the currency risks arising from the Group’s overseas
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.
17  Obligations under Finance Leases (continued)
18  Provisions
At 1 October 2007 1,410 2,292 3,702
Provision increase during year 347 960 1,307
At 30 September 2008 1,757 3,252 5,009
Non-current liabilities 1,068 - 1,068
Current liabilities 689 3,252 3,941
At 30 September 2008 1,757 3,252 5,009
Property obligations Other Total
£000 £000 £000
19  Other Financial Instruments
notes to the accounts
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2007
Assets
Sterling - - 27,757 27,757
Dollar - - 4,498 4,498
- 32,255 32,255
Liabilities
Sterling 3.0 (547) - (547)
Dollar - - (7,855) (7,855)
(547) (7,855) (8,402)
2008
Assets
Sterling - - 29,484 29,484
Dollar - - 794 794
- 30,278 30,278
Liabilities
Sterling 3.0 (77) - (77)
Dollar - - (2,099) (2,099)
(77) (2,099) (2,176)
Interest rate profile of financial assets and liabilities
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. Certain 
US interest bearing liabilities accrue interest at a rate which is linked to the lender’s US Prime lending rate.
The maturity of the fixed rate financial liabilities is disclosed in Note 17. The fixed rate liabilities have a weighted average
period of 1 year (2007: 2 years). The dollar floating rate liabilities are repayable on demand.
Fair value of financial assets and liabilities
There are no material differences between fair value and the book value of the Group’s financial assets and liabilities.
Financial risks
The Group has exposure to a number of financial risks through the conduct of its operations. Risk management is governed
by the Group’s operational policies, guidelines and authorisation procedures which are outlined in the Corporate Governance
statement. The key financial risks resulting from financial instruments are credit, liquidity, currency and market risk.
a) Credit risk 
Credit risk is the risk of loss if a customer fails to meet its financial obligations and results primarily from the Group’s trade
and other receivables. The degree to which the Group is exposed to this risk depends on the individual financial situation of
each specific customer. The Group does not have any risk arising 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.
19  Other Financial Instruments (continued)
Fixed rate Financial assets/(liabilities)
weighted average Fixed Floating
interest rate rate rate Total
% £000 £000 £000
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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 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 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 25. 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 US dollar bank account which is maintained by the parent
company in the UK and the unhedged portion of an intercompany loan. At 30 September 2008 the unhedged portion of the
intercompany loan was $4,934,000 (2007: $4,905,000). At 30 September 2008 the balance on the US dollar bank account
was $1,000 (2007: $1,000). The dollar closing exchange rate was $1.78: £1 (2007: $2.02: £1) resulting in a foreign
exchange gain of £392,000 being credited to the Income Statement on the unhedged assets. Consequently the profit
reported in the Income Statement will be impacted by £14,000 for each $ cent movement in exchange rates. Exchange rate
movements on translation of Lovell America, Inc’s net assets are charged to the cumulative translation adjustment within
total equity. The exchange gain arising on the translation of Lovell America Inc’s net assets was £202,000. The total equity
statement will be impacted by £41,000 for each $ cent 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.
The Company has a loan of $3,537,000 (2007: $15,537,000) which acts as an economic hedge against the intercompany
balance due by Lovell America, Inc. Exchange losses of £317,000 (2007: gains £608,000) were made during the year on
foreign currency borrowings. This has been fully offset against exchange gains made on the intercompany balance due by
Lovell America, Inc. 
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. A reduction in market interest rates could lead to a reduction in the Group’s interest
income. Consequently a 1% decrease in market interest rates would reduce finance income by £10,000 for every £1million
held on deposit for one year. The market risk associated with financial liabilities is limited to the interest rate on the Group’s
US dollar overdraft.
A 1% increase in interest rates would lead to an increase in the Group’s interest expense of about £21,000 subject to
foreign exchange rate movements, on the assumption of a US $3.5million loan being outstanding for one year. The Group’s
hire purchase financial liabilities are all at fixed rates of interest.
There have been no changes in the nature of the risks arising from financial instruments in either the current or previous
financial year. However, the extent of the risk has reduced following the reduction of the company’s US $ loan.
19  Other Financial Instruments (continued)
notes to the accounts
annual report & accounts 2008
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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.
There were no Ordinary Shares issued in either year ending 30 September 2008 or 2007.
Share options
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 Inland Revenue 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 10 years from the date of grant. 
Vesting of options is dependent on the achievement of certain performance criteria which are established by the
Remuneration Committee at the point of grant. In respect of the options granted in the 2006 financial year, 25% of the
options will vest if the Group’s earnings per share for the year ending 30 September 2008 exceeds 8p. For 100% vesting to
occur, the Group’s earnings per share for the year ending 30 September 2008 must be at least 12p. In respect of the options
granted during the 2007 financial year, 25% of the options will vest if the Group’s earnings per share for the year ending 30
September 2009 exceeds 12p. For 100% vesting to occur, the Group’s earnings per share for the year ending 30 September
2009 must be at least 14p. In respect of the options granted during the 2008 financial year, 25% of the options will vest if the
Group’s earnings per share for the year ending 30 September 2010 exceeds 12.5p. For 100% vesting to occur, the Group’s
earnings per share for the year ending 30 September 2010 must be at least 16p.
The earnings per share criteria in respect of the options granted during the 2006 financial year have been met and the options
are expected to vest on 7 June 2009.
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.
20  Share Capital
Authorised:
100,000,000 (2007: 100,000,000) Ordinary Shares of 10p each 10,000 10,000
Allotted, called up and fully paid:
59,898,927 (2007: 59,898,927) Ordinary Shares of 10p each 5,990 5,990
2008 2007
£000 £000
93035 RENEW R&A 2008 TEXT PAGE 59
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There is no available analysis of goodwill written off against reserves in respect of existing 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. Goodwill
written off against reserves in respect of subsidiaries acquired after 1989 amounts to £nil (2007: nil).
Share based payments reserve
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 Group’s estimate of shares that will eventually vest. £136,000 (2007: £97,000) has been charged
to administrative expenses.
There is no impact on net assets since an equivalent amount is credited to the share based payments reserve. No options
were exercised or lapsed during the year. 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 2008 were as follows:
There were 1,284,196 options outstanding at 1 October 2007 being those issued in June 2006 and January 2007 as
detailed above.
Date of grant 7 June 2006 8 January 2007 3 December 2007 Total
Awards outstanding at 30 September 2008
- Directors 761,904 522,292 417,960 1,702,156
Exercise price and price at date of grant 52.5p 78.5p 103.0p -
Maximum option life 10 years 10 years 10 years -
Assumed option life for purposes of valuation 3 years 3 years 3 years -
Expected volatility 47% 46% 40% -
Dividend yield 1.00% 1.50% 1.80% -
Risk free interest rate 4.67% 4.88% 4.46% -
Value per option 20.5p 25.9p 28.0p -
Group
At 1 October 2006 5,893 3,896 - - (10,821)
Transfer from income statement for the year 7,320
Dividends paid (839)
Recognition of share based payments 97
Exchange differences (150)
Actuarial loss recognised in pension scheme (1,804)
Movement on deferred tax relating to the 
pension scheme 427
At 1 October 2007 5,893 3,896 (150) 97 (5,717)
Transfer from income statement for the year 5,260
Dividends paid (1,317)
Recognition of share based payments 136
Exchange differences 574
Actuarial loss recognised in pension scheme (497)
Movement on deferred tax relating to the 
pension scheme 116
At 30 September 2008 5,893 3,896 424 233 (2,155)
Share Capital Cumulative Share based
premium redemption translation payments Retained
account reserve reserve reserve earnings
£000 £000 £000 £000 £000
21  Reserves
notes to the accounts
annual report & accounts 2008
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Profit for the year 5,260 7,320
Dividends paid (1,317) (839)
3,943 6,481
Other recognised income and expense for the year 193 (1,527)
Recognition of share based payments 136 97
Net movement in total equity 4,272 5,051
At 1 October 2007 10,009 4,958
At 30 September 2008 14,281 10,009
23  Capital and Leasing Commitments
22  Reconciliation of Movements in Total Equity
2008 2007
£000 £000
Commitments under non-cancellable operating leases:
Under one year 2,542 488 3,030 3,181
Two to five years 8,860 487 9,347 10,298
Five or more years 23,634 27 23,661 26,279
35,036 1,002 36,038 39,758
Land & Other Total Total
buildings 2008 2007
£000 £000 £000 £000
Receivables under non-cancellable operating leases:
Under one year 1,239 - 1,239 1,346
Two to five years 4,001 - 4,001 3,930
Five or more years 2,541 - 2,541 1,503
7,781 - 7,781 6,779
Land & Other Total Total
buildings 2008 2007
£000 £000 £000 £000
With regard to the operating leases held by the Group as lessor, the Group recognised £1,275,000 (2007: £1,348,000) of
rental income in the income statement 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:
The Group had capital commitments at 30 September 2008 of £nil (2007: £90,000).
93035 RENEW R&A 2008 TEXT PAGE 61
A letter of credit of £353,000 (2007: £607,000) remains outstanding at 30 September 2008 in respect of Lovell America, Inc.
As part of the Office of Fair Trading’s (“OFT”) review of tender activities within the construction industry, the Company notes
that, together with one of its current and one of its former subsidiaries, it has been named in connection with alleged
infringements of UK Competition Law in the sector, in the list of 112 construction companies in the OFT’s Statement of
Objections. The Company and its current subsidiary have responded to the OFT, however it is not possible to predict the
effect of the OFT’s investigation on the Group’s financial position or results of its operations.
24  Contingent Liabilities
notes to the accounts
annual report & accounts 2008
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93035 RENEW R&A 2008 TEXT PAGE 62
The mortality tables adopted for the 2008 valuation are the Continuing Mortality Investigations PA1992 series with projected
longevity improvements fully allowed for according to each member’s year of birth and with an additional allowance for future
longevity improvements known as the medium cohort adjustment. The same tables, but with the short cohort adjustment, were
used in the 2007 valuation. The same tables but without a cohort adjustment were used in 2006. An example of the effect of
the change in mortality assumption is that under the 2008 assumptions a 60 year old male pensioner is assumed to live for a
further 27 years, compared with 26 years under the 2007 assumptions. The 2006 assumptions assume 24.5 years. 
The assets in the scheme and the expected rates of return were:
Rate of increase in salaries 4.00% 4.00% 4.00%
LPI increases to pensions in payment 3.40% 2.90% 2.50%
Discount rate 7.00% 6.20% 5.30%
Inflation assumption 3.50% 2.90% 2.50%
Increases in deferred pensions 3.50% 2.90% 2.50%
As at As at As at
30 September 30 September 30 September
2008 2007 2006
Annuities 632 - -
Gilts + 2.5% fund 50,659 7.20% 54,914 7.50% 56,494 6.95%
Bonds 48,190 7.00% 47,998 6.20% 52,058 5.30%
Cash 39 4.50% 36 5.75% 89 4.75%
Total 99,520 102,948 108,641
Value as at Expected rate Value as at Expected rate Value as at Expected rate
30 September of return 30 September of return 30 September of return
2008 2007 2006
£000 £000 £000
Defined benefit pension scheme
The defined benefit pension scheme was closed to new members in June 2000. On 1 August 2001, the Board decided that
no further benefits would accrue to existing members with more than five years expected service remaining. These members
were transferred to the defined contribution scheme but retained the benefits earned to date under the defined benefit
pension scheme. 
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 advisers
and have determined that they are appropriate.
The following disclosures required by IAS 19 have been based on the most recent actuarial valuation as at 30 September 2008
carried out by Barnett Waddingham, Consulting Actuaries, using the following financial assumptions:
25  Employee Benefits: Retirement Benefit Obligations
notes to the accounts
annual report & accounts 2008
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The following amounts at 30 September were measured in accordance with the requirements of IAS 19.
25  Employee Benefits: Retirement Benefit Obligations (continued)
Movements in scheme assets and liabilities
Total fair value of assets brought forward 102,948 108,641
Expected return on scheme assets 6,957 6,560
Employer contributions 2,106 1,534
Annuities 631 -
Benefits paid (6,217) (5,827)
Actuarial loss on scheme assets (6,905) (7,960)
Total fair value of assets carried forward 99,520 102,948
Present value of scheme obligations brought forward 106,507 112,596
Interest costs 6,414 5,815
Current service costs 72 79
Experience (gain)/loss on scheme liabilities (600) 575
Annuities 631 -
Benefits paid (6,217) (5,827)
Actuarial decrease in scheme obligations (5,808) (6,731)
Total fair value of obligations carried forward 100,999 106,507
Deficit in the scheme (1,479) (3,559)
Deferred tax 414 997
Net scheme deficit (1,065) (2,562)
Amounts charged to operating profit:
Current service cost (72) (79)
(72) (79)
Amount credited to other financial income:
Expected return on scheme assets 6,957 6,560
Interest on scheme liabilities (6,414) (5,815)
543 745
Amounts recognised in the statement of recognised income and expense:
Actual less expected return on scheme assets (6,905) (7,960)
Experience gains/(losses) on scheme liabilities 600 (575)
Effect of change in assumptions on scheme liabilities 5,808 6,731
Actuarial loss (497) (1,804)
Movement in the net scheme deficit during the year:
Net scheme deficit brought forward (3,559) (3,955)
Current service cost (72) (79)
Cash contribution 2,106 1,534
Other finance income 543 745
Actuarial loss (497) (1,804)
Net scheme deficit carried forward (1,479) (3,559)
Year Ended Year Ended
30 September 30 September
2008 2007
£000 £000
93035 RENEW R&A 2008 TEXT PAGE 63
notes to the accounts
annual report & accounts 2008
93035_Renew_R&A_2008_Text.qxp:93035_Renew_R&A_2008_Text  12/12/08  18:10  Page 63 Difference between the expected and 
actual return on scheme assets £(6,905,000) £(7,960,000) £(1,786,000) £6,623,000 £426,000
As a percentage of the assets at the end of the year (6.94)% (7.73)% (1.64)% 6.10% 0.42%
Experience gains/(losses) on scheme liabilities £600,000 £(575,000) £(72,000) £647,000 £1,176,000
As a percentage of the liabilities at the end of the year 0.59% (0.54)% 0.00% 0.61% 1.11%
Total amount recognised in the statement 
of recognised income and expense £(497,000) £(1,804,000) £(7,803,000) £412,000 £11,294,000
As a percentage of the liabilities at the end of the year (0.49)% (1.69)% (6.93)% 0.39% 10.70%
notes to the accounts 64
93035 RENEW R&A 2008 TEXT PAGE 64
25  Employee Benefits: Retirement Benefit Obligations (continued)
26  Related Parties
2008 2007 2006 2005 2004
The 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.
Defined contribution pension scheme
The assets of the defined contribution pension scheme are held in separate trustee-administered funds. The Group made
contributions of £1,819,000 (2007: £2,628,000) into the scheme during the year. There is also £182,000 (2007: £114,000) of
accruals relating to the scheme.
On 1 April 2008, this scheme commenced winding up. The assets are to be transferred to individual stakeholder plans which
the Group has established for scheme members.
The Group has a related party relationship with its key management personnel who are the Main Board Directors: B May, 
J Samuel, R Harrison and J Bishop, whose total compensation amounted to £1,022,000 all of which was represented by
short-term employment benefits.
There were no other transactions with key management personel in the year.
27  Acquisition of Subsidiary Undertaking
On 25 July 2007, the Group acquired the whole of the issued share capital of Seymour (C.E.C) Holdings Limited, a company
registered in England & Wales. Seymour (C.E.C) Holdings Limited is a dormant holding company which has a wholly owned
subsidiary, Seymour (Civil Engineering Contractors) Limited (“Seymour”) which trades as civil engineers. From the date of
acquisition until 30 September 2007, Seymour contributed sales of £4.0m and a profit before taxation of £nil to the
consolidated results.
notes to the accounts
annual report & accounts 2008
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The consideration paid was £6,821,000 in cash representing a total net cash outflow of £5,932,000 (£889,000 cash acquired
on acquisition). Goodwill of £3,989,000 was acquired on acquisition and was reviewed for impairment one year after the
acquisition as permitted by IFRS 3. No impairment was identified. The goodwill is attributable to the expertise and workforce of
the acquired business. Other intangible assets of £909,000, representing contractual rights was also acquired and is being
amortised over its useful economic life in accordance with IFRS 3. If the acquisition had occurred on 1 October 2006, Group
revenue would have been an estimated £364m and profit for the year ended 30 September 2007 would have been
approximately £7.6m.
The value of land acquired with Seymour and included in property, plant and equipment has been increased from £239,000 
to £500,000 as a result of a fair value adjustment. The land was independently valued by Hanline Associates, Chartered
Surveyors, in August 2007 on an existing use basis.
27  Acquisition of Subsidiary Undertaking (continued)
Non-current assets
Intangible assets - goodwill 3,989 3,989
Intangible assets - other 909 909
Property, plant and equipment 1,598 261 1,859
Current assets
Inventories 72 72
Trade and other receivables 3,619 3,619
Cash and cash equivalents 889 889
4,580 4,580
Total assets 6,178 5,159 11,337
Non-current liabilities
Deferred tax liabilities (328) (328)
Obligations under finance leases (77) (77)
(77) (328) (405)
Current liabilities
Trade and other payables (3,834) (3,834)
Obligations under finance leases (277) (277)
(4,111) (4,111)
Total liabilities (4,188) (328) (4,516)
Net assets 1,990 4,831 6,821
Book value Adjustments Fair value
£000 £000 £000
With effect from 1 October 2008, Seymour acquired the whole of the issued share capital of C.& A. Pumps Limited (“C&A”) for
a consideration of £1.75m all of which was paid in cash. In the year ended 31 December 2007, C&A recorded sales of £4.7m
and a profit before tax of £0.2m. The net assets of C&A at the date of acquisition were £0.7m. Included in the assets of C&A is
a freehold property independently valued at £0.8m which is carried in the balance sheet of C&A at £0.5m.
28  Post Balance Sheet Event
The value of the assets and liabilities of Seymour at the date of acquisition were:
93035 RENEW R&A 2008 TEXT PAGE 65
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93035 RENEW R&A 2008 TEXT PAGE 66
company balance sheet
At 30 September 2008
Fixed assets
Tangible assets E 186 196
Investments F 90,525 90,493
90,711 90,689
Current assets
Debtors: due within one year G 21,356 26,233
Cash at bank and in hand H 18,655 9,893
40,011 36,126
Creditors:amounts falling due in less than one year I (109,119) (106,990)
Net current liabilities (69,108) (70,864)
Total assets less current liabilities 21,603 19,825
Net assets 21,603 19,825
Capital and reserves
Share capital K 5,990 5,990
Share premium account L 5,893 5,893
Capital redemption reserve L 3,896 3,896
Revaluation reserve L 73 73
Share based payments reserve L 233 97
Profit and loss account L 5,518 3,876
Equity shareholders’ funds M 21,603 19,825
Approved by the Board and signed on its behalf by:
R Harrison OBE
Chairman
25 November 2008
Note 2008 2007
£000 £000
company balance sheet annual report & accounts 2008
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A  Accounting Policies 
(i) Basis of accounting
The accounts have been prepared on the going concern
basis and in accordance with applicable accounting
standards under the historical cost convention. 
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:
Long leasehold land - shorter of fifty years and
and buildings period of lease
Plant and vehicles - three to ten years
Office equipment - two to seven 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 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 Company’s 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;
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,
and also in respect of the pensions deficit recorded under
FRS 17 where the Directors consider that the asset will be
utilised by the expected profitability of the Company.
(vii) 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.
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 scheme
Contributions to the defined contribution scheme 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.
93035 RENEW R&A 2008 TEXT PAGE 67
notes to the company accounts
annual report & accounts 2008
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93035 RENEW R&A 2008 TEXT PAGE 68
Cost of staff, including executive Directors, during the year amounted to:
Wages and salaries 2,546 2,302
Social security costs 304 263
Other pension costs 106 48
Share based payments 136 97
3,092 2,710
£000 £000
Interim (related to the year ended 30 September 2008) 1.00 0.60
Final (related to the year ended 30 September 2007) 1.20 0.80
Total dividend paid 2.20 1.40
2008 2007
Pence/share Pence/share
Interim (related to the year ended 30 September 2008) 598 359
Final (related to the year ended 30 September 2007) 719 480
Total dividend paid 1,317 839
£000 £000
Details of individual Directors’ emoluments and pension contributions can be found in the Directors’ Remuneration Report on
page 31. These numbers have been audited.
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 2.0p per Ordinary Share be paid in respect of the year ended 
30 September 2008. This will be accounted for in the 2008/09 financial year.
D  Dividends
B  Profit and Loss Account
C  Employee Numbers and Remuneration
As permitted by Section 230 of the Companies Act 1985, 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 £2,959,000 (2007: £4,221,000).
The audit fee charged within the profit and loss account amounted to £60,000 (2007: £57,000).
The average monthly number of employees, all of whom were administrative staff
including executive Directors, employed in continuing activities during the year was: 44 43
At 30 September: 44 42
2008 2007
Number Number
notes to the company accounts
annual report & accounts 2008
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E  Tangible Fixed Assets
Cost:
At 1 October 2007 789 287 1,076
Additions - 24 24
At 30 September 2008 789 311 1,100
Depreciation:
At 1 October 2007 650 230 880
Charge for year 5 29 34
At 30 September 2008 655 259 914
Net book value:
At 30 September 2008 134 52 186
At 30 September 2007 139 57 196
Long leasehold Plant, vehicles Total
land & buildings & equipment
£000 £000 £000
The Company has no assets held under finance leases or hire purchase agreements.
Shares at cost:
At 1 October 2007 159,373
Additions 32
At 30 September 2008 159,405
Provisions:
At 1 October 2007 and 30 September 2008 68,880
Net book value:
At 30 September 2008 90,525
At 30 September 2007 90,493
Subsidiary
undertakings
£000
Details of the principal subsidiary undertakings are included in Note Q.
The investment in subsidiaries is supported by their net asset values and their discounted expected future cash flows.
G  Debtors
Due within one year:
Trade debtors 316 276
Due from subsidiary undertakings 19,110 24,847
Other debtors 1,253 237
Deferred tax 99 61
Prepayments and accrued income 578 812
21,356 26,233
2008 2007
£000 £000
F  Investments
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I  Creditors: Amounts Falling Due Within One Year
Trade creditors 621 109
Corporation tax - 3
Other taxation and social security 987 840
Due to subsidiary undertakings 97,576 98,561
Other creditors 761 205
Accruals and deferred income 9,174 7,272
109,119 106,990
2008 2007
£000 £000
K  Share Capital
Authorised:
100,000,000 (2007: 100,000,000) Ordinary Shares of 10p each 10,000 10,000
Allotted, called up and fully paid:
59,898,927 (2007: 59,898,927) Ordinary Shares of 10p each 5,990 5,990
2008 2007
£000 £000
J  Derivatives and Other Financial Instruments 
Currency exposure
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 US dollar bank account which is maintained by the Company
in the UK and the unhedged portion of an intercompany loan. At 30 September 2008 the unhedged portion of the
intercompany loan was $4,934,000 (2007: $4,905,000). At 30 September 2007 the balance on the US dollar bank account
was $1,000 (2007: $1,000).
The Company’s operations are denominated in sterling.
Hedges
The Company has a loan of $3,537,000 (2007: $15,537,000) with Barclays Bank Plc acting as an economic hedge against
the intercompany balance due by Lovell America, Inc. Exchange losses of £317,000 (2007: gains £608,000) were made
during the year on foreign currency borrowings. This has been fully offset against exchange gains made on the
intercompany balance due by Lovell America, Inc. 
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.
H  Cash At Bank and In Hand
Cash at bank 18,655 9,893
2008 2007
£000 £000
Cash at bank includes £0.0m (2007: £(0.4)m) in respect of the net position on a sterling bank deposit of £2.0m (2007: £8.1m)
and a connected US $ loan of £2.0m (US $3.5m) (2007: £7.7m ($15.5m)) translated at the year end rate used to hedge the
intercompany balance with the US subsidiary company.
notes to the company accounts
annual report & accounts 2008
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Share options
The Company operates a share option scheme, the Renew Holdings 2004 Executive Share Option Scheme.
Details of the scheme and options in issue are given below and in Note L.
The scheme has both an Approved and an Unapproved element. The difference between the two elements is that the
Approved scheme has the advantage of certain Inland Revenue 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 10 years from the date of grant. 
Vesting of options is dependent on the achievement of certain performance criteria which are established by the
Remuneration Committee at the point of grant. In respect of the options granted in the 2006 financial year, 25% of the
options will vest if the Group’s earnings per share for the year ending 30 September 2008 exceeds 8p. For 100% vesting to
occur, the Group’s earnings per share for the year ending 30 September 2008 must be at least 12p. In respect of the
options granted during the 2007 financial year, 25% of the options will vest if the Group’s earnings per share for the year
ending 30 September 2009 exceeds 12p. For 100% vesting to occur, the Group’s earnings per share for the year ending 30
September 2009 must be at least 14p. In respect of the options granted during the 2008 financial year, 25% of the options
will vest if the Group’s earnings per share for the year ending 30 September 2010 exceeds 12.5p. For 100% vesting to
occur, the Group’s earnings per share for the year ending 30 September 2010 must be at least 16p.
The earnings per share criteria in respect of the options granted during the 2006 financial year have been met and the
options are expected to vest on 7 June 2009.
The scheme does not permit retesting of performance conditions and if the performance criteria are not achieved then the
options will lapse.
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 Company’s estimate of shares that will eventually vest.
£136,000 (2007: £97,000) has been charged to administrative expenses.
There is no impact on net assets since an equivalent amount is credited to the share based payments reserve. No options
were exercised or lapsed during the year. 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. 
K  Share Capital (continued)
L  Reserves
At 1 October 2007 5,893 3,896 73 97 3,876
Transfer from profit and loss account for the year 2,959
Recognition of share based payments 136
Dividends paid (1,317)
At 30 September 2008 5,893 3,896 73 233 5,518
Share Capital Share based
premium redemption Revaluation payments Profit & loss
account reserve reserve reserve account
£000 £000 £000 £000 £000
93035 RENEW R&A 2008 TEXT PAGE 71
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L  Reserves (continued)
Options granted under the Renew Holdings 2004 Executive Share Option Scheme over the Company’s Ordinary Shares at
30 September 2008 were as follows:
Date of grant 7 June 2006 8 January 2007 3 December 2007 Total
Awards outstanding at 30 September 2008
- Directors 761,904 522,292 417,960 1,702,156
Exercise price and price at date of grant 52.5p 78.5p 103.0p -
Maximum option life 10 years 10 years 10 years -
Assumed option life for purposes of valuation 3 years 3 years 3 years -
Expected volatility 47% 46% 40% -
Dividend yield 1.00% 1.50% 1.80% -
Risk free interest rate 4.67% 4.88% 4.46% -
Value per option 20.5p 25.9p 28.0p -
There were 1,284,196 options outstanding at 1 October 2007 being those issued in June 2006 and January 2007 as
detailed above.
Profit for the year 2,959 4,221
Dividends paid (1,317) (839)
1,642 3,382
Recognition of share based payments 136 97
At 1 October 2007 19,825 16,346
At 30 September 2008 21,603 19,825
2008 2007
£000 £000
Annual commitments under non-cancellable
operating leases expiring in:
Under one year - 21 21 32
Two to five years 80 12 92 255
Five or more years 1,379 - 1,379 1,662
1,459 33 1,492 1,949
Land & Other Total Total
buildings 2008 2007
£000 £000 £000 £000
The company has capital commitments at 30 September 2008 of £nil (2007: £nil).
M  Reconciliation of Movements in Shareholders’ Funds
N  Capital and Leasing Commitments
notes to the company accounts
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O  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.
The Company has guaranteed a letter of credit of £353,000 (2007: £607,000) on behalf of Lovell America,Inc.
As part of the Office of Fair Trading’s (“OFT”) review of tender activities within the construction industry, the Company notes
that, together with one of its current and one of its former subsidiaries, it has been named in connection with alleged
infringements of UK Competition Law in the sector, in the list of 112 construction companies in the OFT’s Statement of
Objections. The Company and its current subsidiary have responded to the OFT, however it is not possible to predict the
effect of the OFT’s investigation on the Company’s financial position or results of its operations.
P  Defined Contribution Pension Scheme
The assets of the defined contribution pension scheme are held in separate trustee-administered funds. The Company
made contributions of £106,000 (2007: £48,000) into the scheme during the year. There is also £8,000 (2007: £4,000) of
accruals relating to the scheme.
On 1 April 2008, this scheme commenced winding up. The assets are to be transferred to individual stakeholder plans
which the Company has established for scheme members.
Q  Principal Subsidiary Undertakings
Renew Holdings plc acts as the holding company of the Group. The principal activity of the Group during the year was
construction and construction related activities.
The principal subsidiary undertakings are shown below: 
R  Related Parties
The Company has a related party relationship with its key management personnel who are the Main Board Directors: B May,
J Samuel, R Harrison and J Bishop, whose total compensation amounted to £1,022,000 all of which was represented by
short-term employment benefits.
There were no other transactions with key management personnel in the year.
Incorporation & Proportion of
principal place Ordinary Shares
of business held by the Company
Subsidiary undertakings
YJL Ltd Owned by Renew Holdings plc England and Wales 100%
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%
YJL Infrastructure Ltd Owned by subsidiary England and Wales 100%
V.H.E. Construction Plc Owned by subsidiary England and Wales 100%
Shepley Engineers Ltd Owned by subsidiary England and Wales 100%
Seymour (Civil Engineering Contractors) Ltd Owned by subsidiary England and Wales 100%
Lovell America, Inc Owned by subsidiary USA 100%
93035 RENEW R&A 2008 TEXT PAGE 73
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93035 RENEW R&A 2008 TEXT PAGE 74
Annual General Meeting 28 January 2009
Results Announcement of interim results - May 2009
Preliminary announcement of full year results - November 2009
Electronic Communications
Following shareholder approval to amend the Company’s Articles at the AGM in March 2006, the Company may deliver
shareholder information including Annual and Interim Reports and Notices of General Meetings in an electronic format 
to shareholders.
If you would like to receive shareholder information in electronic format, please register your request on the Company’s
Registrar’s electronic database at www.capitaregistrars.com You will initially need your unique “investor code”, which you will
find at the top of your share certificate. There is no charge for this service. If you wish to subsequently change your mind,
you may do so by contacting the Company’s Registrars by post or through their website.
If you elect to receive shareholder information electronically, please note that it is the shareholder’s responsibility to notify the
Registrars of any change to their name, address, e-mail address or other contact details. Shareholders should also note
that, with electronic communication, the Company’s obligations will be satisfied when it transmits the notification of
availability of information or such other document as may be involved to the electronic address it has on file. The Company
cannot be held responsible for any failure in transmission beyond its control any more than it can for postal failure. In the
event of the Company becoming aware that an electronic notification is not successfully transmitted, a further two attempts
will be made. In the event that the transmission is still unsuccessful a hard copy of the notification will be mailed to the
shareholder. In the event that specific software is required to access information placed on the Company’s website it will be
available via the website without charge. Before electing for electronic communications shareholders should ensure that they
have the appropriate equipment and computer capabilities sufficient for the purpose. The Company takes all reasonable
precautions to ensure no viruses are present in any communication it sends out but cannot accept responsibility for loss or
damage arising from the opening or use of any e-mail or attachments from the Company and recommends that
shareholders subject all messages to virus checking procedures prior to use. Any electronic communication received by the
Company that is found to contain any virus will not be accepted.
Shareholders wishing to receive shareholder information in the conventional printed form will continue to do so and need
take no further action.
Should you have any further questions on this please contact the Company’s Registrars, Capita Registrars, on 0870 162 3131.
shareholder information
shareholder information annual report & accounts 2008
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Directors 
R Harrison OBE (Non-executive Chairman) 
B May (Chief Executive) 
J Samuel FCA (Group Finance Director) 
J Bishop FCA (Independent non-executive)
Registrars Auditors
Capita Registrars Plc KPMG Audit Plc
Northern House 1 The Embankment
Woodsome Park Neville Street
Fenay Bridge Leeds
Huddersfield LS1 4DW
HD8 0LA
Nominated Advisor and Broker
Brewin Dolphin Securities Ltd
34 Lisbon Street
Leeds
LS1 4LX
Company Secretary B Feather LLB
Company Number 650447
Registered Address Yew Trees
Main Street North
Aberford
West Yorkshire
LS25 3AA
Website address www.renewholdings.com
directors and advisors
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notice of annual general meeting 76
Notice is hereby given that the forty-ninth Annual General Meeting of the Company will be held at the offices of KPMG LLP , 
1 The Embankment, Leeds, LS1 4DW on 28 January 2009 at 11.00am to consider and, if thought fit, pass resolutions 1 to 6
below as ordinary resolutions and resolutions 7 and 8 below as special resolutions. 
The meeting will consider the following business:
Ordinary Business
1. To receive and adopt the accounts for the year ended 30 September 2008 and the Reports of the Directors and 
Auditors thereon.                                               
2. To declare a final dividend of 2p per share.                                    
3. To re-elect John Bishop, who retires as a Director in accordance with the Company’s Articles of Association.
Explanatory note: Biographical details of John Bishop are included in the Directors’ Report in the Annual Report 
and Accounts.
4. To approve the Remuneration Report for the year ended 30 September 2008.    
5. To re-appoint KPMG Audit Plc as Auditors of the Company.
6. To authorise the Directors to determine the Auditors’ remuneration.                                                                  
Special Business
7. That the power conferred upon the Directors by Article 5.3 of the Company’s Articles of Association to allot equity
securities (as defined in Section 94(2) of the Companies Act 1985) wholly for cash free from the pre-emption provisions in
Section 89 of the Companies Act 1985 be renewed and so that for this purpose the Section 89 Amount shall be
£299,495 and the prescribed period shall be the period from the date of this Meeting to the conclusion of the next Annual
General Meeting of the Company or 28 April 2010, whichever is the earlier.   
Explanatory note: By Resolution 7 the Directors are seeking renewal of the power to allot shares for cash for the
purposes of a rights issue or otherwise in connection with a rights issue, limited to the issue of shares up to an
aggregate nominal value of £299,495, being 5% of the issues Ordinary Share capital of the Company at
25 November 2008. If given, this power will expire at the Company’s AGM in 2010 or on 28 April 2010, whichever is
the earlier.
8. To adopt with effect from the conclusion of the meeting new Articles of Association, in substitution for, and to the
exclusion of, the current Articles of Association.
Explanatory note: Resolution 8 seeks members’ approval for changes to be made to the Company’s existing Articles
of Association. The principal changes proposed are summarised in the Appendix to this Notice.                                                                 
By order of the Board
B C Feather LLB
Company Secretary
25 November 2008
Renew Holdings plc 
Registered Office: Yew Trees, Main Street North, Aberford, West Yorkshire LS25 3AA.
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77 notice of annual general meeting
Notes
1. A member of the Company must be entered on the Register of Members at 6pm on 26 January 2009 (or the date
which is two days prior to any adjourned AGM) in order to be entitled to attend and vote at the meeting as a member in
respect of those shares.
2. A member entitled to attend and vote at the AGM may appoint one or more proxies (who need not be a member of the
Company) to attend and to speak and to vote on his or her behalf whether by show of hands or on a poll. A member
can appoint more than one proxy in relation to the meeting, provided that each proxy is appointed to exercise the rights
attaching to different shares held by him.
3. Proxy forms and the powers of attorney or other authority, if any, under which they are signed need to be deposited at
the office of the Company’s Registrars, Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent 
BR3 4TU not later than 48 hours before the time appointed for the meeting. Completion of a proxy or any CREST proxy
instruction (as described in paragraph 4 below) will not preclude a shareholder from attending and voting in person at 
the meeting.
4. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may
do so by using the procedures described in the CREST Manual. CREST Personal Members or other CREST sponsored
members, and those CREST members who have appointed a service provider(s), should refer to their CREST sponsor
or voting service provider(s), who will be able to take the appropriate action on their behalf. 
In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST
message (a “CREST Proxy Instruction”) must be properly authenticated in accordance with the specifications of
CREST’s operator, Euroclear UK & Ireland Limited (“Euroclear”) and must contain the information required for such
instruction, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a
proxy or is an amendment to the instruction given to a previously appointed proxy must, in order to be valid, be
transmitted so as to be received by the issuer’s agent (ID RA10) by 6pm on 26 January 2009. For this purpose, the time
of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST
Application Host) from which the issuer’s agent is able to retrieve the message by enquiry to CREST in the manner
prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be
communicated to the appointee through other means. 
CREST members and, where applicable, their CREST sponsors, or voting service providers should note that Euroclear
does not make available special procedures in CREST for any particular message. Normal system timings and
limitations will, therefore, apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST
member concerned to take (or, if the CREST member is a CREST personal member, or sponsored member, or has
appointed a voting service provider, to procure that his CREST sponsor or voting service provider(s) take(s)) such action
as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In
this connection, CREST members and, where applicable, their CREST sponsors or voting system providers are referred,
in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. 
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the
Uncertificated Securities Regulations 2001. 
5. Pursuant to regulation 41 of the Uncertified Securities Regulations 2001, members will be entitled to attend and vote at
the meeting if they are registered in the Company’s register of members 48 hours before the time appointed for the
meeting of any adjournment thereof.
6. In order to facilitate voting by corporate representatives at the meeting, arrangements will be put in place at the meeting
so that (i) if a corporate shareholder has appointed the Chairman of the meeting as its corporate representative with
instructions to vote on a poll in accordance with the directions of all of the other corporate representatives for that
shareholder at the meeting, then on a poll those corporate representatives will give voting directions to the Chairman
and the Chairman will vote (or withhold a vote) as corporate representative in accordance with those directions; and (ii) if
more than one corporate representative for the same corporate shareholder attends the meeting but the corporate
shareholder has not appointed the Chairman of the meeting as its corporate representative, a designated corporate
representative will be nominated, from those corporate representatives who attend, who will vote on a poll and the other
corporate representatives will give voting directions to that designated corporate representative. Corporate shareholders
are referred to the guidance issued by the Institute of Chartered Secretaries and Administrators on proxies and
corporate representatives (www.icsa.org.uk) for further details of this procedure. The guidance includes a sample form of
representation letter if the Chairman is being appointed as described in (i) above.
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notice of annual general meeting 78
Appendix
This Appendix summarises the principal changes from the existing articles of association (“Current Articles”) to the
proposed new Articles of Association (”New Articles”). Other changes which are of a minor, technical or clarifying nature
and also some more minor changes which merely reflect changes made by the Companies Act 2006 have not been
outlined in the Appendix.
A copy of the New Articles and a copy of the Current Articles marked to show the changes being proposed will be available
for inspection at the Registered Office of the Company until the time of the AGM and at 1 The Embankment, Leeds, LS1 4DW
from 15 minutes before the AGM until it ends. 
1. Age limit for directors – provisions rendering any person ineligible for appointment as a director on account of his having
reached any specified age will be removed. Such provisions could now fall foul of the Employment Equality (Age)
Regulations 2006.
2. Directors’ conflicts of interest - the Companies Act 2006 sets out directors’ general duties which largely codify the
existing law but with some changes.
Under the Companies Act 2006 a director must avoid a situation where he has, or can have, a direct or indirect interest
that conflicts, or possibly may conflict with the company’s interests. The requirement is very broad and could apply, for
example, if a director becomes a director of another company or a trustee of another organisation. The Companies Act
2006 allows directors of public companies to authorise conflicts and potential conflicts, where appropriate, where the
articles of association contain a provision to this effect. The Companies Act 2006 also allows the Articles of Association
to contain other provisions for dealing with directors’ conflicts of interest to avoid a breach of duty. 
The New Articles give the directors authority to approve such situations and to include other provisions to allow conflicts
of interest to be dealt with in a similar way to the current position. 
There are safeguards which will apply when directors decide whether to authorise a conflict or potential conflict. First,
only directors who have no interest in the matter being considered will be able to take the relevant decision, and
secondly, in taking the decision the directors must act in a way they consider, in good faith, will be most likely to
promote the company’s success. The directors will be able to impose limits or conditions when giving authorisation if
they think this is appropriate. 
It is also proposed that the New Articles should contain provisions relating to confidential information, attendance at
board meetings and availability of board papers to protect a director being in breach of duty if a conflict of interest or
potential conflict of interest arises. These provisions will only apply where the position giving rise to the potential conflict
has previously been authorised by the directors. 
3. Directors’ indemnification - the Companies Act 2006 has in some areas widened the scope of the powers of a company
to indemnify directors and to fund expenditure incurred in connection with certain actions against directors. In particular,
a company that is a trustee of an occupational pension scheme can now indemnify a director against liability incurred in
connection with the company’s activities as trustee of the scheme. In addition, the existing exemption allowing a
company to provide money for the purpose of funding a director’s defence in court proceedings now expressly covers
regulatory proceedings and applies to associated companies.
The New Articles will confirm that the Company may indemnify a director or purchase Directors’ and Officers’ liability
insurance to the extent permitted under the Companies Act 2006. Another new provision will permit any director
concerned to be included in the quorum and to vote on any board resolution to approve such an arrangement. 
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79 notice of annual general meeting
4. Electronic communications with shareholders - provisions of the Companies Act 2006 which came into force in January
2007 enable companies to communicate with shareholders by electronic and/or website communications. 
The New Articles will allow the Company to take advantage of these provisions at a future date if it is considered
appropriate to do so.
The New Articles will allow communications to shareholders in electronic form and permit the Company to take
advantage of new provisions relating to website communications. Before the Company can communicate with a
shareholder by means of website communication, the relevant shareholder must be asked individually by the Company
to agree that the Company may send or supply documents or information to him by means of a website, and the
Company must either have received a positive response or have received no response within the period of 28 days
beginning with the date on which the request was sent. 
Should communication with shareholders by way of website communication be adopted by the Company (as set out
above), the Company will notify the shareholder (either by post, or by other permitted means) when a relevant
document or information is placed on the website and a shareholder can always request a hard copy version of the
document or information.
5. General meetings (except AGMs) held on 14 days’ notice - a new provision will allow the Company to hold a general
meeting at which a special resolution is to be proposed on 14 days’ notice, as permitted by the Companies Act 2006,
rather than on 21 days’ notice as required by the Current Articles. 
6. Joint shareholders - a new provision will confirm that the giving of a document or other information by the Company to a
joint shareholder with that shareholder’s agreement, and vice versa, will be effective so far as all the joint shareholders 
are concerned.
7. Polls - a new provision will allow the chairman of a shareholder meeting, at his discretion, to put a resolution to a vote on
a poll without first putting it to a vote on a show of hands. The provision will not prevent a resolution from first being put
to a vote on a show hands should the chairman consider it appropriate to do so. The provision is consistent with what
has become usual practice among companies over the last few years. 
8. Proxies - new provisions will be added relating to proxies. One will confirm the right that proxies now have under the
Companies Act 2006 to speak at shareholder meetings. Another will allow the Company to disregard weekends and
bank holidays when determining the time by which proxy forms must be lodged prior to a shareholder meeting. 
9. Quorum at shareholder meetings - a provision will be added requiring two different members to be present at a
shareholder meeting in person or through a corporate representative or a proxy in order for the meeting to be quorate.
This provision will avoid the possibility of a shareholder meeting being quorate if it is attended by a proxy and a
corporate representative appointed by the same corporate member, and no one else. 
10. Requisitions - provisions in the Current Articles that confer power on shareholders to requisition shareholder meetings
will be removed. These powers are conferred on shareholders by the Companies Act 2006 and do not need to be
replicated in the New Articles.
notice of annual general meeting
annual report & accounts 2008
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Shepley Engineers
Robinson House
Westlakes Science Park
Moor Row
Cumbria 
CA24 3HY
Tel: 01946 599 022
VHE
Phoenix House
Hawthorn Park
Coal Road
Seacroft
Leeds
LS14 1PQ
Tel: 0113 273 9200
Seymour
30-34 Navigation Point
Hartlepool
TS24 0VQ
Tel: 01429 223521
Britannia Civil Engineering
Britannia House
Staverton Technology Park
Cheltenham
Gloucestershire
GL51 6TQ
Tel: 01452 859 880
YJL Infrastructure
39 Cornhill
London
EC3V 3NU
Tel: 020 7522 3220
Walter Lilly
Waddon House
283 Stafford Road
Croydon
Surrey
CR0 4NN
Tel: 020 8730 6200
Britannia Construction
Britannia House
Staverton Technology Park
Cheltenham
Gloucestershire
GL51 6TQ
Tel: 01452 859 880
Allenbuild (North West)
Jubilee House
Waterside Drive
Wigan
WN3 5AZ
Tel: 01942 246 265
Allenbuild (South East)
Unecol House
819 London Road
North Cheam
Surrey
SM3 9BN
Tel: 020 8335 4800
Allenbuild (North East)
Phoenix House
Hawthorn Park
Coal Road
Seacroft
Leeds
LS14 1PQ
Tel: 0113 237 5600
SEYMOUR
group businesses 80
group businesses
annual report & accounts 2008
93035_Renew_R&A_2008_Text.qxp:93035_Renew_R&A_2008_Text  12/12/08  18:10  Page 80 Renew delivers specialist construction
services in engineering and building
through its branded businesses which
operate in robust and sustainable markets
36 independent auditors’ report
37 group income statement
37 group statement of recognised income and expense 
38 group balance sheet
39 group cash flow statement
40 notes to the accounts
66 company balance sheet
67 notes to company accounts
74 shareholder information
75 directors and advisors 
76 notice of annual general meeting 
80 group businesses 
01 financial highlights 
02 chairman’s statement 
03 chief executive’s review
05 financial review
06 review of operations
06 specialist engineering
14 specialist building
24 corporate social responsibility
26 directors’ report
30 directors’ remuneration report 
33 corporate governance 
35 statement of directors’ responsibilities 
Produced by Salient Communications. Tel: 01635 861112.
93035 RENEW R&A 2008 COVER PAGE IFC 93035 RENEW R&A 2008 COVER PAGE IBC
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delivering
specialist
construction
services
renew holdings plc annual report & accounts | 2008
Renew Holdings plc
Yew Trees, Main Street North
Aberford, West Yorkshire LS25 3AA 
tel: 0113 281 4200 fax: 0113 281 4210
web: www.renewholdings.com
Company Number: 650447 
Registered in England & Wales
93035 RENEW R&A 2008 COVER PAGE OBC 93035 RENEW R&A 2008 COVER PAGE OFC
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