renew holdings plc ANNUAL REPORT & ACCOUNTS 2007
ANNUAL REPORT & ACCOUNTS  | 2007
delivering specialist
construction services
DJob Number90319_RenewHoldings  -R&A -   Page 1
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
DJob Number90319_RenewHoldings  -R&A -   Page 58
90319_RenewHoldings-R&A Cover  7/12/07  17:50  Page 1 DJob Number90319_RenewHoldings  -R&A -   Page 2
Renew delivers specialist
construction services in
engineering and building
through its branded businesses
which operate in robust and
sustainable markets
financial highlights 01
chairman’s statement 02
chief executive’s review 03
financial review 05
review of operations 06
specialist engineering 06
specialist building 09
corporate social responsibility 13
directors’ report 14
directors’ remuneration report 18
corporate governance 21
statement of directors’ responsibilities 23
independent auditors’ report 24
group profit & loss account 25
group statement of 
total recognised gains & losses 25
balance sheets 26
group cash flow statement 27
notes to the accounts 28
shareholder information 50
directors & advisors 51
notice of annual general meeting 52
group businesses 54
Produced by Salient Communications. Tel: 01635 861112.
DJob Number90319_RenewHoldings  -R&A -   Page 57
90319_RenewHoldings-R&A Cover  7/12/07  17:50  Page 2 FINANCIAL
HIGHLIGHTS
turnover 
from ongoing
operations £347 .8m
(2006: £341.7m)
profit
before tax £7 .2m
(2006: £4.6m)
earnings 
per share 11.9p
(2006: 10.0p)
net cash
balance at 
30 september £24.4m
(2006: £19.4m)
full year
dividend1.8p
(2006: 1.2p)
01
Annual Report & Accounts 2007
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90319_RenewHoldings-R&A Text  7/12/07  19:21  Page 3 02 CHAIRMAN’S
STATEMENT
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INTRODUCTION
I am pleased to report a strong set of
financial results and that the Group 
has made further excellent progress 
in line with its strategic objectives. 
In Specialist Engineering we have
continued to grow revenue, further
enhanced by the acquisition of Seymour,
and have maintained our strong margins.
In Specialist Building we have seen
excellent growth in operating margins 
at steady levels of revenue.
We are experiencing buoyant demand for
the Group’s specialist services in our
chosen market sectors, with the Group
order book up 21% in the period. The
order book also reflects a higher quality
of work founded on strong levels of
repeat business from key clients and a
further increase in the proportion of work
won within our specialist market sectors,
which remain robust.
We continue to be recognised for the 
high quality and standard of work we 
are consistently delivering to our
customers and have received awards 
and commendations for a number of our
businesses, specifically in the areas of
environmental, design and innovation.
Particularly pleasing is the excellent
progress we are making in Health &
Safety, which continues to be a key area
of focus across the Group, reflected by a
significant reduction in our Accident
Incidence Rate and recognised by a
number of RoSPA awards.
RESULTS AND DIVIDEND
Group turnover from ongoing operations
for the year ended 30 September 2007
was £347.8m (2006: £341.7m) and profit
before tax was £7.2m (2006: £4.6m).
Earnings per share were 11.85p 
(2006: 10.00p). The Group’s net cash
balance at 30 September was £24.4m
(2006: £19.4m) after paying for the 
£5.9m acquisition of Seymour outlined
below. Net assets have increased to
£10.1m from £5.3m.
The Board is proposing a final dividend 
of 1.2p per share, which will be paid 
on 25 February 2008 to shareholders on
the register as at 18 January 2008. 
This will result in a dividend of 1.8p per
share for the full year (2006: 1.2p), a 
50% increase, reflecting the Group’s
progressive dividend policy and the
Board’s confidence in the Group’s 
future prospects.
GROWTH STRATEGY
On 26 July 2007, the Group announced
another acquisition in the form of
Seymour (Civil Engineering Contractors)
Limited (“Seymour”), the water
engineering services provider, for a net
cash consideration of £5.9m, expanding
the Group’s Specialist Engineering
activities into the water sector. The
integration of Seymour is progressing 
well and the business is trading in line
with our expectations. 
As Brian May outlines in more detail in 
his Chief Executive’s review, we continue
to seek organic growth in our current
specialist areas of activity, whilst 
pursuing further strategic acquisitions in
Specialist Engineering.
MANAGEMENT AND HEAD OFFICE 
On 1 October 2006, John Bishop FCA
joined the Board as non-executive
Director, and on 31 October 2006,
Arnold Wagner OBE stepped down from
the Board as a non-executive Director.
During the year the Group relocated its
head office to Aberford, near Leeds, and
streamlined its head office function.
Certain key appointments were also
made, including that of our Group Lawyer
and Company Secretary, Ben Feather,
who joined Renew from HBOS after
spending several years with Addleshaw
Goddard in Leeds.
AUDITORS
We have been reviewing our
engagements with a number of the
professional advisors to the Group and,
following a competitive tender process, 
in July 2007 the Board appointed KPMG
Audit Plc as auditors in succession to
RSM Robson Rhodes LLP .
OUTLOOK
The Group is now in a position of
strength. All of the performance targets
set at the beginning of the year have
been exceeded. We continue to grow
cash backed profits in key areas of the
market where we see further opportunities
for organic growth and there is substantial
work being done in pursuing further
strategic acquisitions. The Board is
confident that the excellent progress
made during the year will continue. 
Roy Harrison
Chairman
27 November 2007 
£7.2m 
2006 2007 
£4.6m 
Profit Before Tax (£m) 10 0
50 0
£24.4m 
2006 2007 
£19.4m
Net Cash (£m)
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EXECUTIVE’S
REVIEW
Annual Report & Accounts 2007
DJob Number90319_RenewHoldings  -R&A -   Page 5
OVERVIEW 
Another year of strong performance has
been delivered across all of our business,
with profit before tax up 55%. This profit
growth has been matched by cash, which
remains a primary objective, and we have
achieved our target of delivering a 2%
Group profit before tax a year earlier than
anticipated. The Group strategy which
has been progressively implemented 
over the last two years is now firmly
established, both operationally and
culturally, and its benefits are reflected in
these very positive results. 
All of our specialist market sectors
continue to demonstrate robust
fundamentals. During the year we grew
our Specialist Engineering activities
organically by over 20%, whilst expanding
into new markets through the acquisition
of Seymour, a specialist contractor in the
water sector. This was achieved whilst
maintaining target margins and, following
the acquisition, Specialist Engineering is
now expected to account for more than
20% of Group turnover. 
In Specialist Building we maintained
turnover at a similar level to last year
while increasing operating profits by
42%, with margins up to 1.4% from
1.0%. This is an excellent achievement
and demonstrates the significant
improvement in risk management as 
we progress towards our target of 2%
operating margins in Specialist Building
within the next two years. 
Group operating margins increased by
40% during the year and, as a result, 
we have set a new objective for the
Group of achieving an operating profit
margin of at least 2.5% by 2010. 
The Group order book has grown by
more than 21% during the period and the
order intake since the end of the financial
year has been very strong. The secured
forward order book at 30 September
2007 stood at £252m, compared to
£209m a year ago. Our selective
approach to winning new contracts has
meant the proportion of new orders that
fall within our specialist areas of activity
has increased to nearly 80%. The level of
contracts secured from repeat customers
has also increased to 72%. Our level of
negotiated, framework and two stage
tendered work reached 68%. This gives
us greater earnings visibility and further
reduces risk, both of which remain key
objectives going forward.
SPECIALIST ENGINEERING
I am delighted that the quality of our
Specialist Engineering work is being
recognised both by our customers and
third parties. VHE was awarded the
Specialists in Construction Award from 
Construction News and was runner up 
in Brownfield Briefing’s Remediation
Innovation Awards. It was also awarded
the RoSPA Gold Medal in May in
recognition of five consecutive years of
Gold Awards. Shepley Engineers was
awarded a second consecutive RoSPA
President’s Award for an outstanding
performance in Health & Safety at work
over an eleven year period. Seymour won
two CECA training awards and was
runner up for the North East CECA
Project of the Year.
In Nuclear, the largest spend within the
national civil nuclear legacy programme is
at Sellafield in Cumbria, where Shepley
Engineers has worked continuously for
more than 25 years. Shepley Engineers is
the largest mechanical and electrical
contractor at Sellafield with a workforce
in excess of 400 people. Overall activity is
well balanced between operational asset
support and the decommissioning and
demolition of redundant facilities. During
the year Shepley Engineers was awarded
four long-term frameworks at Sellafield,
the most important being the major 
Multi Disciplinary Site Wide Framework,
where the company is one of three 
Tier 2 contractors alongside Amec and 
Hertel. This framework is worth in 
excess of £25m over the next two years
and includes an option for a further two
year extension.
In Land Remediation, VHE was
reappointed as a term contractor by
National Grid Property Limited to
continue remediation works on sites
across the UK. This three year framework
contract is worth £10m per annum and
has an option to extend it for a further
two years. Major contracts with other
clients include the remediation of former
coal-fired power stations in Rugeley in
Staffordshire and Stella South near
Gateshead. Both entailed substantial land
reclamation to create clean development
platforms for future housing development.
In Water, the Group acquired Seymour, a
leading civil engineering business in the
North East of England, in July 2007.
Seymour carries out water infrastructure
development and maintenance, flood
alleviation and coastal protection and
urban renewal works to the public and
private sectors. Seymour has a long-
standing relationship with Northumbrian
Water and has recently had its framework
agreement extended until 2011. Recent
contracts also include a £6m coastal
protection scheme completed over two
phases at Seaton Carew, and a £1m
contract to install a new raw water 
main at Teesside Power Station. The
integration of Seymour is progressing 
well and we are confident of growing the
business as part of the enlarged Group.
Building 
£265m
 
Engineering 
£69m 
 
Building 
£3.7m 
Engineering 
£3.4m 
TURNOVER 
PROFIT 
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EXECUTIVE’S
REVIEW
DJob Number90319_RenewHoldings  -R&A -   Page 6
SPECIALIST BUILDING
Our Specialist Building businesses have
experienced a strong increase in repeat
business as well as a number of 
industry commendations including 
RIBA, RICS and BREEAM awards for
architectural design, innovation and
environmental construction. 
In Social Housing, Allenbuild now has 
six framework agreements with major
housing associations in the South East.
We have recently been awarded a £15m
contract by Metropolitan Housing
Association to build 106 new apartments
and retail space in Hackney. We have a
pipeline of projects with Logic Homes in
excess of £60m and more than £40m
with other framework partners. Allenbuild
is actively incorporating Modern Methods
of Construction into its social housing
workload and is committed to achieving
zero defects on all projects. 
In Retail, Britannia Construction 
secured a number of new clients and
developments, including its appointment
as a framework contractor to Marks &
Spencer, and continued to strengthen its
relationships with existing customers 
such as Tesco. A £6.6m redevelopment
of Fareham Town Shopping Centre for
Dominion Corporate Trustees was started
in the summer for a new 32,000 sq ft
extension to the existing shopping mall.
Allenbuild also completed the £6m North
Walk Development at the Crystal Peaks
Shopping Centre in Sheffield for Hermes,
and secured repeat business with
Dransfield Properties for the £5.6m
Jasper Square development in Tunstall.
This sector is experiencing a very strong
level of enquiries.
In Restoration and Refurbishment, a
notable scheme undertaken by the Group
was the £13m restoration of the historic
iron fabric at St Pancras Station, London.
We continue to see strong demand from
the high quality residential sector in
London with a number of prestigious 
high quality projects underway. We 
also commenced a new framework 
with Grosvenor, which involves the
refurbishment of several properties in
Mayfair and Belgravia. The £8m
refurbishment of Walmsley House into
170 student units for Investream was
completed, the second project for this
client, illustrating the high level of 
repeat business we conduct in this
specialist sector.
In Science and Education, Walter Lilly
enjoyed a successful year with projects
for University College, London and the
Burlington Danes laboratory fit out as part
of the Imperial College framework, as well
as securing the £20.5m Queen Mary
Innovation Centre construction project for
the Queen Mary University, London. Work
also continued for long-standing client
GlaxoSmithKline’s research and
development arm with two laboratory
refurbishment projects. Allenbuild
commenced the construction of the
£17m Rossington All Saints Secondary
School and Sports Village for the Diocese
of Sheffield. It has also completed the
main phase of the British Library’s £13m
Additional Storage Programme, the
world’s first large-scale automated
document retrieval complex to use
oxygen depletion technology as a fire
resistance strategy. 
PROPERTY AND OTHER ACTIVITIES
The on time and on budget completion of
a major development project for Wichford
PLC valued at £15.3m demonstrated how
the Group’s various capabilities in
development, land remediation and
construction could be brought together
successfully and profitably. We continue
to look for other suitable development
opportunities and have recently started
construction of a specialist manufacturing 
building in Cumbria for an American
client. We also continue to realise surplus
land both in the UK and USA and I am
confident of further land realisations in
2007/08.
PEOPLE
We continue to attach great importance
to Health & Safety practices across 
the Group. I am delighted to report that
during the year we have decreased the
Accident Incidence Rate by 41% which,
given our annual target of a 10%
reduction, is a major achievement. 
The improvement in the Group’s
performance is a testament to the hard
work and dedication of all of our
employees, for which the Board is
extremely grateful.
STRATEGIC UPDATE
The benefits of our strategic focus and
improved management practices are
becoming increasingly evident. Our
specialist activities are also well
positioned in serving robust market
sectors with good potential for growth.
This provides an excellent platform for
the future and we will continue to 
expand our presence in our existing 
areas of activity both organically and, 
in Specialist Engineering, via further
strategic acquisitions. The Group’s strong
financial position and cash generation
provides excellent flexibility for funding
any future acquisitions.
Our goal is, within the next three years,
for the Group’s Specialist Engineering
activities to increase to at least a third of
Group turnover. We are targeting Group
turnover of at least £500m by 2010,
however we will not lose sight of our
primary objective of delivering increased
cash backed profits from progressive
operating margin improvement, with the
target of a Group operating profit margin
of 2.5% by the same date.
Brian May
Chief Executive
27 November 2007
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REVIEW
Annual Report & Accounts 2007
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RESULTS
The Group’s turnover from ongoing
operations was £347.8m (2006: £341.7m)
with an operating profit of £5.0m (2006:
£3.5m). Profit before tax was £7.2m 
(2006: £4.6m). A tax charge of £0.1m
(2006: £1.4m credit) resulted in a profit
after tax for the year of £7.1m (2006: £6.0m).
ACCOUNTING POLICIES
The Group has continued to prepare its
accounts in accordance with UK GAAP
and has made no changes to its
accounting policies during the year
although we have incorporated FRS 20
Share Based Payments for the first time.
It is required to transition to International
Financial Reporting Standards in 2007/08
and so the interim results to March 2008,
which will be issued in May 2008, will be
prepared under IFRS. The Group expects
to announce the impact of IFRS on
previously reported results prior to the
announcement of the March 2008 interims.
CASH GENERATION
The Group’s operating performance has
been complemented by strong cash
generation, both from operations and
from the continued realisation of surplus
property assets. Operating activities
generated £21.9m (2006: £10.7m) of cash
as stocks and work in progress reduced
by over £11m and payments in advance
increased by £3.9m.
The major development project which we
completed in December 2006 yielded
£15.3m of gross cash. The related loan
which was used to fund this project was
repaid and the Group then became free
of any material bank borrowings. A small
development project has been undertaken
and this has been funded internally with
£1.3m invested by the year end. 
During the year, all of the Group’s UK
banking was moved to Barclays Bank Plc
facilitating better Group cash and
treasury management. As a result, better
interest income was achieved on short-
term deposits.
The Group’s only borrowings are 
£547,000 of finance leases and £165,000
of borrowings in Lovell America, Inc. At
the year end, our net cash position was
£24.4m, compared to £9.3m last year
after deducting the development loan. 
LOVELL AMERICA, INC.
The Group has approximately £12m of
assets in the USA, where Lovell America,
Inc. is progressively realising these assets
for cash repatriation to the UK. This
process has led to more than 37% of the
US assets being in the form of cash at
the year end compared to 28% last year. 
PENSIONS
The gross deficit in the Lovell Pension
Scheme, which was closed to new
members in 2000, has remained largely
unchanged since last year at £3.6m as
discount rates have risen with interest
rate increases 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.
During the year and in accordance with
the scheme specific funding requirements
of the Pensions Act 2005, the Board
reached agreement with the Trustees 
of the scheme on the level of future
contributions at £1.7m per annum,
effective from 1 April 2007. Previously the
contribution rate was £1.2m per annum.
ACQUISITION OF SEYMOUR
The acquisition of Seymour in late July
cost a net £5.9m in cash, all payable on
acquisition. Following the acquisition, an
independent valuation was carried out 
of Seymour’s freehold land which resulted
in a fair value uplift of £0.3m reducing
goodwill on acquisition to £4.6m.
Seymour’s results for the two months
since the acquisition were not material to
the Group’s overall performance.
TAXATION
A deferred tax asset included in Debtors
of £3.7m is carried in the balance sheet,
which results from the likely future
utilisation of tax losses through the
improved and profitable trading of the
Group. During the year, material
additional trading losses were identified
as usable within the next two years in one
of the Engineering businesses and it is
these losses which are the main reason
for the increase in the deferred tax asset. 
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 £10.1m (2006: £5.3m), an increase
of 91%. The distributable profits of
Renew Holdings plc stood at £3.9m
(2006: £0.5m) providing the Board with
the platform to propose an increase in 
the dividend for the full year by 50% from
1.2p to 1.8p per share.
John Samuel
Group Finance Director
27 November 2007
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DJob Number90319_RenewHoldings  -R&A -   Page 8
The company has also been involved in 
a number of major projects. The High
Active South Outer (HASO) cell project
involves the decommissioning and
removal of redundant plant from one of
the original Magnox fuel reprocessing
facilities. On completion over fifty tonnes
of various types of equipment will have
been decommissioned and removed from
the cell. The Magnox storage pond
emergency pumping system entails the
provision and installation of new plant
and equipment within a particularly
challenging radiological environment. 
Asset support activities are ongoing
within the Thermal Oxide Reprocessing
Plant (THORP), Sellafield Mixed Oxide
Plant (SMP) and various High Level
Waste plants.
Shepley Engineers was also awarded a
second consecutive RoSPA President’s
Award for an outstanding performance in
Health and Safety at work over an eleven
year period.
NUCLEAR
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 been well
balanced between operational asset
support and the decommissioning and
demolition of redundant facilities. By far
the largest spend within the national civil
nuclear legacy programme is at Sellafield
in Cumbria where Shepley Engineers has
worked continuously for more than 25
years. Shepley Engineers is the largest
mechanical and electrical contractor at
Sellafield with a workforce in excess of
400 people.
During the year, Shepley Engineers was
awarded four long-term framework
agreements at Sellafield. These include: 
a Multi Disciplined Site Wide agreement,
worth in excess of £25m over the next
two years and with an option for a two
year extension; a decommissioning
framework agreement in consortium; a
demolition framework agreement and a
fabrication and spares agreement.
SPECIALIST 
ENGINEERING
REVIEW OF 
OPERATIONS
© British Nuclear Group Ltd 
90319_RenewHoldings-R&A Text  7/12/07  19:21  Page 8 During the year we grew Specialist Engineering
activities organically by over 20%. Our goal is,
within the next three years, for the Group’s
Specialist Engineering activities to increase to 
at least a third of the Group turnover.
07
Annual Report & Accounts 2007
DJob Number90319_RenewHoldings  -R&A -   Page 9
The remediation of the former Clough
Road Gas Works in Hull is also nearing
completion. The £7m works involves
the excavation of over 110,000m
3
of
material of which 55,000m
3
will be
treated by bioremediation. 
Two other major contracts comprise the
remediation of former coal-fired power
stations at Rugeley in Staffordshire and
Stella South near Gateshead. Both
entailed substantial land reclamation to
create clean development platforms for
future housing development.
The company’s expertise was recognised
with awards from a number of bodies.
These include the ‘Specialists in
Construction’ award from Construction
News, runner up in Brownfield Briefing’s
Remediation Innovation Awards, finalist
in the Chartered Institute of Waste
Management Environmental Excellence
Awards 07 and the RoSPA Gold Medal in
May 07 in recognition of five consecutive
years Gold Awards.
LAND REMEDIATION
VHE is a leading provider of land
remediation services with a varied public
sector and private sector client base. 
The company has extensive experience 
in reclaiming brownfield land utilising 
in-house designed and developed
solutions. These apply innovative and
sustainable services such as specialist
biophysical treatment, soil washing,
stabilisation and groundwater treatment
to maximise the value of redundant land. 
During the year VHE was reappointed 
as a term contractor by National Grid
Property Ltd to continue remediation
works on its sites across the UK. The
work primarily involves the clean-up of
former gas manufacturing sites with the
aim of returning the land to beneficial
use. The appointment for the East and
North East of England is for a three-year
term with the option to extend for a
further two years. VHE was first
appointed to the term contract in 1996.  
REVIEW OF 
OPERATIONS
90319_RenewHoldings-R&A Text  7/12/07  19:21  Page 9 SEYMOUR
Acquired by Renew in July 2007, 
Seymour delivers specialist 
environmental services including 
water infrastructure development 
and maintenance.
08
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The company has undertaken a range of
major works for Northumbrian Water in
the last 12 months. One of the largest is
a £3.5m flood alleviation scheme which
involved installing a 6,000m
3
storage 
tank to store excess waterflows at
Shiremoor in North Tyneside. A further
flood alleviation scheme, worth £1.5m,
was completed over two phases in
Hartlepool, along with a similar 
£650,000 project in a residential area 
at Kilton Beck.
Recent contracts include a major coastal
protection scheme completed over two
phases at Seaton Carew. The £6m
contract involved the removal of existing
sea wall, construction of 1,000m of new
reinforced concrete wall, protection with
rock armour weighing up to 2.5 tons,
concrete steps and ramps and
promenade works. The company has 
just completed a £1m contract to install 
a new raw water main at Teesside 
Power Station, without affecting the
operation of the station.
WATER
In July 2007, Renew expanded its
Specialist Engineering capability with the
acquisition of Seymour (Civil Engineering
Contractors) Limited, which provides
specialist engineering services in the
water sector. 
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 coastal protection, as well
as urban renewal and other infrastructure
services to customers in both the public
and private sectors. 
Three quarters of Seymour’s work is
generated from longer term framework
agreements and negotiated contracts.
These include a £10m per annum
framework agreement with Northumbrian
Water, with whom Seymour has worked
for over 20 years. This framework has
been extended since acquisition by
another two years until 2011.
REVIEW OF 
OPERATIONS
90319_RenewHoldings-R&A Text  7/12/07  19:21  Page 10 A further project completed during the
year was a £5m scheme in Deptford to
construct 37 new homes for London &
Quadrant Housing Trust as part of the
regeneration of the Pepys Estate in
Lewisham. A major scheme in progress 
is the £8.6m Clyde Terrace contract 
in Forest Hill to construct a mixed
development of residential, live-work 
and commercial units, which is due for
completion in 2008. 
Significant new contracts included 
the £15m construction of 106 new
apartments and retail space in Hackney
for Metropolitan Housing Trust, and a
further contract award for the Community
Housing Trust to build on a former petrol
site at Ponders End, Enfield.  
The recently completed £16.5m Gray’s
Inn Road project for Community 
Housing Group featured in the exhibition
of excellence at the 2007 Housing 
Design Awards.
SOCIAL HOUSING
New build social housing is a key sector,
especially within the South East where
Allenbuild has six frameworks with major
housing associations. Pipeline projects
with Logic Homes exceed £60m. 
Current contracts for Logic Homes
include the £2.8m scheme to create 30
units at St Mark’s Field, Rochford, and a
£2.2m contract at St Francis of Assisi in
Hainault, Essex to construct 12 flats and
a new Church Hall. Work also continued
for the same client on the £9m scheme 
to construct 60 units at Cranes Farm
Road in Basildon.
The company is actively incorporating
Modern Methods of Construction into 
its social housing workload and is
committed to achieving zero defects on
all projects. Zero defects was achieved
on two schemes for Logic Homes, the
£5m construction of 40 flats at Tushmore
Roundabout in Crawley and a timber-
framed project at Pegler Way. 
09 SPECIALIST 
BUILDING
Annual Report & Accounts 2007
DJob Number90319_RenewHoldings  -R&A -   Page 11
REVIEW OF 
OPERATIONS
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DJob Number90319_RenewHoldings  -R&A -   Page 12
Three new retail units in Hereford were
completed for the BBC Pension Trust,
together with the refurbishment of an
existing retail unit in The Horsefair, 
Bristol for the Bristol Alliance Partnership.
A developer’s shell for Next Retail 
was built in Quedgeley District Centre 
for Robert Hitchins Properties and a
50,000 sq ft DIY retail shell constructed
in Folkestone for Madford Developments.
On the leisure side of retail, work was
recently completed on a new five 
screen multiplex cinema in Didcot and 
a fit out contract for a twelve screen
facility commenced at High Wycombe,
both for Cineworld.
Allenbuild completed the £6m North 
Walk Development at the Crystal Peaks
Shopping Centre in Sheffield for Hermes,
and secured repeat business with
Dransfield Properties for the £5.6m
Jasper Square development in Tunstall.
RETAIL
Britannia Construction’s expertise in the
retail sector helped secure a number 
of new clients and developments
including appointment as a framework
contractor to Marks & Spencer. In
addition to this framework, Britannia
Construction is due to begin its first
project for this client at Barton Square in
Manchester by the end of 2007.
The £6.6m redevelopment of Fareham
Town Shopping Centre for Dominion
Corporate Trustees was started in the
summer, comprising the demolition of 
an existing multi-storey car park and
adjacent retail units to form a new 
32,000 sq ft extension to the existing
shopping mall and a new 209 space
multi-storey car park. 
Tesco continues to feature significantly in
Britannia Construction’s portfolio of retail
clients, with a major extension to the
Cheltenham store completed in the year
and new stores at Ilminster and Maesteg,
completing in the autumn.
REVIEW OF 
OPERATIONS
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 12 11
Annual Report & Accounts 2007
DJob Number90319_RenewHoldings  -R&A -   Page 13
residential properties in Belgravia and
Mayfair. Prestigious high quality
refurbishment and restoration projects are
underway in Regents Park and Belgrave
Square. Both projects involved substantial
structural alteration and installation of
swimming pools. The properties will be
amongst some of the finest residences in
London when completed.
YJL Infrastructure continues to operate 
in the rail sector providing construction
services to rail operators and asset
providers throughout London and the
South East. Much of the company’s work
is undertaken in close proximity to the
travelling public, working overnight or
within very tight timescales.
Projects completed include underground
station upgrade projects at Hampstead
and Belsize Park on the Northern Line
and Bounds Green on the Piccadilly Line.
A new depot facility was also completed
for GNER in North London, a Step 
Free Access project at Morden and a
challenging engineering scheme to “cool
the tube” at Victoria underground station.
RESTORATION AND REFURBISHMENT
Restoration and refurbishment, often
involving historic or listed properties 
and extensive structural alterations, is 
a key skill among a number of Group
companies. Walter Lilly continued to
deliver a number of exclusive private
residential schemes in London such as
the fitting out of the former Chelsea
School of Art into a number of exclusive
apartments with fine quality finishes
including marble, solid wood floors,
bespoke joinery and underfloor heating.
Around the corner in Chelsea Square,
Walter Lilly is carrying out the fitting out
of a five-storey villa for a private client,
having also constructed the shell and
core. This luxury property will include
seven bedrooms, an elevating stainless
steel swimming pool and glass lift.
Several projects have been undertaken
for long-standing client, The Cadogan
Estate, including the refurbishment of a
five-storey office building in King’s Road
into retail units on the ground and
basement floors with luxury apartments
on the three upper floors. A further
contract involving structural alterations 
on the Sloane Square Tavern has also
been undertaken. Currently Walter Lilly is
working on an £8m project in Cadogan
Gardens, which includes extensive
structural alterations and a retained
façade, to convert the property into 
retail units, offices and a private house.
One of Walter Lilly’s four framework
agreements is with Grosvenor which
involves the refurbishment of several
Pre-construction works are ongoing for
four station upgrade projects that are all
likely to be delivered during the course 
of next year, including a £10m scheme 
at Earls Court.
Allenbuild commenced work on the
£5.8m contract for the major
refurbishment of the Youth Courts within
the Queen Elizabeth II Court facility in
Liverpool for Her Majesty’s Courts
Services. The project requires the
majority of the work to be undertaken
“out of hours” to prevent any disruption
to the daily operation of the building.
YJL London continues to develop a
specialism in structural refurbishment
works, with the majority of its work 
being centred around the West End 
and City fringes.
Projects include the conversion of 
offices into high quality residential
apartments in Barter Street, Holborn for
Holborn Links Property Developers,
which in turn has led to a negotiated
project for the same client in High
Holborn, consisting of the conversion of 
REVIEW OF 
OPERATIONS
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 13 an existing commercial property into six
‘Affordable Homes’ apartments.
The £8m refurbishment of Walmsley
House into 170 student units for
Investream was completed, having 
been secured following the successful
completion of 70 units at Goswell Road
for the same client.
YJL London has a long track record in
hospital refurbishment and won two
contracts for the Guy’s and St Thomas’s
Hospital Trust; the formation of a new
Urology suite and the formation of the
Assisted Conception Unit and Stem 
Cell research facility on the 11th floor 
of Guy’s Tower. 
Her Majesty the Queen and HRH The
Duke of Edinburgh opened the new
Morrison Wing of The Caledonian Club.
Walter Lilly constructed a four-storey
extension and basement to complement
the original building that provides additional
function rooms, snooker and music
rooms and bedroom accommodation. 
Also in London, Allenbuild is working on
the £2.6m contract to construct the new
Sackler Centre for arts education at the
Victoria and Albert Museum (V&A) in
South Kensington. The project in the
Henry Cole Wing of the Grade I listed
building entails the construction of an
auditorium, art/design and digital studios
and seminar rooms over two floors.
A notable restoration scheme undertaken
by the Group was the £13m restoration 
of the historic iron fabric at St Pancras.
The work involved the faithful repair and
replication of numerous corroded and
World War II bomb damaged elements 
of the famous Barlow Shed, as well as 
in the chambers and undercroft, within
very strict conservation constraints. 
The stunning refurbished iron and glass
roof at St Pancras provides a landmark
demonstration of the Group’s highly
specialist capability in this type of work.
SCIENCE AND EDUCATION
Walter Lilly enjoyed a successful year in
science and education with projects for
University College, London and the
Burlington Danes laboratory fit out as part
of the Imperial College framework. The
company also secured the £20.5m Queen
Mary Innovation Centre project, part of
Queen Mary University London, which will
provide accommodation for the University
as well as incubator space aimed at
encouraging business innovation.
Work continued for long-standing 
client GlaxoSmithKline’s Research and
Development arm with two laboratory
refurbishments. A further negotiated
award is a £2.5m warehouse upgrade 
at Harlow where Walter Lilly has 
received commendations for outstanding
project delivery.
HRH The Princess Royal opened the
James Black Centre for Kings College
London which focuses on research into
stem cell, cardiology, neuroscience and
sickle cell disease.
Allenbuild commenced the construction
of the £17m Rossington All Saints
Secondary School and Sports Village for
the Diocese of Sheffield. The new school
will provide almost 10,000m
2
of modern
teaching and sports facilities and will be
constructed within the grounds of the
existing school. The contract also includes
a modern ‘Sports Village’ to strengthen
further the school’s ‘Sports College’ status.
One of the most innovative schemes
being undertaken by Allenbuild is the
British Library’s Additional Storage
Programme building at Thorp Arch near
Wetherby, the world’s first large scale
automated document retrieval complex to
use oxygen depletion as a fire resistance
strategy. The £13m scheme will provide
additional storage capacity for 7 million
items for the UK national collection, and
provide over 262 linear kilometres of
high-density storage.
A number of smaller educational projects
are underway including the Kenton
Learning Centre in Harrow and the
construction of a new Arts Centre at Mid
Cheshire College in Northwich.
REVIEW OF 
OPERATIONS
12
DJob Number90319_RenewHoldings  -R&A -   Page 14
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 14 CORPORATE
SOCIAL
RESPONSIBILITY
Renew Holdings plc and its subsidiaries
endeavour to minimise the impact and to
maximise the social, economic and
environmental benefits of their operations
beyond compliance with minimum 
legal requirements. More information 
on the Group’s policies can be found 
in the Directors’ Report. The activities
undertaken vary across the Group, due 
to its organisational structure and the
diversity of the specialist nature of each
business. A selection of current initiatives
undertaken by our operating companies
is outlined below.
SAFETY
As well as protecting its employees
through progressive improvements in
safety training and procedures, Renew
businesses work in very close proximity
to the public. When working in schools or
near to children, Allenbuild, Seymour and
other Group businesses host special
presentations geared to the relevant age
group, illustrating the potential dangers
involved on a building site. Shepley
Engineers is also supporting the ZERO
initiative at Sellafield. 
ENVIRONMENT
VHE is committed to recycling site-won
materials during land remediation, which
diverts material from landfill and creates
reusable aggregates. Group companies
are also helping to pioneer a number of
initiatives, such as CLUSTER. This enables
material from sites which are too small to
be economically remediated individually
to be treated collectively at a temporary
central hub. Britannia Construction
donates surplus materials to suitable
local organisations on project completion. 
SUSTAINABILITY
All Renew businesses are committed to
increasing the procurement of sustainable
products and reducing construction
waste. Sustainable projects being
constructed include the Environmental
Technology Energy Centre for Yorkshire
Forward which features a 300KW wind
turbine while a sedum roof and biomass
boiler form part of the Alltwen Community
Hospital. In Social Housing, Modern
Methods of Construction, such as timber
frames, lightweight steel, bathroom pods
and other prefabricated elements are
being utilised to improve energy efficiency
and reduce site waste, while also improving
quality and reducing the building
programme. Other initiatives to minimise
waste include segregating materials on
site where space allows. Group offices
also separate waste such as paper,
cardboard and aluminium for recycling. 
CONSIDERATE CONSTRUCTORS
All Group companies are active participants
in the Considerate Constructors scheme
and all sites are registered. The scores
form a part of the Key Performance
Indicators for each business.
EMPLOYMENT AND TRAINING
Providing employment opportunities to
local people is important for a number 
of businesses, especially those involved
in social housing or community
regeneration. Allenbuild supports the
“Employers Racing Ahead” initiative in
Bradford that helps place the socially
deprived and people from ethnic
minorities in the construction industry.
Shepley Engineers recruits around a
dozen apprentices every year and actively
contributes to regional development 
and regeneration bodies throughout 
West Cumbria. All Group companies
support the operation and aspirations of
the Construction Skills Certification
Scheme to raise quality standards
throughout the construction industry.
ENERGY SAVING AND 
CARBON FOOTPRINT
Walter Lilly is incorporating a number 
of energy saving technologies on its
projects such as electronic lighting
control systems, heat recovery on
mechanical ventilation and ground 
source heating. 75% of staff at YJLi use
public transport for home to work travel. 
Group companies are also implementing
numerous ways to reduce the carbon
footprint of each office.
CHARITABLE GIVING
Staff across the Group give financial and
practical support to a wide range of local
and national charities, as well as other
good causes. Some Group businesses
pledge to match any funds raised by staff
for charitable events. 
Renew Holdings plc and its subsidiaries endeavour to
minimise the impact and to maximise the social, economic
and environmental benefits of their operations beyond
compliance with minimum legal requirements.
13
Annual Report & Accounts 2007
DJob Number90319_RenewHoldings  -R&A -   Page 15
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3.0
2.2
2.6
1.8
1.4
1.0
2010 2007 2006 
1.4% 
2.5% 
1% 
ACTUAL 
TARGET 
64
% 
65
66
67
68
69
70
71
72
73
74 
2006 2007 
ACTUAL 69% 
ACTUAL 72% 
TARGET 66% TARGET 66% 
Percentage of orders from repeat clients
% 
62 
64 
66
68 
70 
72 
74 
76 
78
80 
82 
2006 2007 
ACTUAL 78% 
ACTUAL 79% 
TARGET 66% TARGET 66% 
Percentage of orders in specialist sectors
% 
07 
10 
13
16 
19 
22 
25 
28 
31 
34 
37 
43 
40
ACTUAL 19% 
ACTUAL 41% 
TARGET 10% TARGET 10% 
2006 2007 
Improvement in Accident Incidence Rate
The Directors present their Report and the audited
accounts for the year ended 30 September 2007.
Principal activities
For the year ended 30 September 2007 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 and joint ventures of the Group as at 30
September 2007 appears in Note 27 to the accounts.
Results and dividends
The Group profit for the year was £7,098,000 (2006:
£5,988,000). The Directors recommend the payment of a
final dividend on Ordinary Shares of 1.2p (2006: 0.8p)
giving a total for the year of 1.8p (2006: 1.2p).
Acquisitions and disposals
Acquisitions made by the Group in the year are detailed
in the Chief Executive’s Review. There were no disposals
of businesses in the year.
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 interest as a
percentage of sales is a medium-term target which the
Directors are aiming to achieve within three 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. 
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.
14
DIRECTORS’ 
REPORT
DJob Number90319_RenewHoldings  -R&A -   Page 16
Profit before interest as a percentage of sales
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DIRECTORS’ 
REPORT
Annual Report & Accounts 2007
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 sterling at floating rates of interest
under the terms of overdraft and bond facilities with
Barclays Bank Plc. Interest rates are linked to London
Inter-Bank Offer Rate (LIBOR) and the Bank’s base rates,
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 balance sheet.
The Group seeks to limit the effect of this currency
exposure by using foreign currency borrowings to hedge
these investments 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$15.5m by the receipt of funds from the US in the
intervening period. As at 30 September 2007,
£11,575,000 (2006: £12,979,000) 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.
Environment
The Group’s policy with regard to the environment is to
ensure that we understand and effectively manage the
actual and potential environmental impact of our
activities. Our operations are conducted such that we
comply with all legal requirements relating to the
environment in all areas where we carry out our business.
During the period covered by this Report the Group has
not incurred any fines or penalties or been investigated
for any breach of environmental regulations.
Payment of creditors
The Group recognises the importance of good
relationships with its suppliers and sub-contractors and
has established the following payment policy:
(a) agree payment terms in advance of any commitment
being entered into;
(b) ensure suppliers are made aware of these terms by
inclusion of the terms of payment on the order or
contract; and
(c) ensure that payments are made in accordance with
the terms of the contract or order providing that the
presented documentation is complete and accurate.
The Group’s average creditor days during the year were
45 days (2006: 44 days).
Donations
Charitable donations made by the Group during the year
amounted to £26,948 (2006: £19,467). 
The Group made no political donations during the year
(2006: £nil).
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DIRECTORS’
REPORT
Employees
The Directors recognise the need for communication with
employees at every level. All employees have access to a
copy of the Annual Report and Accounts, which together
with staff briefings, internal notice-board statements and
newsletters, keeps them informed of the Group’s
progress. The 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 & Safety management
Brian May continues as the designated Board Director of
Health & 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 the new bespoke business Safety
and Environmental Management Systems that were
launched in 2007. This new system is based on Group
activities and provides specific standards, procedures,
information, forms and advice. Management advice is
provided by the Group Health, Safety and Environmental
Department consisting of the Group Health, Safety and
Environmental Director, an administrator and our 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 to help
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
2007, 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 10% per
annum. Against this taxing target the Group actually
achieved a 41% reduction.
Directors
The Directors of the Company who served throughout the 
year, and brief biographical details, are set out below. 
Arnold Wagner OBE resigned as a non-executive Director
on 31 October 2006.
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DIRECTORS’
REPORT
Annual Report & Accounts 2007
Non-executive Directors
John Bishop - Director, 62, 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, and Primary Medical Property Limited, a
specialist property investment company.
Roy Harrison - Director, 60, appointed to the Board as a
non-executive Director in November 2003. Subsequently
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 and has a number of investing Director positions
in private construction materials companies. Roy is a
non-executive Director of BSS Group Plc, and Governor
and Chairman of a number of City Academies.
Executive Directors
Brian May - Director, 56, 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, 51, 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. John qualified as
a Chartered Accountant in 1981 with Deloitte, Haskins
and Sells before serving as a partner with Baker Tilly from
1987 until 1991. 
An organogram with the Directors’ areas of responsibility
can be found on the Company’s website:
www.renewholdings.com
Roy Harrison will retire by rotation at the 2008 Annual
General Meeting (“AGM”) and will offer himself for
reappointment. The Board recommends the
reappointment of Mr Harrison as it is considered that he
brings considerable management and related commercial
experience to the Group’s business.
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 20. No
Director has any interest in any other Group company.
Details of the Directors’ remuneration and service
contracts appear on pages 19 and 20.
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
At the date of making this Report each of the Company’s
Directors, as set out on this page, confirms the following:
• So far as each Director is aware, there is no relevant
information needed by the Group’s Auditors in
connection with preparing their Report 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 information needed by the
Group’s Auditors in connection with preparing their
Report and to establish that the Group’s Auditors are
aware of that information.
Auditors
On 31 July 2007, the Company received the resignation
of RSM Robson Rhodes LLP as Auditors to the Group.
The Company’s Directors appointed KPMG Audit Plc on
31 July 2007 to fill the casual vacancy in the office of
Auditors to the Group. A resolution 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 
27 November 2007.
By Order of the Board
Ben Feather 
Group Solicitor and Company Secretary
27 November 2007
Number of Percentage of 
Ordinary Shares issued share 
capital
Ruffer LLP 4,760,700 7.95%
Johan Claesson and 
connected parties 3,930,723 6.56%
JP Morgan Asset 
Management (UK) Limited 3,193,375 5.33%
Octopus Asset Management 
Nominees Limited 3,151,560 5.26%
G. Merrett 2,323,250 3.88%
Aviva plc and its subsidiaries 1,846,000 3.08%
DJob Number90319_RenewHoldings  -R&A -   Page 19
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DIRECTORS’ 
REMUNERATION 
REPORT
The Directors present the Directors’ Remuneration Report
for the financial year ended 30 September 2007.
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 four 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 as it is
designated to consider;
(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 on termination and
payments made are fair to the individual and
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 their 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
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DIRECTORS’ 
REMUNERATION 
REPORT
Annual Report & Accounts 2007
which they are responsible. All performance criteria are
subject to approval by the Remuneration Committee
before payment is made.
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
522,292 options were granted under the 2004 ESOS to
the Executive Directors. There are 761,904 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
The Group provides retirement benefits for Executive
Directors and employees through independent pension
schemes. The assets of these schemes are held by trustees
and managed by independent investment managers.
The retirement age of the Executive Directors is 65.
Messrs. May and Samuel are not members of these
schemes and receive salary in lieu of pension
contributions from the Company.
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 2007, include the following terms:
Directors Executive/ Letter of appointment Date of contract Unexpired terms Notice period 
Non-executive or contract or letter (months) (months)
J Bishop Non-executive Letter 4 October 2006 24 1
R Harrison Non-executive Letter 7 October 2005 12 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
2007 2006
£000 £000 £000 £000 £000
Executive Directors
B May 1, 2 & 3 286 138 22 446 435
J Samuel 1, 2 & 3 220 46 22 288 144
734 579
Non-executive Directors
R Harrison 50 - - 50 50
J Bishop 27 - - 27 -
A Wagner OBE 4 2 - - 2 25
79 75
Notes:
1. The highest paid Director for 2007 and 2006 was B May who received emoluments of £446,000 (2006: £435,000). 
2. Benefits include car allowances and certain medical cover for the Director and immediate family.
3. Messrs. May and Samuel received salary payments in lieu of Company pension contributions, which are paid
through payroll and taxed as salary and are included in salary above.
4. A Wagner OBE resigned on 31 October 2006.
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DIRECTORS’ 
REMUNERATION 
REPORT
Directors’ share options
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 2007 was 114.5p and the range of market prices during the year was between 59.75p and 120.75p.
Information is provided below for Directors who served during the financial year and as at 30 September 2007:
2007 Award 2006 Award Cumulative Total
30 September 1 October
2007 2006
B May 331,210 476,190 807,400 476,190
J Samuel 191,082 285,714 476,796 285,714
Date of Award 8 January 2007 7 June 2006
Exercise Price (£) 0.785 0.525
Earliest Exercise Date 9 January 2010 8 June 2009
Expiry of Exercise Period 8 January 2017 7 June 2016
Performance criteria for the vesting of the share options is set out in Note 19 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 2007 as follows:
Ordinary Shares of £0.10 each
30 September 2007 30 September 2006
J Bishop 10,000 -
R Harrison 60,000 60,000
B May 105,000 105,000
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 27 November 2007 and signed on its behalf by:
R Harrison
Chairman
27 November 2007
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CORPORATE 
GOVERNANCE
Annual Report & Accounts 2007
As an AIM listed company, Renew is not required to
follow the provisions of the Combined Code (“the Code”),
as set out in the Financial Services Authority’s Listing
Rules. The Directors, however recognise the importance
of and accordingly support the principles of, good
corporate governance as contained within the Code.
Because of this the Directors would 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 page 17.
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. 
The Board in its capacity as Nomination Committee
considered external candidates leading to the
appointment of John Bishop as a non-executive Director
on 1 October 2006. 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 10 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 OBE 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 Code. 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 18 to 20. 
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 two
meetings 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 five 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 
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CORPORATE 
GOVERNANCE
interim statement, the preliminary announcement and
accounting policies. 
The General Purposes Committee is constituted by 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 2007 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, 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 an internal audit function is
necessary, however, it is continuing to review this position.
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 provides 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 Company 
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 30 January 2008, the Notice for
which is set out on page 52. The Notice contains special
business, including 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 on page 53 in the
notes to the Notice of AGM. 
Shareholders should complete the proxy form
accompanying this document in accordance with the
notes contained in the Notice of AGM.
Approval
The Board approved the Corporate Governance Report
on 27 November 2007.
By Order of the Board
Ben Feather
Group Solicitor and Company Secretary
27 November 2007
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STATEMENT OF
DIRECTORS’
RESPONSIBILITIES
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual
Report and the financial statements in accordance with
applicable law and regulations. 
Company law requires the Directors to prepare financial
statements for each financial year. Under that law they
have elected to prepare the Group and Company
financial statements in accordance with UK Accounting
Standards and applicable law (UK Generally Accepted
Accounting Practice). 
The Company and Group financial statements are
required by law to give a true and fair view of the state of
affairs of the Company and the Group and of the profit or
loss for that period. 
In preparing these 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; 
• state whether applicable UK Accounting Standards
have been followed, subject to any material
departures disclosed and explained in the 
financial statements;
• 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 parent
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
(www.renewholdings.com). Legislation in the UK
governing the preparation and dissemination of 
financial statements may differ from legislation in 
other jurisdictions. 
Annual Report & Accounts 2007
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INDEPENDENT 
AUDITORS’ 
REPORT 
Independent Auditors’ Report to the Members of 
Renew Holdings plc 
We have audited the Group and parent Company
financial statements (the “financial statements”) of Renew
Holdings plc for the year ended 30 September 2007
which comprise the Group Profit and Loss Account, the
Group and Company Balance Sheets, the Group Cash
Flow Statement, the Group Statement of Total
Recognised Gains and Losses 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 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 23. 
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 are 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 Chairman’s Statement, the Chief
Executive’s Review and the Financial Review that is cross
referred from the Principal activities 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 financial statements give a true and fair view, in
accordance with UK Generally Accepted Accounting
Practice, of the state of the Group’s and the parent
Company’s affairs as at 30 September 2007 and of
the Group’s profit for the year then ended; 
• 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 and Registered Auditors
1 The Embankment
Neville Street
Leeds
LS1 4DW 
27 November 2007
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GROUP PROFIT & LOSS ACCOUNT
For the year ended 30 September 2007
Turnover: Group & share of joint ventures 349,129 365,266
Less share of joint ventures’ turnover (980) (2,823)
Continuing operations 347,770 341,698
Discontinued operations 379 20,745
Group turnover 2 348,149 362,443
Cost of sales 2 (311,486) (328,393)
Gross profit 36,663 34,050
Administrative expenses 2 (31,646) (30,577)
Profit on ordinary activities before interest 2 5,017 3,473
Interest receivable 2,199 1,561
Interest payable 4 (768) (1,437)
Other finance income – FRS 17 pension 4 745 1,042
Profit on ordinary activities before taxation 7,193 4,639
Taxation (charge)/credit on ordinary activities 6 (95) 1,349
Profit for the financial year 7,098 5,988
Basic earnings per Ordinary Share 8 11.85p 10.00p
Diluted earnings per Ordinary Share 8 11.63p 9.95p
Note Total Total
2007 2006
£000 £000
Profit for the financial year 7,098 5,988
Exchange movement in reserves (150) (119)
Movements in defined benefit pension scheme 25 (1,804) (6,175)
Movement on deferred tax relating to the defined benefit pension scheme 427 1,186
Total recognised gains and losses for the year 5,571 880
Note Total Total
2007 2006
£000 £000
GROUP STATEMENT OF TOTAL RECOGNISED GAINS & LOSSES
For the year ended 30 September 2007
Annual Report & Accounts 2007
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BALANCE SHEETS
At 30 September 2007
Fixed assets
Intangible assets: Goodwill 9 8,741 4,527 - -
Tangible assets 10 5,188 3,819 196 209
Investments 11 - - 90,493 83,672
Investments in joint ventures: 12
Loans to joint ventures 751 561 - -
Share of gross assets 3,623 4,429 - -
Share of gross liabilities (1,321) (1,722) - -
3,053 3,268 - -
16,982 11,614 90,689 83,881
Current assets
Stocks and work in progress 13 6,391 18,673 - -
Debtors: due after more than one year 14 3,902 4,346 - -
Debtors: due within one year 14 85,118 77,093 26,233 23,987
Cash at bank and in hand 15 24,565 19,735 9,893 13,951
119,976 119,847 36,126 37,938
Creditors: amounts falling due in less than one year 16 (122,352) (121,555) (106,990) (105,473)
Net current liabilities (2,376) (1,708) (70,864) (67,535)
Total assets less current liabilities 14,606 9,906 19,825 16,346
Creditors: amounts falling due after more than one year 17 (1,899) (1,821) - -
Net assets excluding pension liability 12,707 8,085 19,825 16,346
Pension liability 25 (2,562) (2,769) - -
Net assets 10,145 5,316 19,825 16,346
Capital and reserves
Share capital 19 5,990 5,990 5,990 5,990
Share premium account 20 5,893 5,893 5,893 5,893
Capital redemption reserve 20 3,896 3,896 3,896 3,896
Revaluation reserve 20 73 73 73 73
Share based payments reserve 20 97 - 97 -
Profit and loss account 20 (5,804) (10,536) 3,876 494
Equity shareholders’ funds 21 10,145 5,316 19,825 16,346
Approved by the Board and signed on its behalf by:
R Harrison
Chairman
27 November 2007
Note Group Group Company Company
2007 2006 2007 2006
£000 £000 £000 £000
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GROUP CASH FLOW STATEMENT
For the year ended 30 September 2007
Net cash inflow from operating activities 26 21,878 10,661
Returns on investments and servicing of finance
Interest received 2,199 1,561
Interest paid (768) (1,437)
1,431 124
Taxation
Net corporation tax paid (107) (36)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (1,060) (1,291)
Proceeds on sale of tangible fixed assets 308 393
Loans advanced to joint ventures (231) (149)
(983) (1,047)
Acquisitions and disposals
Acquisition of a subsidiary (6,821) (664)
Cash obtained on acquisition of subsidiaries and businesses 889 65
(5,932) (599)
Equity dividends paid to shareholders (839) (360)
Cash inflow before financing 15,448 8,743
Financing
Movement in short-term borrowings - (3,600)
Repayment of mortgage - (8,363)
(Repayment of)/additional development loans (9,795) 9,795
Finance lease payments (543) (686)
(10,338) (2,854)
Increase in cash during the year 5,110 5,889
Reconciliation of net cash flow to movement in net funds
Increase in cash during the year 5,110 5,889
Movement in borrowings 10,053 2,556
Changes in net funds arising from cash flows 15,163 8,445
Other non-cash movements (280) 256
Movement in net funds during the year 14,883 8,701
Opening net funds 8,970 269
Closing net funds 23,853 8,970
Note Total Total
2007 2006
£000 £000
Annual Report & Accounts 2007
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NOTES TO THE ACCOUNTS
(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, modified
by the revaluation of certain long leasehold land 
and buildings.
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 and include the
attributable share of the results and net assets of joint
ventures. The results and net assets of undertakings
acquired are included in the Group profit and loss
account 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 and joint ventures are included in accordance
with the accounting policies noted below.
(iii) Joint ventures
In the normal course of business the Group invests in
joint ventures which are classified as fixed asset
investments in the individual accounts of the Company.
Joint ventures arise where the Group has a participating
interest in an entity and shares the control of its strategic
and operating policies. Joint ventures are accounted for
using the gross equity method of accounting. Where
necessary, adjustments are made on consolidation to
bring the results and net assets of joint ventures into line
with Group accounting policies.
(iv) Investments in subsidiaries
Investments in subsidiaries are recorded at cost less
provision for impairment.
(v) Goodwill
Goodwill is the difference between the amount paid on
the acquisition of a business and the aggregate fair value
of its separable net assets. Goodwill arising on
acquisitions prior to 30 September 1997 has been written
off directly against the profit and loss reserve and has not
been reinstated on implementation of FRS 10 “Goodwill
and intangible assets” as allowed by the standard.
Goodwill arising on acquisition of subsidiaries after 
1 October 1997 is capitalised in the balance sheet and is
being amortised over its estimated useful economic life
up to a maximum of 20 years.
Reviews for impairment of goodwill are performed at the
end of the first full financial year following the related
acquisition and, thereafter, if events indicate that the
carrying value may not be recoverable. On the sale of a
subsidiary undertaking any goodwill relating to the
disposed subsidiary is written off in the year.
(vi) Long-term contracts
Long-term contracts are stated at cost plus attributable
profit after providing for anticipated future losses and
contingencies. Progress payments received are deducted
from these amounts. Cost includes attributable
overheads. Long-term contract work in progress is
recorded in turnover on a monthly basis as the contract
proceeds and therefore is included in debtors as
amounts recoverable on contracts. No profit is
recognised until the outcome of the contract can be
foreseen with reasonable certainty.
(vii) Stocks and work in progress
Stocks and work in progress comprise developments
and 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 stocks.
(viii) 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:
• Group occupied property
Freehold land - no depreciation charge
Long leasehold land - shorter of fifty years and
and buildings and remainder of lease
• Plant and vehicles - three to ten years
• Office equipment - two to seven years
Changes in the revalued amounts of assets carried at
valuations are taken directly to the revaluation reserve.
Upon disposal, the balance of any revaluation reserve
relating to the property sold is transferred to the profit 
and loss account in reserves.
1 ACCOUNTING POLICIES
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NOTES TO THE ACCOUNTS
1 ACCOUNTING POLICIES (continued)
(ix) 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 Group.
(x) Turnover
Turnover, which excludes sales within the Group and 
Value Added Tax, comprises:
• value of work executed during the year on 
construction contracts;
• sales of properties and land which are recorded upon 
legal completion.
(xi) Foreign currencies
Transactions in foreign currencies are recorded at the rate
ruling at the date of the transaction or at the contracted
rate if the transaction is covered by a forward exchange
contract. Monetary assets and liabilities denominated 
in foreign currencies are retranslated at the rate of
exchange ruling at the balance sheet date or, if
appropriate, at the forward contract rate. The accounts of
overseas subsidiary and joint venture undertakings are
translated at the rate of exchange ruling at the balance
sheet date. The exchange difference arising on the
retranslation of the opening net assets is taken directly to
reserves together with differences on foreign currency
borrowings to the extent that they are used to finance or
provide a hedge against Group equity investments in
foreign enterprises. All other exchange differences are
taken to the profit and loss account.
(xii) 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 remaining lease term
if shorter. The interest element of the rental obligation is
charged to the profit and loss account and represents a
constant proportion of the balance of capital repayments
outstanding. Rentals under operating leases are charged
to the profit and loss account on a straight-line basis
over the term of the lease.
(xiii) Defined benefit pension scheme
The Group has adopted the requirements of FRS 17
“Retirement 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 operating profit. 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 consolidated statement of total recognised gains 
and losses.
Pension scheme surpluses, to the extent they are
considered recoverable (under the guidance of FRS 17),
or deficits are recognised in full and presented on the
face of the balance sheet net of related deferred tax.
Further information on the structure of the defined benefit
scheme is contained within Note 25 of these accounts.
(xiv) Defined contribution pension scheme
Contributions to the defined contribution scheme are
charged to the profit and loss account as incurred.
(xv) 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 Group’s estimate of shares
that will eventually vest.
Annual Report & Accounts 2007
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2 SEGMENTAL ANALYSIS
Turnover is analysed as follows:
Building 265,289 271,888
Engineering 68,777 54,553
Inter divisional turnover (3,265) (8,999)
Property and central activities 17,949 27,079
Discontinued operations 379 20,745
Group and share of joint ventures’ turnover 349,129 365,266
Less: Share of joint ventures’ turnover (980) (2,823)
Group turnover 348,149 362,443
Analysed as to:
Continuing operations 347,770 341,698
Discontinued operations 379 20,745
Group turnover 348,149 362,443
Analysis of cost of sales:
Continuing operations 311,107 308,017
Discontinued operations 379 20,376
Group cost of sales 311,486 328,393
Analysis of administrative expenses:
Continuing operations 31,646 30,208
Discontinued operations - 369
Group adminstrative expenses 31,646 30,577
Analysis of profit on ordinary activities before interest:
Building 3,700 2,603
Engineering 3,374 2,810
Property and central activities (2,057) (1,940)
Discontinued operations - -
Profit on ordinary activities before interest 5,017 3,473
Net financing income 2,176 1,166
Profit on ordinary activities before taxation 7,193 4,639
Discontinued operations relates to the activities of YJL Construction (excluding YJL Infrastructure).
The Directors have not disclosed segmental information relating to the net assets since they are of the opinion that to
fully comply with the requirements of SSAP 25 “Segmental Reporting” would be seriously prejudicial to the interests
of the Group.
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 £4,221,000
(2006: loss £822,000).
2007 2006
£000 £000
NOTES TO THE ACCOUNTS
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 32 31
3 PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST
Profit on ordinary activities before interest is arrived at after charging/(crediting)
Auditors’ remuneration – audit services (Company £56,000; 2006 £74,000) 150 193
Depreciation of owned assets 1,047 1,113
Depreciation of assets held under finance leases 279 410
Amortisation of goodwill 356 306
Operating lease rentals – Plant and machinery 34 33
Operating lease rentals – Motor vehicles 358 306
Operating lease rentals – Other 3,055 3,400
Rental income (1,348) (2,158)
Profit on sale of fixed assets (85) -
Profit on sale of current asset investments - (544)
Foreign exchange losses 192 163
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 56 74
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 94 119
Other services related to taxation - 64
Other services related to employment matters 37 -
187 257
2007 2006
£000 £000
4 INTEREST PAYABLE AND OTHER FINANCE INCOME
Interest payable:
On bank loans and overdrafts 739 1,375
Other interest payable 29 62
768 1,437
Other finance income/(charges) – FRS 17 pension
Expected return on scheme assets 6,560 6,452
Interest on scheme liabilities (5,815) (5,410)
745 1,042
Further information on the pension scheme is set out in Note 25 to the accounts.
2007 2006
£000 £000
NOTES TO THE ACCOUNTS
Annual Report & Accounts 2007
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6 TAXATION (CHARGE)/CREDIT ON ORDINARY ACTIVITIES
(a) Analysis of (charge)/credit in year:
Current tax:
UK corporation tax on profits of the year (291) -
Adjustments in respect of previous periods - (74)
(291) (74)
Foreign tax (107) (2)
Total current tax (398) (76)
Deferred tax - pensions (616) -
Deferred tax - other 919 1,425
Total deferred tax 303 1,425
Taxation (charge)/credit on profit on ordinary activities (95) 1,349
5 EMPLOYEE NUMBERS AND REMUNERATION
The average monthly number of employees,
including Executive Directors, during the year was: 1,341 1,322
At 30 September: 1,512 1,326
Productive 633 628
Administrative 708 694
1,341 1,322
The analysis of the average monthly number of employees, 
including Executive Directors, during the year was:
Continuing activities 1,341 1,293
Discontinued activities - 29
1,341 1,322
Cost of staff, including Executive Directors, during the year amounted to:
Wages and salaries 50,858 48,598
Social security costs 5,507 5,223
Other pension costs 2,628 1,207
Share based payments 97 -
59,090 55,028
Details of individual Directors’ emoluments and pension contributions can be found on pages 19 and 20. 
These figures have been audited.
2007 2006
Number Number
2007 2006
£000 £000
2007 2006
£000 £000
2007 2006
Number Number
NOTES TO THE ACCOUNTS
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 34 33
2007 2006
£000 £000 (b) Factors affecting tax (charge) for the year
Profit on ordinary activities before taxation 7,193 4,639
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK 
of 30% (2006: 30%) (2,158) (1,392)
Effects of:
Income not subject to tax 224 549
Expenses not deductible for tax purposes (90) (499)
Tax deductible expenses not recognised in the profit & loss account 713 353
Foreign tax (107) (2)
Utilisation of brought forward tax losses 1,020 989
Adjustments to tax charge in respect of previous periods - (74)
Current tax (charge) for the year (398) (76)
The Group and Company have available further unused UK tax losses of £88m and £39m respectively and the Group
has £22m ($43m) of tax losses in the USA, to carry forward against future taxable profits. 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 losses 
is £30.8m for the Group and £10.9m for the Company.
(c) Deferred tax
Accelerated capital allowances (90) (90)
Tax losses 3,815 2,989
3,725 2,899
(d) Reconciliation of deferred tax asset
As at 1 October 2,899 1,474
Acquisition of Seymour (93) -
Change in deferred tax rate to 28% (193) -
Origination of timing differences 1,112 1,425
At 30 September 3,725 2,899
6 TAXATION (CHARGE)/CREDIT ON ORDINARY ACTIVITIES (continued)
2007 2006
£000 £000
2007 2006
£000 £000
NOTES TO THE ACCOUNTS
Annual Report & Accounts 2007
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7 DIVIDENDS
Interim (related to the year ended 30 September 2007) 0.60 0.40
Final (related to the year ended 30 September 2006) 0.80 0.20
Total dividend paid 1.40 0.60
£000 £000
Interim (related to the year ended 30 September 2007) 359 240
Final (related to the year ended 30 September 2006) 480 120
Total dividend paid 839 360
In accordance with FRS 21 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 1.2p per 
Ordinary Share be paid in respect of the year ended 30 September 2007. This will be accounted for in the 2007/08
financial year.
2007 2006
Pence/share Pence/share
FRS 22 basis
Basic earnings per share 7,098 59,899 11.85 5,988 59,899 10.00
Dilutive effect of share options - 1,154 (0.22) - 254 (0.05)
Diluted earnings per share 7,098 61,053 11.63 5,988 60,153 9.95
Effect of discontinued operations:
Discontinued basic e.p.s - 59,899 - - 59,899 -
2007 2006
Weighted Weighted
average number average number
Earnings of shares EPS Earnings of shares EPS
£000 000 Pence £000 000 Pence
8 EARNINGS PER ORDINARY SHARE
NOTES TO THE ACCOUNTS
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 36 35
Goodwill
£000 Group
Cost:
At 1 October 2006 7,790
Additions 4,570
At 30 September 2007 12,360
Amortisation:
At 1 October 2006 3,263
Charge for year 356
At 30 September 2007 3,619
Net book value:
At 30 September 2007 8,741
At 30 September 2006 4,527
Goodwill of £4.6m was acquired on the acquisition of Seymour (C.E.C) Holdings Limited. Further information is given
in Note 24.
9 INTANGIBLE FIXED ASSETS
NOTES TO THE ACCOUNTS
Annual Report & Accounts 2007
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DJob Number90319_RenewHoldings  -R&A -   Page 38
Group
Cost or valuation:
At 1 October 2006 - 789 5,002 5,791
Additions - - 1,060 1,060
Disposals - - (893) (893)
Acquisition of subsidiary 500 - 4,376 4,876
At 30 September 2007 500 789 9,545 10,834
Depreciation:
At 1 October 2006 - 645 1,327 1,972
Charge for year - 5 1,321 1,326
Disposals - - (670) (670)
Acquisition of subsidiary - - 3,018 3,018
At 30 September 2007 - 650 4,996 5,646
Net book value:
At 30 September 2007 500 139 4,549 5,188
At 30 September 2006 - 144 3,675 3,819
At cost less depreciation 500 - 4,549 5,049
At valuation - 139 - 139
At 30 September 2007 500 139 4,549 5,188
Historical cost of revalued properties:
Cost - 715 - 715
Accumulated depreciation - (650) - (650)
At 30 September 2007 - 65 - 65
The valuations applied as noted above to the long leasehold land and buildings are based on Directors’ valuation.
The net book value of assets under finance leases at 30 September 2007 was £1,026,000 (2006: £1,033,000). During
the year £279,000 (2006: £410,000) of depreciation was charged against assets held under finance leases.
Freehold Long leasehold Plant, vehicles Total
land land & buildings & equipment
£000 £000 £000 £000
10 TANGIBLE FIXED ASSETS
NOTES TO THE ACCOUNTS
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 38 37
Company
Cost or valuation:
At 1 October 2006 789 267 1,056
Additions - 20 20
At 30 September 2007 789 287 1,076
Depreciation:
At 1 October 2006 645 202 847
Charge for year 5 28 33
At 30 September 2007 650 230 880
Net book value:
At 30 September 2007 139 57 196
At 30 September 2006 144 65 209
At cost less depreciation - 57 57
At valuation 139 - 139
At 30 September 2007 139 57 196
Historical cost of revalued properties:
Cost 715 - 715
Accumulated depreciation (650) - (650)
At 30 September 2007 65 - 65
The valuations applied as noted above to the long leasehold land and buildings are based on Directors’ valuation.
The Company has no assets held under finance leases or hire purchase agreements.
Long leasehold Plant, vehicles Total
land & buildings & equipment
£000 £000 £000
10 TANGIBLE FIXED ASSETS (continued)
11 INVESTMENTS
Company
Shares at cost:
At 1 October 2006 152,552
Additions 6,821
At 30 September 2007 159,373
Provisions:
At 1 October 2006 and 30 September 2007 68,880
Net book value:
At 30 September 2007 90,493
At 30 September 2006 83,672
Details of the principal subsidiary undertakings are included in Note 27.
The investment in subsidiaries is supported by their net asset values and their discounted expected future cash flows.
Subsidiary
undertakings
£000
NOTES TO THE ACCOUNTS
Annual Report & Accounts 2007
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12 INVESTMENTS IN JOINT VENTURE DEVELOPMENTS
The investments in joint venture developments consist of:
Group
At 1 October 2006 2,707 561 3,268
Exchange movements (199) (41) (240)
Loan advances - 231 231
Realisations (206) - (206)
At 30 September 2007 2,302 751 3,053
The Group’s share of assets and liabilities in these joint ventures comprises:
Stocks 2,649 2,894
Debtors 958 1,534
Cash 16 1
Gross assets 3,623 4,429
Less:
Creditors (899) (1,449)
Partner loans (422) (273)
Gross liabilities (1,321) (1,722)
Share of net assets 2,302 2,707
The Group’s share of the assets and liabilities in each joint venture varies. Stocks include interest on non-Group
specific project finance of £769,000 (2006: £1,475,000). Details of the principal joint ventures are shown in Note 27.
A letter of credit of £607,000 (2006: £1,257,000) remains outstanding at 30 September 2007. This letter of credit,
which is guaranteed by the Company, was issued by Barclays Bank Plc to M & T Bank in the USA in respect of the
Russett Center joint venture.
Share of Loan Total
net assets advances
£000 £000 £000
2007 2006
£000 £000
NOTES TO THE ACCOUNTS
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14 DEBTORS
Due after more than one year:
Amounts recoverable on contracts 2,388 2,291 - -
Other debtors 1,514 2,055 - -
3,902 4,346 - -
Due within one year:
Trade debtors 38,908 28,240 276 585
Due from subsidiary undertakings - - 24,847 19,113
Amounts recoverable on contracts 39,190 35,891 - -
Other debtors 1,640 8,335 237 3,401
Corporation tax 35 35 - -
Deferred tax (Note 6) 3,725 2,899 61 -
Prepayments and accrued income 1,620 1,693 812 888
85,118 77,093 26,233 23,987
Included within deferred tax is an amount of £2,430,000 (2006: £769,000) which may not be recoverable within 
one year.
Group Company
2007 2006 2007 2006
£000 £000 £000 £000
15 CASH AT BANK AND IN HAND
Cash at bank 24,559 19,725 9,893 13,951
Cash in hand 6 10 - -
24,565 19,735 9,893 13,951
Cash at bank includes £0.4m (2006: £(0.2)m) in respect of the net position on a sterling bank deposit of 
£8.1m (2006: £8.1m) and a connected US$ loan of £7.7m (US $15.5m translated at the year end rate) 
(2006: £8.3m) used to hedge part of the inter-company balance due by Lovell America, Inc. to the Company. 
Group Company
2007 2006 2007 2006
£000 £000 £000 £000
13 STOCKS AND WORK IN PROGRESS
Group
Developments and undeveloped land 6,021 18,395
Raw materials 370 278
6,391 18,673
2007 2006
£000 £000
NOTES TO THE ACCOUNTS
Annual Report & Accounts 2007
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16 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans and overdrafts – secured 165 10,093 - -
Obligations under finance leases 429 361 - -
Payments received on account 15,426 11,555 - -
Trade creditors 43,951 39,862 109 214
Corporation tax 480 56 3 3
Other taxation and social security 2,053 1,806 840 786
Due to subsidiary undertakings - - 98,561 97,963
Other creditors 5,951 5,496 4,652 4,418
Accruals and deferred income 53,897 52,326 2,825 2,089
122,352 121,555 106,990 105,473
Group Company
2007 2006 2007 2006
£000 £000 £000 £000
17 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Obligations under finance leases 118 311 - -
Accruals and deferred income 1,781 1,510 - -
1,899 1,821 - -
Obligations under finance leases comprise £118,000 (2006: £280,000) due between one and two years and £nil 
(2006: £31,000) due between two and five years.
Group Company
2007 2006 2007 2006
£000 £000 £000 £000
NOTES TO THE ACCOUNTS
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An explanation of the Group’s objectives, policies and strategies for the role of derivatives and other financial
instruments in managing the risks facing the Group can be found within the Directors’ Report on page 15. The
disclosures below do not include short-term debtors and creditors as permitted by the exemption allowed in FRS 13.
Interest rate profile of financial assets and liabilities
2007
Assets
Sterling - - 28,167 28,167
Dollar - - 4,498 4,498
- 32,665 32,665
Liabilities
Sterling 3.0 (547) - (547)
Dollar - - (7,857) (7,857)
(547) (7,857) (8,404)
2006
Assets
Sterling - - 24,317 24,317
Dollar - - 3,522 3,522
- 27,839 27,839
Liabilities
Sterling 3.0 (672) (10,093) (10,765)
Dollar - -(8,299) (8,299)
(672) (18,392) (19,064)
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 rate.
The maturity of the financial liabilities is disclosed in Notes 16 and 17. The fixed rate liabilities have a weighted
average period of one year (2006: two years).
Currency exposures
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 profit and loss account) 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 inter-company loan. At 30 September 2007 the unhedged
portion of the inter-company loan was $4,905,000 (2006: $4,905,000). At 30 September 2007 the balance on the US
dollar bank account was $1,000 (2006: $1,000).
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.
Hedges
The Company has a loan hedge of $15,537,000 (2006: $15,537,000) with Barclays Bank Plc against the inter-company
balance due by Lovell America, Inc. Exchange gains of £608,000 (2006: £515,000) were made during the year on
foreign currency borrowings. This has been fully offset against exchange losses made on the hedged portion of the
inter-company 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 Group’s financial assets and liabilities.
18 DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS
Fixed rate Financial assets/(liabilities)
weighted average Fixed Floating 
interest rate rate rate Total
% £000 £000 £000
NOTES TO THE ACCOUNTS
Annual Report & Accounts 2007
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19 SHARE CAPITAL
Group and Company
Authorised:
100,000,000 (2006: 100,000,000) Ordinary Shares of 10p each 10,000 10,000
Allotted, called up and fully paid:
59,898,927 (2006: 59,898,927) Ordinary Shares of 10p each 5,990 5,990
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. In respect of the options granted prior to this 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 this 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. 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 20.
2007 2006
£000 £000
20 RESERVES
Group
At 1 October 2006 5,893 73 3,896 - (10,536)
Transfer from profit and loss account for the year 7,098
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 30 September 2007 5,893 73 3,896 97 (5,804)
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 FRS 10, the Directors are not able to state this figure.
Goodwill written off against reserves in respect of subsidiaries acquired after 1989 amounts to £nil (2006: £nil).
Share Capital Share based Profit & loss
premium Revaluation redemption payments account 
£000 £000 £000 £000 £000
NOTES TO THE ACCOUNTS
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 44 43
20 RESERVES (continued)
Company
At 1 October 2006 5,893 73 3,896 494
Transfer from profit and loss account for the year 4,221
Recognition of share based payments 97 -
Dividends paid (839)
At 30 September 2007 5,893 73 3,896 97 3,876
Share based payments reserve
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 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.
£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 2007 were as follows:
Date of grant 7 June 2006 8 January 2007 Total
Awards outstanding at 30 September 2007 – Directors 761,904 522,292 1,284,196
Exercise price and price at date of grant 52.5p 78.5p -
Maximum option life 10 years 10 years -
Assumed option life for purposes of valuation 3 years 3 years -
Expected volatility 47% 46% -
Dividend yield 1% 1.50% -
Risk free interest rate 4.67% 4.88% -
Value per option 20.5p 25.9p -
There were 761,904 options outstanding at 1 October 2006 being those issued on 7 June 2006 and detailed above.
Share Capital Share based Profit & loss
premium Revaluation redemption payments account 
£000 £000 £000 £000 £000
NOTES TO THE ACCOUNTS
Annual Report & Accounts 2007
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DJob Number90319_RenewHoldings  -R&A -   Page 46
22 CAPITAL AND LEASING COMMITMENTS
Group
Annual commitments under non-cancellable
operating leases expiring in:
Under one year 81 113 194 1,013
Two to five years 518 328 846 935
Five or more years 2,651 78 2,729 2,892
3,250 519 3,769 4,840
Company
Annual commitments under non-cancellable
operating leases expiring in:
Under one year 29 3 32 881
Two to five years 224 31 255 488
Five or more years 1,662 - 1,662 2,031
1,915 34 1,949 3,400
The Group has capital commitments at 30 September 2007 of £90,000 (2006: £nil).
21 RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS’ FUNDS
Group
Profit for the year 7,098 5,988
Dividends paid (839) (360)
6,259 5,628
Other recognised gains and losses for the year (1,527) (5,108)
Recognition of share based payments 97 -
Net movement on shareholders’ funds 4,829 520
At 1 October 2006 5,316 4,796
At 30 September 2007 10,145 5,316
2007 2006
£000 £000
Land & Other Total Total
buildings 2007 2006
£000 £000 £000 £000
Land & Other Total Total
buildings 2007 2006
£000 £000 £000 £000
NOTES TO THE ACCOUNTS
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 46 45
24 ACQUISITION OF SUBSIDIARY UNDERTAKING
On 25 July 2007, the Company 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, Seymour has contributed sales of £4.0m and a profit before taxation of £nil to
the consolidated results. 
The value of the assets and liabilities of Seymour at the date of acquisition were:
Fixed assets
Tangible assets 1,859
Current assets
Stocks and work in progress 72
Debtors: due within one year 3,619
Cash at bank and in hand 889
4,580
Creditors: amounts falling due in less than one year (3,948)
Net current assets 632
Total assets less current liabilities 2,491
Creditors: amounts falling due after more than one year (240)
Net assets 2,251
The consideration paid was £6,821,000 in cash. Goodwill of £4,570,000 was acquired on acquisition and will be
reviewed for impairment one year after the acquisition as permitted by FRS 10.
The trading result and cashflows of Seymour are not considered by the Directors to be significant enough to warrant
separate disclosure in accordance with FRS 3.
The value of land acquired with Seymour and included in tangible fixed assets 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.
Book value
£000
23 CONTINGENT LIABILITIES
The Company has guaranteed performance bonds in respect of certain contracts and leasing arrangements in the
normal course of business.
A letter of credit, guaranteed by the Company, has been issued by Barclays Bank Plc to M&T Bank (see Note 12).
As part of the Office of Fair Trading’s review of tender activities within the construction industry, the Company notes
that one of its subsidiaries has been contacted in relation to some historic contract tenders. These tenders represent a
small proportion of the tenders made during the period in question. It is not possible to predict whether this enquiry
will have an adverse effect on the Group’s financial position or results of its operations.
NOTES TO THE ACCOUNTS
Annual Report & Accounts 2007
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DJob Number90319_RenewHoldings  -R&A -   Page 48
NOTES TO THE ACCOUNTS
25 PENSION COMMITMENTS
Defined benefit scheme
The defined benefit 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 scheme. 
FRS 17 “Retirement Benefits”
The Directors have adopted the accounting required by FRS 17 with effect from 1 October 2003. The Directors have
discussed the assumptions used in determining the actuarial valuations set out below with independent pensions
advisors and have determined that they are appropriate.
The following disclosures required by FRS 17 have been based on the most recent actuarial valuation as at 
30 September 2007 carried out by Barnett Waddingham, Consulting Actuaries, using the following financial
assumptions:
Rate of increase in salaries 4.00% 4.00% 4.00%
LPI increases to pensions in payment 2.90% 2.50% 2.50%
Discount rate 6.20% 5.30% 5.20%
Inflation assumption 2.90% 2.50% 2.50%
Increases in deferred pensions 2.90% 2.50% 2.50%
The assets in the scheme and the expected rates of return were:
Equities - 8.50% - 7.95% - 7.85%
Gilts + 2.5% fund 54,914 7.50% 56,494 6.95% 57,212 6.85%
Bonds 47,998 6.20% 52,058 5.30% 51,401 5.20%
Cash 36 5.75% 89 4.75% (79) 4.50%
Total 102,948 108,641 108,534
As at As at As at 
30 September 30 September 30 September
2007 2006 2005
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
2007 2006 2005
£000 £000 £000
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 48 47
NOTES TO THE ACCOUNTS
Annual Report & Accounts 2007
25 PENSION COMMITMENTS (continued)
The following amounts at 30 September were measured in accordance with the requirements of FRS 17.
Total market value of assets 102,948 108,641 108,534 
Present value of scheme liabilities (106,507) (112,596) (106,906) 
(Deficit)/surplus in the scheme (3,559) (3,955) 1,628 
Deferred tax 997 1,186 - 
Net (deficit)/surplus (2,562) (2,769) 1,628 
Balance sheet adjustments to reduce surplus to nil at 30 September 2005 - - (1,628) 
Net deficit (2,562) (2,769) - 
FRS 17 was adopted with effect from 1 October 2003. The two columns in the following tables identify the actual
amounts included in the 2007 accounts and the 2006 comparatives.
Amounts charged to operating profit:
Current service cost (excluding employee contributions) (79) (68)
(79) (68)
Amount charged to other financial income/(charges):
Expected return on assets 6,560 6,452
Interest on scheme liabilities (5,815) (5,410)
745 1,042
Amounts recognised in the statement of total recognised gains and losses:
Actual less expected return on assets (7,960) (1,786)
Experience losses on liabilities (575) (72)
Effect of change in assumptions on liabilities 6,731 (5,945)
Actuarial loss (1,804) (7,803)
Adjustment for pension asset not recognised in previous year - 1,628
(1,804) (6,175)
Movement in the deficit during the year:
Deficit brought forward (3,955) -
Current service cost (excluding employee contributions) (79) (68)
Cash contribution (excluding employee contributions) 1,534 1,246
Other financial charges 745 1,042
Actuarial loss (1,804) (7,803)
Net deficit (3,559) (5,583)
Adjustment for pension asset not recognised in previous year - 1,628
Deficit carried forward (3,559) (3,955)
The Group has agreed an annual contribution rate of £1,716,000 with the Trustees of the defined benefit scheme with
effect from 1 April 2007. 
As at As at As at 
30 September 30 September 30 September 
2007 2006 2005 
£000 £000 £000 
At 30 September At 30 September
2007 2006
£000 £000
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DJob Number90319_RenewHoldings  -R&A -   Page 50
25 PENSION COMMITMENTS (continued)
Difference between the expected and £(7,960,000) £(1,786,000) £6,623,000 £426,000 £(338,000)
actual return on scheme assets
As a percentage of the assets at the end of the year (8.0)% (1.6)% 6.10% 0.42% (0.23)%
Experience (losses)/gains on scheme liabilities £(575,000) £(72,000) £647,000 £1,176,000 £336,000
As a percentage of the liabilities at the end of the year (1.0)% 0.00% 0.61% 1.11% 0.23%
Total amount recognised in the statement £(1,804,000)£(7,803,000) £412,000 £11,294,000 £(25,340,000)
of total recognised gains and losses
As a percentage of the liabilities at the end of the year (1.69)% (6.93)% 0.39% 10.70% (17.70)%
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 FRS 17, the Group has taken advantage of the multi-employer exemption
and the deficit of the scheme is accounted for as an unallocated consolidation adjustment.
Money purchase scheme 
The assets of the money purchase scheme are held in separate trustee-administered funds. The Group made
contributions of £1,494,000 (2006: £1,139,000) into the money purchase scheme during the year. There is also
£114,000 (2006: £68,000) of accruals relating to the scheme.
26 CASH FLOW NOTES
Operating profit 5,017 3,473
Amortisation of goodwill 356 306
Depreciation 1,326 1,523
Profit on sale of fixed assets (85) -
Decrease/(increase) in stocks and work in progress 11,910 (9,551)
Increase in operating debtors and prepayments (3,067) (866)
Decrease in current asset investments - 16,643
Increase/(decrease) in creditors and accruals 7,573 (1,152)
Net movement on pension deficit included within operating profit (Note 25) 79 68
Cash contribution to defined benefit scheme (1,534) (1,246)
Charge in respect of share options 97 -
Realisation of joint venture assets 206 1,463
Net cash inflow from operating activities 21,878 10,661
2007 2006 2005 2004 2003
2007 2006
£000 £000
NOTES TO THE ACCOUNTS
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 50 49
26 CASH FLOW NOTES (continued)
Analysis of net funds
Cash 19,735 5,110 (280) 24,565
Debt due within one year (10,093) 9,928 (165)
Finance leases due after one year (311) 193 (118)
Finance leases due within one year (361) (68) (429)
(10,765) 10,053 - (712)
Net funds 8,970 15,163 (280) 23,853
The non-cash movement on cash relates to an unrealised foreign exchange loss on translation of the opening balance
sheet of the US subsidiary.
27 PRINCIPAL SUBSIDIARY UNDERTAKINGS AND JOINT VENTURES
The Company 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 and joint ventures are shown below. 
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 London Ltd Owned by subsidiary England and Wales 100%
YJL Infrastructure Ltd Owned by subsidiary England and Wales 100%
VHE 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%
Joint ventures % Interest
Russett Center Limited Partnership USA 50%
100 Investment Limited Partnership (Center 9500) USA 67%
The joint venture entities are held by Lovell America, Inc.
At 1 October Non-cash At 30 September
2006 Cash flow movements 2007
£000 £000 £000 £000
Incorporation & Proportion of
principal place Ordinary Shares
of business held by the Company
NOTES TO THE ACCOUNTS
Annual Report & Accounts 2007
DJob Number90319_RenewHoldings  -R&A -   Page 51
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SHAREHOLDER
INFORMATION
Annual General Meeting 30 January 2008
Results Announcement of interim results – May 2008
Preliminary announcement of full year results - November 2008
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.
DJob Number90319_RenewHoldings  -R&A -   Page 52
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DIRECTORS &
ADVISORS
Directors 
R Harrison (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
Annual Report & Accounts 2007
DJob Number90319_RenewHoldings  -R&A -   Page 53
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NOTICE OF ANNUAL 
GENERAL MEETING
DJob Number90319_RenewHoldings  -R&A -   Page 54
Notice is hereby given that the forty-eighth Annual General Meeting of the Company will be held at the offices of
Brewin Dolphin Securities Limited, 12 Smithfield Street, London EC1A 9BD on 30 January 2008 at 11.00am.
The meeting will consider the following business:
Ordinary Business
To consider and, if thought fit, to pass the following ordinary resolutions:
1. To receive and adopt the accounts for the year ended 30 September 2007 and the Reports 
of the Directors and Auditors thereon.
(Resolution 1)
2. To declare a final dividend of 1.2p per share. 
(Resolution 2)
3. To re-elect the following Director who retires in accordance with the Company’s Articles 
of Association: Roy Harrison. 
(Resolution 3)
4. To approve the Remuneration Report for the year ended 30 September 2007. 
(Resolution 4)
5. To re-appoint KPMG Audit Plc as Auditors of the Company (having previously been appointed 
on 31 July 2007 by the Directors to fill a casual vacancy arising on the resignation of 
RSM Robson Rhodes LLP) and to authorise the Directors to determine their remuneration.
(Resolution 5)
Special Business
To consider and, if thought fit, to pass resolution 6, which shall be proposed as a special resolution:
6. That the power conferred upon the Directors by regulation 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 for the period ending on the date of the Annual General Meeting in 2009 or on 
30 April 2009, whichever is the earlier, and for such period the “Section 89 Amount” referred 
to in regulation 5 of the Company’s Articles of Association shall be £299,495.
(Resolution 6)
By order of the Board
B C Feather LLB
Company Secretary
27 November 2007
Renew Holdings plc 
Registered Office: Yew Trees, Main Street North, Aberford, West Yorkshire LS25 3AA.
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 54 53
NOTICE OF ANNUAL 
GENERAL MEETING
Notes
1. Holders of Ordinary Shares are entitled to attend and vote at this meeting. A shareholder entitled to attend and vote
may appoint a proxy (or proxies), who need not be a shareholder of the Company, to attend, speak and vote instead
of him or her. Should a shareholder wish to appoint more than one proxy, the shareholder is requested to attach to
the proxy form a schedule detailing the names of the proxies the shareholder wishes to appoint, the number of
shares each proxy will represent and the way in which the shareholder wishes them to vote on the resolutions that
are to be proposed.
2. 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, Proxy Department, PO Box 25, Beckenham, Kent BR3
4BR not later than 48 hours (exclusive of any time in a non-working day) before the time of the meeting. Completion
of a proxy will not preclude a shareholder from attending and voting in person at the meeting.
3. 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 or any adjournment thereof.
4. Resolution 5: On 31 July 2007, RSM Robson Rhodes LLP resigned as Auditors and the Directors appointed KPMG
Audit Plc in their place. Special Notice of the resolution proposing the reappointment of KPMG Audit Plc has been
received by the Company pursuant to Sections 391A and 379 of the Companies Act 1985. KPMG Audit Plc has
confirmed that it is willing to continue in office.
5. Resolution 6: By resolution 6 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 issued Ordinary Share capital of the Company at the date of this Notice.
If given, this power will expire at the Company’s AGM in 2009 or on 30 April 2009, whichever is the earlier.
Location of AGM
Underground
Farringdon and Barbican are both on the Circle,
Metropolitan and Hammersmith & City Lines. 
Chancery Lane and St Paul’s are on the Central line.
Train
The nearest stations are City Thameslink and Farringdon.
Bus
Services 8, 25 & 521 stop on Holborn Viaduct.
Services 8, 25, 56, 242 & 521 all stop on Newgate Street.
For further information about public transport in London 
visit the Transport for London website at www.tfl.gov.uk 
or phone London Travel Information on 020 7222 1234.
Car Parking
Car parks are located on the map opposite.
12 Smithfield Street, London EC1A 9BD
Annual Report & Accounts 2007
DJob Number90319_RenewHoldings  -R&A -   Page 55
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GROUP
BUSINESSES
DJob Number90319_RenewHoldings  -R&A -   Page 56
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
YJL London
18 Mansell Street
London
E1 8AA
Tel: 020 7977 0050
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
Jubilee House
Waterside Drive
Wigan
WN3 5AZ
Tel: 01942 246 265
Unecol House
819 London Road
North Cheam
Surrey
SM3 9BN
Tel: 020 8335 4800
Phoenix House
Hawthorn Park
Coal Road
Seacroft
Leeds
LS14 1PQ
Tel: 0113 237 5600
Stoneygate Road
Spondon
Derby
DE21 7RY
Tel: 01332 680 400
SEYMOUR
90319_RenewHoldings-R&A Text  7/12/07  19:22  Page 56 DJob Number90319_RenewHoldings  -R&A -   Page 2
Renew delivers specialist
construction services in
engineering and building
through its branded businesses
which operate in robust and
sustainable markets
financial highlights 01
chairman’s statement 02
chief executive’s review 03
financial review 05
review of operations 06
specialist engineering 06
specialist building 09
corporate social responsibility 13
directors’ report 14
directors’ remuneration report 18
corporate governance 21
statement of directors’ responsibilities 23
independent auditors’ report 24
group profit & loss account 25
group statement of 
total recognised gains & losses 25
balance sheets 26
group cash flow statement 27
notes to the accounts 28
shareholder information 50
directors & advisors 51
notice of annual general meeting 52
group businesses 54
Produced by Salient Communications. Tel: 01635 861112.
DJob Number90319_RenewHoldings  -R&A -   Page 57
90319_RenewHoldings-R&A Cover  7/12/07  17:50  Page 2 renew holdings plc ANNUAL REPORT & ACCOUNTS 2007
ANNUAL REPORT & ACCOUNTS  | 2007
delivering specialist
construction services
DJob Number90319_RenewHoldings  -R&A -   Page 1
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
DJob Number90319_RenewHoldings  -R&A -   Page 58
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