delivering 
engineering 
services 
to uk 
infrastructure
renew holdings plc  
annual report and accounts 2012 renew holdings plc annual report and accounts 2012 4
delivering engineering 
services to uk infrastructure 
through our branded 
businesses nationwide
highlights
our performance in 2012
  engineering services revenue up 24 to £2141m 2011 £1728m
  engineering services adjusted operating proﬁt up 28 to £96m 
2011 £75m – an increase in margin to 45 2011 43
  group order book up 16 to £331m 2011 £286m with engineering 
services order book up 31 to £235m 2011 £179m
  nuclear order book up 51 to £109m 2011 £72m
  net debt reduced to £55m 2011 £68m
 
renew provides multidisciplinary engineering 
services to maintain and develop uk infrastructure 
focused in the energy environmental and 
infrastructure markets
revenue
adjusted earnings per share
adjusted operating proﬁt
dividend per share
£3374m
2011 £3528m
139p 
2011 97p
£103m
2011 £79m
315p 
2011 30p
financial highlights
this report can also be read online 
ar2012renewholdingscom
  adjusted results are shown prior to exceptional items of £11m 2011 £52m amortisation charges 
of £05m 2011 £04m and a £24m loss from a discontinued operation renew holdings plc annual report and accounts 2012 01
corporate 
governance accounts
review of 
operations
group 
overview
accounts
this section details the group’s 
accounts for the year ended 
30 september 2012 
44 independent auditor’s report
45 group income statement
46  group statement of 
comprehensive income
46  group statement of changes in equity
47 group balance sheet
48 group cashﬂow statement
49 notes to the accounts
69 company balance sheet
70 notes to the company accounts
76  directors ofﬁcers and advisors
76 shareholder information
corporate governance
this section details the group’s 
corporate governance procedures 
including corporate social responsibility 
and the directors’ reports
28 corporate social responsibility
32 directors’ report
36 directors’ remuneration report
39 corporate governance
41  statement of directors’ 
responsibilities
review of operations
this section looks at the group’s 
target markets and highlights our 
achievements during the year
18 energy
20 environmental
22 infrastructure
24 specialist building
group overview
an overview of the group 
including results statements 
and strategy information
ifc highlights
02 our business
04 our business model
06 our strategy
08 chairman’s statement
10 chief executive’s review
14 financial review
in this report
chairman’s statement 
chairman roy harrison obe 
reﬂects on the group’s 
performance over the last 
12 months and its outlook
review of operations
this section looks at the 
group’s target markets and 
highlights our achievements 
during the year
corporate governance 
this section details the group’s 
corporate governance 
procedures including corporate 
social responsibility and the 
directors’ reports
pg08
pg16
pg26 renew holdings plc annual report and accounts 2012 02
water
we improve
we maintain
we renew
71800
our business
what we do at renew
our integrated multidisciplinary 
engineering expertise supports 
the development and maintenance 
of uk infrastructure
we provide multidisciplinary integrated engineering services 
nationwide the past six years have seen us move the balance 
of our operations progressively into higher margin engineering 
services transforming renew into an engineering services group 
supporting uk infrastructure 
nuclear
integrated individually branded 
uk subsidiary businesses 
 subsidiary location
dedicated employees 
throughout the uk
over renew holdings plc annual report and accounts 2012 03
corporate 
governance accounts
review of 
operations
group 
overview
rail specialist building
63
engineering 
services
37
specialist 
building
within 
these 
markets
energy
environmental
infrastructure
specialist building
nuclear renewables traditional
water ﬂood alleviation river and coastal defence 
land remediation
rail highways industrial
high quality residential new build 
affordable housing retail
read on for more on our markets pg16
we differentiate ourselves in 
these markets with our branded 
businesses providing a locally 
delivered service through 
our multiskilled directly 
employed workforce 
what are our markets renew holdings plc annual report and accounts 2012 04
generating further growth 
and creating value
our business model
why our business is sustainable
we target sustainable regulated 
markets with potential for growth
renew is a holding 
company with 7 uk 
operating subsidiary 
businesses
the role of renew is to set overall 
standards and to promote synergies 
and best practice within the group to 
maximise potential this structure enables 
our subsidiaries to be more competitive 
and efficient in their individual 
marketplaces through effective controls 
and management we seek to deliver value 
to shareholders in the form of reliable 
capital growth and a progressive dividend 
policy
find out more at 
wwwrenewholdingscom
energy
we work across the energy market in the nuclear renewable 
and traditional sectors nationwide our skills are employed 
in supporting the decommissioning power generation 
transportation and distribution functions
pg18 review of operations
environmental
we specialise in the water ﬂood alleviation and 
land remediation sectors where we provide a range 
of multidisciplinary engineering services 
pg20 review of operations
infrastructure
our nationwide work ranges from critical and planned 
asset support and renewal to our leading position 
in tunnel refurbishment 
pg22 review of operations
specialist building
working in the high quality residential new build affordable 
housing and retail markets in the south our specialist building 
operations target sustainable markets that have good visibility 
of earnings and high levels of repeat business
pg24 review of operations
1 renew holdings plc annual report and accounts 2012 05
corporate 
governance accounts
review of 
operations
group 
overview
our markets exist in secure 
and predictable environments 
 we generate revenue based on 
longterm client relationships 
our engineering services 
focus on the nondiscretionary 
refurbishment and maintenance 
of essential operational assets 
critical to the uk economy 
consequently our engineering 
services activities have more 
predictable work streams 
in specialist building our work 
concentrates on key markets in 
the south where we have a strong 
position with particular expertise
many of our existing maintenance 
framework agreements are renewals 
or extensions to previous agreements 
building on our longterm relationships 
with clients such as network rail 
northumbrian water and sellaﬁeld
“ through effective controls and 
management we seek to deliver 
value to shareholders in the form 
of reliable capital growth and a 
progressive dividend policy”
pg16 review of operations
62
framework agreements across our 
engineering services markets
3 2
percentage of engineering services frameworks
nondiscretionary in nature 
45
of these framework agreements are 
maintenance in nature
“ our vision is to be a leading provider 
of engineering services to uk 
infrastructure we believe our integrated 
approach to selected markets local 
knowledge and directly employed 
workforce together with our specialist 
expertise and methods of procuring work 
are what differentiate us”
73 renew holdings plc annual report and accounts 2012 06
we continue to grow our 
engineering services operations 
organically and by acquisition
our strategy
an established plan for growth
expand identify deliver
goal
expand our engineering services 
both organically and by acquisition whilst 
maintaining group operating margins 
above 3 
 
result
engineering services 
operating margins
45 2011 43
what’s next
   engineering services director appointed 
to accelerate synergies and drive organic 
expansion in our engineering services 
business
  identify earnings enhancing acquisition 
opportunities with margins in our target 
range which will provide complementary 
skills to those of our existing businesses
goal
in engineering services we focus on 
providing nondiscretionary maintenance 
and renewal services securing additional 
sustainable positions on framework 
agreements 
result
number of engineering services 
framework agreements
62
 
2011 51
what’s next
   continue to focus on areas of non
discretionary spend securing additional 
sustainable positions on framework 
agreements 
   maintain selectivity of opportunities in 
markets where the group has expertise 
and experience
goal
it is the group’s ambition to deliver 
an operating margin of at least 3 with 
engineering services accounting for at least 
70 of group revenue and with turnover of 
over £500m by 2014 through a combination 
of acquisition and organic growth
 
result
engineering services  of ongoing 
group revenue
63 2011 49
what’s next
   it’s the group’s ambition to establish 
renew as a leading engineering services 
group operating in markets that are key to 
the uk’s future prosperity and that have 
longterm spending characteristics we 
deliver engineering services mainly in 
regulated sectors that give good visibility 
of committed funding
adding value and resilience 
to group operations
the core of our strategy
since establishing our strategy in 2006 we have grown our engineering services activities from 15 to 63 of 
revenue in addition to our engineering services operations we have three specialist building businesses which 
are focused on stable and discrete markets in the south of england renew holdings plc annual report and accounts 2012 07
corporate 
governance accounts
review of 
operations
group 
overview
“ it is the group’s ambition to 
have turnover of over £500m by 
2014 through a combination of 
acquisition and organic 
growth”
measuring our performance
engineering services revenue
£214m
12
214
11
173
10
124
09
110
08
101
07
69
engineering services operating proﬁt
£96m
12
96
11
75
10
42
09
39
08
35
07
34
engineering services  of group revenue 
63
12
63
11
49
10
43
09
35
08
26
07
21
how we will achieve our targets
   focus on key regulated markets critical 
to the uk economy that have longterm 
spending commitments
   concentrate on renewal refurbishment 
and maintenance of essential operational 
assets targeting clients’ operating 
expenditure budgets
  maximise penetration of existing 
and develop new bluechip clients 
   emphasise our differentiating importance 
of local delivery teams and management
   deliver organic growth with 
selective acquisitions in engineering 
services markets
£m
£m
 renew holdings plc annual report and accounts 2012 08
chairman’s statement
r j harrison obe chairman
results 
the group has achieved record results 
for the year ended 30 september 2012 
ahead of market expectations and has 
strengthened its position as a provider of 
engineering services to uk infrastructure
proﬁt before income tax was up 22 to 
£100m 2011 £82m on group revenue of 
£3374m 2011 £3528m adjusted earnings 
per share increased by 43 to 139p 2011 
97p basic earnings per share increased 
by 259 to 79p 2011 22p
results for the year are stated after charging 
exceptional costs of £11m 2011 £52m 
and a loss of £24m from the discontinued 
operation ca pumps ltd which was 
sold in november 2012 for a nominal 
consideration these amounts have been 
excluded from the adjusted ﬁnancial results 
to show the underlying performance of the 
business the exceptional costs in the 
period relate to the planned scale down 
of specialist building and the integration 
of our rail business following the acquisition 
of amco
it is particularly pleasing that engineering 
services revenue grew by 24 to £2141m 
201 1 £1728m with operating proﬁt prior to 
exceptional items and amortisation up 28 
to £96m 201 1 £7 5m an increase in margin 
to 45 from 43 both our nuclear and rail 
businesses which represent over 60 of 
our engineering services activity performed 
strongly and have growing order books for 
both the new ﬁnancial year and beyond
in specialist building our focus on selective 
niche markets in the south has delivered 
increased operating proﬁt of £21m 2011 
£19m prior to exceptional items and an 
improvement in margin to 17 from 11 
on revenue of £1231m 2011 £1789m
the group has achieved record results 
for the year ended 30 september 2012 
ahead of market expectations
record results for the year 
summary
  the group is successfully positioned 
as a provider of engineering services 
to key clients in the uk’s energy 
environmental and infrastructure 
markets and has been reclassiﬁed 
on the london stock exchange as 
a business support services company 
  both our nuclear and rail 
businesses which represent over 
60 of our engineering services 
activity performed strongly 
  our acquisition of amco in february 
2011 has proved highly successful 
delivering results ahead of our 
expectations and generating cash renew holdings plc annual report and accounts 2012 09
corporate 
governance accounts
review of 
operations
group 
overview
the groups contracted order book at 
30 september 2012 stood at £331m 2011 
£286m a 16 increase from one year ago 
with the engineering services order book 
up 31 to £235m 2011 £179m 
the group has reduced net debt to 
£55m 2011 £68m comprising a loan 
of £75m 2011 £125m and cash of 
£20m 2011 £57m 
dividend
the board is proposing a ﬁnal dividend 
at 210p per share increasing the full year 
dividend by 5 to 315p 2011 300p 
the dividend will be paid on 4 march 2013 
to shareholders on the register as at 
1 february 2013 the dividend is 44x 
2011 32x covered by adjusted 
earnings per share 
outlook
the group is successfully positioned as 
a provider of engineering services to key 
clients in the uk’s energy environmental 
and infrastructure markets and has been 
reclassiﬁed on the london stock exchange 
as a business support services company 
last year the board declared its ambition 
to grow turnover to over £500m by 2014 
through both organic growth and selective 
acquisitions with targets that engineering 
services will account for at least 70 of 
group revenue and that the group operating 
margin will exceed 3 these results and 
our strong forward order book demonstrate 
that the group is well placed to achieve 
these targets 
our acquisition of amco in february 2011 
has proved highly successful delivering 
results ahead of our expectations and 
generating cash such that we have now 
repaid 50 of the £15m term loan taken out 
for the acquisition our reducing net debt 
and gearing of 61 2011 76 together 
with our interest cover of over 16x provides 
the group with funding ﬂexibility should 
further suitable acquisition opportunities 
be identiﬁed 
our engineering services operations continue 
to focus on securing further sustainable 
framework positions concentrating on areas 
of nondiscretionary spend in specialist 
building our businesses are delivering 
improved operating margins as they target 
the stable markets of high quality residential 
new build affordable housing and retail in 
the south where the group has particular 
expertise and experience 
the board believes our key markets 
and framework positions provide good and 
continuing opportunities through 2013 and 
beyond and that the group is well positioned 
to deliver further proﬁtable growth 
r j harrison obe 
chairman 
27 november 2012
“ last year the board 
declared its ambition 
to grow turnover to 
over £500m by 2014 
through both organic 
growth and selective 
acquisitions with 
targets that engineering 
services will account 
for at least 70 of 
group revenue and that 
the group operating 
margin will exceed 3 
these results and our 
strong forward order 
book demonstrate 
that the group is well 
placed to achieve 
these targets”
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ar2012renewholdingscom renew holdings plc annual report and accounts 2012 10
chief executive’s review
brian may chief executive
the group has made further progress in 
growing its engineering services business 
which focuses on supporting the maintenance 
and renewal of uk infrastructure increasing 
both revenue and operating proﬁt specialist 
building has increased its operating margin 
in the year and is concentrated on 
sustainable markets in the south
engineering services
renew provides integrated engineering 
services nationwide focusing on the highly 
regulated markets of energy environmental 
and infrastructure the group concentrates 
on the renewal and maintenance of essential 
operational assets delivered through its 
multidisciplinary workforce employed 
by our strong local and independently 
branded businesses 
our strategy is delivering both strong 
ﬁnancial results and growth revenue 
in engineering services grew by 24 to 
£2141m 2011 £1728m and now accounts 
for 63 of ongoing group revenue and over 
90 of operating proﬁt operating margin 
increased to 45 2011 43 
the engineering services order book is 
growing strongly and is underpinned by 
62 frameworks an increase of 22 in the 
year of which 45 are for maintenance work 
nondiscretionary orders account for 95 
of the £235m 2011 £179m order book 
which has grown by 31 in the year 
our order book in energy grew by 51 to 
£124m 201 1 £82m by 14 in environmental 
to £33m 2011 £29m and by 15 in 
infrastructure to £78m 2011 £68m 
it remains the groups strategy to grow its 
engineering services both organically and by 
targeting earnings enhancing acquisitions in 
sustainable markets the recent appointment 
of paul scott managing director of our 
nuclear business as engineering services 
director will assist in developing our 
integrated offering to these markets 
our strategy is delivering both 
strong ﬁnancial results and growth
a year of further progress 
for the group
summary
  the group concentrates on the 
renewal and maintenance of 
essential operational assets 
delivered through its 
multidisciplinary workforce 
employed by our strong local and 
independently branded businesses 
  it remains the group’s strategy to 
grow its engineering services both 
organically and by targeting 
earnings enhancing acquisitions in 
sustainable markets  
  our recent success in key 
framework appointments in nuclear 
rail and water together with our 
strong list of future opportunities 
demonstrates that the group is 
pursuing the right strategy evidenced 
by our growing forward order book 
and our record ﬁnancial results renew holdings plc annual report and accounts 2012 11
corporate 
governance accounts
review of 
operations
group 
overview
energy
renew operates nationally in the nuclear 
renewable and traditional power generation 
sectors where work concentrates on the 
critical planned and reactive maintenance 
and asset renewal programmes much 
of the work is delivered through our 
24 framework agreements
in nuclear renew operates across 
the nuclear decommissioning authority 
“nda” estate in high hazard reduction 
programmes decommissioning and in 
operational asset care we are strongly 
positioned with engagements on 9 licenced 
nuclear sites that command around 70 of 
the nda’s £3bn annual expenditure within 
that budget over 55 of the spend is allocated 
to sellaﬁeld where we have been active for 
over 60 years and where we are the principal 
provider of mechanical and electrical services 
our revenue at sellaﬁeld grew by 12 
in the last twelve months and has grown 
by over 150 in the last 7 years all of 
our 201213 revenue budget in nuclear 
is already secured in an order book that 
has grown by 51 to £109m 2011 £72m
operational asset care is vital to sellaﬁeld 
which derives substantial revenue from 
spent fuel management and reprocessing 
for the last 15 years we have carried out 
production operations support under the 
multi discipline site works framework 
since the year end we have again been 
appointed as one of three participants to 
deliver work packages worth up to £280m 
over 4 years commencing in april 2013 
during the year we were also appointed 
as the sole mechanical and electrical partner 
to stobbarts on the £58m site wide asset 
care framework which runs until april 2016 
“ we are committed to the 
safety of our employees and 
those who work with us 
evidenced in the record 
reduction in the group’s 
accident incidence rate 
during 2012 now at its lowest 
ﬁgure in 7 years a reduction 
of 87 over that period”
engineering services  
order book
engineering services 
operating margin
31 45
engineering services performance
the development of our engineering services business 
has created a platform of sustainable revenue generated 
from over 60 framework agreements with major clients 
most of which operate in regulated markets
engineering services order book by market
environmental
14
infrastructure
33
energy
53
12
235
11
179
10
82
09
78
12
45
11
43
10
35
09
35 renew holdings plc annual report and accounts 2012 12
chief executive’s review continued
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 
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
energy continued
during the year in high hazard risk 
reduction we were appointed as sole 
participant to the 4 year £26m bulk sludge 
retrievals framework and we deliver a wide 
range of decommissioning tasks through 
the decommissioning framework agreement 
which is secured until 2015 the evaporator 
d programme is the uk’s largest current 
nuclear project where our mechanical and 
electrical services contract has recently 
been extended to provide over £50m of work 
through to completion in 2015 we are able 
to secure positions on these highly sensitive 
programmes due to the large number of 
our employees who carry the highest 
level of site security clearance
our predominant position on the site makes 
us a partner of choice on major programmes 
a good example of this is our appointment 
as a supply chain partner to morgan sindall 
which recently announced its appointment as 
preferred delivery partner for a potential £1 1bn 
contract delivering a range of essential services 
at the sellaﬁeld site under the infrastructure 
strategic alliance these services will include 
the maintenance of steam and electricity 
generation water supply chemical storage 
and distribution drainage networks and 
all transport infrastructure at the site
the group undertakes work at 8 other nuclear 
licenced sites across the uk including work 
on the 2 year decommissioning and demolition 
contract associated with a redundant fuel 
manufacturing facility at springﬁelds for 
westinghouse we continue to support the 
consortia involved in the nuclear new build 
programme where we provide skills in 
stainless steel fabrications
we continue to provide support at some of 
the uk’s largest traditional power stations 
where we provide maintenance services 
under 7 framework agreements there 
are also increasing opportunities in the 
renewables market and we are active in 
investment programmes in biomass and 
hydro generation technologies where 
we are currently delivering initial works 
on two 3 year hydroelectric frameworks 
with scottish water and welsh water 
environmental
the group has extensive expertise in water 
infrastructure development and operational 
maintenance ﬂood alleviation river and coastal 
defences and land remediation a large portion 
of work in this sector is procured under long 
term framework agreements 
in water we continue to work for 
northumbrian water under the 10 year 
amp5 programme in addition to carrying 
out works under the major waste water 
project framework we now have a position on 
7 nondiscretionary maintenance frameworks 
which accounts for 80 of ongoing activity 
in particular we have developed specialist 
skills in providing services to the existing trunk 
mains network both in cleaning and general 
maintenance this shift in the proﬁle of our 
work in the water sector has led to a doubling 
of our order book at the year end and an 
improvement in margins which we expect 
to build upon in 201213
in land remediation we extended 
our 16 year relationship with national grid 
where we were reappointed to 3 remediation 
frameworks nationally also in the year we 
were appointed to the environment agency’s 
national contaminated land remediation 
contractors framework which runs to 2015 
ongoing work for the environment agency 
is delivered through 7 minor works and 
river maintenance frameworks for civil 
mechanical and electrical services
infrastructure
the group continues to access the rail 
highways and industrial markets across 
the uk where work is underpinned 
by 17 framework agreements for the 
delivery of integrated civil mechanical 
and electrical engineering services
the majority of activity this year has been 
in rail where we have seen a 23 increase 
in our order book to £7 4m 201 1 £60m our 
focus is on the renewal refurbishment and 
maintenance of operational assets for clients 
including our largest client network rail where 
we remain a leading provider of engineering 
maintenance works these works include 
offtrack renewal and maintenance of line 
side structures including tunnels bridges and 
viaducts mechanical and electrical installations 
and the delivery of a wide range of planned 
and reactive maintenance services we have 
particular skills in managing complicated 
tunnel refurbishment projects and earlier 
this year completed our largest individual 
project at ore tunnel near hastings
during the year our existing asset 
management frameworks were renewed 
for up to 5 years and extended by a new 
framework appointment in scotland these 
frameworks along with our established 
buildings and civils delivery partnership 
framework agreements where we have 
seen increased spend have reinforced 
our position with network rail as the only 
provider delivering these services nationally
the recent mcnulty report recommends 
the devolution of responsibility so that 
decisions are made as close to customers 
and the market as possible network rail 
has commenced implementation of these 
recommendations by appointing management 
responsible for the 10 operating routes as the 
only national provider of offtrack maintenance 
of existing assets with 12 local depots spread 
across the country these initiatives play 
to our strengths and we are well placed 
to support our key rail client as these 
changes are implemented renew holdings plc annual report and accounts 2012 13
corporate 
governance accounts
review of 
operations
group 
overview
specialist building
the group’s specialist building activities are 
focused in the south targeting the high quality 
residential new build affordable housing and 
retail markets these niche markets in which 
we have particular experience and expertise 
provide sustainable opportunities for the 
future following our decision to withdraw 
from public sector building markets in the 
north specialist building revenue reduced 
as expected to £1231m 2011 £1789m 
whilst delivering operating proﬁts up 11 
at £21m 2011 £19m and increasing 
operating margin to 17 2011 11 
thereby justifying our strategy
in high quality residential the groups 
activities are focused in and around london 
where the market remains strong with over 
£400m of current opportunities identiﬁed 
our experience in this sector as a leading 
quality provider with particular skills in 
providing the temporary works engineering 
solutions to extend properties below ground 
continues to prove a differentiator and 
provides opportunity for early involvement 
in schemes 
in new build affordable housing the 
group has recently been appointed to a 
new framework with catalyst housing where 
as one of 7 providers we will access up to 
an advertised £350m of projects over the 
next 4 years the group now has a position 
on 14 framework agreements with leading 
housing associations which provide 
access to a £700m annual market 
in retail there remains good visibility of 
opportunities with new clients including 
morrisons and odeon cinemas we 
continue our 24 year relationship with 
tesco and remain the preferred ﬁt out 
contractor for cineworld
people
we are committed to the safety of our 
employees and those who work with us 
evidenced in the record reduction in the 
group’s accident incidence rate during 
2012 now at its lowest ﬁgure in 7 years 
a reduction of 87 over that period
the strong ﬁnancial results demonstrate 
the skills and determination of all our 
employees the success of the group 
depends on our employees continued 
hard work and commitment for which the 
board would like to express its gratitude
summary
renew provides engineering services to 
support the essential ongoing operations of 
critical uk infrastructure through experienced 
local delivery teams the group is focused 
on developing its maintenance refurbishment 
and renewal activities in its target regulated 
sectors where sustainable revenue is 
generated through its core maintenance 
and renewal frameworks with major clients 
many of which the group has worked 
with for a number of years 
our recent success in key framework 
appointments in nuclear rail and water 
together with our strong list of future 
opportunities demonstrates that the 
group is pursuing the right strategy 
evidenced by our growing forward order 
book and our record ﬁnancial results 
brian may 
chief executive
27 november 2012
“ the group is 
focused on developing 
its maintenance 
refurbishment and 
renewal activities in 
its target regulated 
sectors where 
sustainable revenue is 
generated through its 
core maintenance and 
renewal frameworks 
with major clients many 
of which the group has 
worked with for a 
number of years”
percentage of orders in specialist sectors
89 target 66
09 10 11 12
80
66
87
66
86
66
89
66
08
83
66
percentage of orders from repeat clients
81 target 66
cumulative reduction in accident  
incidence rate
87 target 52
09 10 11 12
87
66
71
66
82
66
81
66
08
77
66
09 10 11 12
64
34
74
41
77
47
87
52
08
57
27 renew holdings plc annual report and accounts 2012 14
financial review
john samuel group finance director
results
group revenue from ongoing operations 
was £3374m 2011 £3528m with a proﬁt 
before tax of £100m 2011 £82m prior to 
exceptional items and amortisation charges 
and the loss from the discontinued operation 
a tax charge of £17m 201 1 £24m resulted 
in a proﬁt after tax for the year of £83m 
201 1 £58m prior to exceptional items and 
amortisation charges and the loss from the 
discontinued operation after tax exceptional 
items and amortisation the proﬁt for the 
year from continuing operations was 
£71m 2011 £14m
exceptional items
during the year the group incurred £11m 
of exceptional redundancy and restructuring 
costs £06m of these relate to specialist 
building where further staff reductions have 
been made to align this business segment 
with the current trading environment £05m 
relates to engineering services primarily in 
respect of the integration of our rail businesses 
following the acquisition of amco group 
holdings limited additionally £05m 201 1 
£04m of amortisation charges were incurred
discontinued operation
during the year the board decided to 
close the business of ca pumps ltd 
it had become increasingly difﬁcult for this 
small business to trade proﬁtably following 
changes to water industry framework 
arrangements in amp5 ca has been 
accounted for as a discontinued operation 
in the year to 30 september 2012 and a loss 
of £24m including £03m of redundancy 
costs and £10m of noncash asset write 
downs including £08m of goodwill 
has been incurred
cash 
in 2011 the group arranged a £15m 
three year term loan to fund the acquisition 
of amco also using £7 2m of its own cash 
resources during the year £50m of 
repayments have been made reducing 
the loan balance to £75m at the year 
end our cash balances stood at £20m 
2011 £57m at the year end after £19m 
of nonrecurring outﬂows associated 
with the restructuring costs and the 
ca closure as a result the group’s 
net debt position as at 30 september 2012 
was £55m 201 1 £68m the group has 
complied with the covenants associated 
with this loan
working capital
as a result of the reduction in revenue 
in specialist building amounts received 
in advance from construction contract 
customers reduced from £57m to £19m 
as the balance of the group’s revenue 
continues to shift towards engineering 
services the positive working capital 
characteristics of specialist building have 
been diluted this reduced level of activity 
in specialist building has also resulted 
in a reduction in the total quantum of 
current assets and current liabilities with 
trade debtors and trade payables each 
reducing by around £11m 
pension schemes
the ias 19 valuation of the lovell pension 
scheme which was closed to new members 
in 2000 has resulted in a small deﬁcit of 
£06m 2011 £01m in 2011 the board 
in conjunction with the trustees of the 
lovell scheme completed a buyin of part 
of the pensioner liabilities of the scheme this 
measure which was completed without any 
further cash contribution to the scheme by 
the group has reduced the risks associated 
with those liabilities and at the year end the 
annuities purchased represented 35 of the 
scheme’s total liabilities in accordance with 
the scheme speciﬁc funding requirements 
of the pensions act 2005 and following the 
triennial valuation of the scheme which was 
carried out as at 31 march 2009 the board 
has an agreement with the trustees of the 
scheme on the level of future contributions 
which are currently approximately £30m 
per annum inclusive of costs the next 
triennial valuation is being carried out as 
at 31 march 2012 preliminary indications 
are that current levels of contributions 
will not change materially
the group has reduced its net debt by 19
dividend increased by 5  renew holdings plc annual report and accounts 2012 15
corporate 
governance accounts
review of 
operations
group 
overview
the ias 19 valuation of the amco pension 
scheme shows a surplus of £18m 2011 
£11m in accordance with the scheme 
speciﬁc funding requirements of the 
pensions act 2005 and following the 
triennial valuation of the scheme which 
was carried out as at 31 december 2010 
the board has an agreement with the 
trustees of the scheme on the level of 
future contributions which are currently 
£02m per annum inclusive of costs 
the next triennial valuation will be 
carried out as at 31 december 2013 
due to the impact of actuarial losses 
measured in these schemes in the year 
£26m 2011 £39m net of deferred tax 
has been charged to the statement of 
comprehensive income reducing the 
group’s net assets accordingly 
taxation
a deferred tax asset included in noncurrent 
assets of £29m 2011 £33m is carried in 
the balance sheet which principally results 
from the likely future utilisation of tax losses 
a deferred tax liability related to the amco 
deﬁned beneﬁt pension scheme of £04m 
2011 £03m is shown in noncurrent 
liabilities the remaining deferred tax liability 
of £06m 2011 £08m relates to fair value 
adjustments arising on the amco acquisition
the uk tax charge on proﬁts for the year is 
£03m 2011 £nil the deferred tax charge of 
£12m 2011 £16m is attributable primarily to 
the deﬁned beneﬁt pension schemes the total 
tax charge for the year of £13m 201 1 £12m 
represents an effective group tax rate of 
155 201 1 46 only the £03m current 
year charge is payable
the group has material tax losses to carry 
forward and the rate of corporation tax 
payable in each of the next few years is 
expected to remain below the headline rate
distributable proﬁts
the distributable proﬁts of renew holdings 
plc stood at £112m 2011 £116m enabling 
the board to recommend a ﬁnal dividend of 
210p 2011 200p per share bringing the 
total for the year to 315p 2011 300p 
an increase of 5
john samuel
group finance director
27 november 2012
“ the board is 
recommending a ﬁnal 
dividend of 210p 
2011 200p per share 
bringing the total for 
the year to 315p 
2011 300p an 
increase of 5” renew holdings plc annual report and accounts 2012 16
review of 
operations
this section looks at the 
group’s target markets and 
highlights our achievements 
during the year renew holdings plc annual report and accounts 2012 17
corporate 
 governance accounts
review of 
operations
group 
overview
in this section
18 energy
20 environmental
22 infrastructure
24 specialist building renew holdings plc annual report and accounts 2012 18
review of operations
renew is ideally positioned to access essential 
maintenance and renewal spending in the energy 
market where we provide multidisciplinary 
engineering services
energy
how we target the energy market
the group delivers multidisciplinary civil mechanical and 
electrical engineering services nationwide concentrating on 
critical planned and reactive maintenance and asset renewal 
programmes our integrated offering in supporting generation 
grid and decommissioning proves a differentiator 
our markets
   nuclear
   renewables
   traditional
nuclear
opportunity
decommissioning and cleanup 
operations remain a large part of 
the uk nuclear market the nuclear 
decommissioning authority’s 201213 
planned expenditure is expected to 
be around £3bn of which around 55 
is allocated to sellaﬁeld
1
 
signiﬁcant investment is planned in 
nuclear new build in the uk as most 
of the existing ﬂeet of nuclear power 
stations will retire by 2023
2
our response
we operate at 9 nuclear licenced sites 
in the uk where our operations focus on 
high hazard risk reduction providing 
engineering support on the care and 
maintenance of operational plant associated 
with waste treatment or processing 
decommissioning demolition and cleanup 
of redundant facilities our directly employed 
multiskilled operatives undertake all aspects 
of mechanical and electrical project support 
outage management and working in line 
processes the group is also a supplier 
of high integrity fabrications to the 
nuclear industry 
our energy 
expertise
traditional
opportunity
traditional fuels will continue to play 
an important role in the uk’s future 
energy provision 
opportunities remain in the 
maintenance of existing generation 
assets and in the capital investment 
required to meet emission control and 
environmental improvements 
our response
the group provides engineering services 
for the majority of the uk generators 
our capabilities include mechanical and 
electrical as well as civil engineering 
services delivered in partnership with our 
clients through embedded support teams 
renewables
opportunity
the 2009 renewable energy directive 
set a target for the uk to achieve 15 of 
its energy consumption from renewable 
sources by 2020
3
 it is estimated the 
generation necessary to meet this target 
could be delivered from technologies 
including biomass hydro and wind
4
our response
the group is experienced in providing 
design and procurement as well as asset 
care and maintenance our expertise in the 
newer forms of renewable energy includes 
specialist capabilities in biomass materials 
handling hydroelectric development and 
post warranty wind turbine operations 
and maintenance 
sources
1
  nuclear decommissioning authority business plan 
2012 – 2015
2
  hm government department for business enterprise 
and regulatory reform meeting the energy challenge 
a white paper on nuclear power january 2008
3
  national renewable energy action plan for the united 
kingdom article 4 of the renewable energy directive 
200928ec
4
  department of energy  climate change uk 
renewable energy roadmap july 2011 renew holdings plc annual report and accounts 2012 19
corporate 
governance
review of 
operations
group 
overview accounts
what have we achieved
what’s next
  we are engaged on 9 nuclear licenced sites that command around 70 
of the nda’s £3bn 20122013 planned expenditure
  at sellaﬁeld where we have been active for over 60 years we remain the 
principal provider of mechanical and electrical services 
  appointed after the year end as one of three participants on the multi 
discipline site works framework to deliver work packages worth a potential 
£280m over four years at sellaﬁeld
  frameworks at sellaﬁeld include the £26m bulk sludge retrievals framework  
sole appointment the site services framework for national nuclear laboratories 
and sole me partner to stobbarts on the site wide asset care framework
  expansion of service provision on evaporator d the uk’s largest current 
nuclear project to provide over £50m of work through to completion in 2015
  supply chain partner to morgan sindall which has been appointed as 
preferred delivery partner for a contract to deliver a range of essential 
services at sellaﬁeld 
  initial works on two 3 year hydroelectric frameworks with scottish water and 
welsh water
  continue to undertake work at sellaﬁeld on framework agreements 
including the longstanding multi discipline site works framework
  continue to support the ongoing major project programmes at the 
sellaﬁeld site
  continue to undertake works as part of cumbrian nuclear solutions limited 
on the decommissioning and demolition framework secured until march 2015
  work continues on the decommissioning and demolition contract at 
springﬁelds for westinghouse
  develop our position and continue to support the consortia involved in the 
nuclear new build programme where we have expertise as a supplier of 
stainless steel fabrications
  continue to differentiate ourselves by integrating our generation grid and 
decommissioning skills
  ongoing support for maintenance services at some of the uk’s largest 
traditional power stations
  continue to develop hydroelectric operation and maintenance opportunities 
within the utilities sector
“ renew’s engineering services 
are strongly positioned across 
the nuclear decommissioning 
authority’s portfolio with 
engagements on sites that 
command around 70 of the 
201213 planned expenditure”  renew holdings plc annual report and accounts 2012 20
review of operations
we deliver sustainable solutions in our environmental 
markets utilising integrated engineering services 
capabilities from across the renew group
environmental
how we target the environmental market
renew provides a range of multidisciplinary engineering 
services in water infrastructure development and maintenance 
ﬂood alleviation river and coastal defence and brownﬁeld land 
remediation sectors
our markets
   water
   flood alleviation
   river and coastal defence
  land remediation
our 
environmental 
expertise
water
opportunity
the uk water industry continues to 
spend on infrastructure development and 
operational maintenance in the current 
amp5 period which runs to 2015 when it 
is estimated that around £129bn will be 
invested in maintaining and replacing 
infrastructure assets
5
 
2012 has also seen major programmes 
of work to clean and upgrade water trunk 
mains systems
our response
the group has extensive expertise in 
water infrastructure development and 
maintenance ﬂood alleviation river and 
coastal defences a large portion of work 
in this sector is procured under long term 
framework agreements many of these 
with repeat clients the group undertakes 
trunk mains cleaning using innovative and 
specialist techniques to clean sections of 
the large network of pipes that transport 
water underground
land remediation
opportunity
the government deals with areas of 
contaminated land from the country’s 
past industrial heritage through the 
planning process and the contaminated 
land regime under part 2a of the 
environmental protection act 1990
6
 the 
removal of the landﬁll tax exemptions 
earlier this year means the cost of 
disposing of any actively contaminated 
soils could continue to rise placing 
increasing importance on retaining 
remediating and reusing excavated 
soils on site
our response
renew is a leading provider of sustainable 
land remediation services nationwide with 
over 30 years’ expertise in specialist soil 
and groundwater remediation associated 
earthworks and highway infrastructure in 
the uk inhouse capabilities include soil 
washing biophysical treatment solidiﬁcation 
and stabilisation enhanced segregation 
and geotechnical improvements our ability 
to recover up to 100 of soils and excavated 
materials on site can provide a sustainable 
and cost effective solution for our clients
sources
5
  ofwat future water and sewerage charges 201015 
final determinations
6
  department for environment food and rural affairs 
environmental protection act 1990 part 2a 
contaminated land statutory guidance april 2012
“ a large portion of 
work in this sector 
is procured under 
long term framework 
agreements many 
of these with 
repeat clients”
30
years’ expertise in specialist soil 
and groundwater remediation renew holdings plc annual report and accounts 2012 21
corporate 
governance
review of 
operations
group 
overview accounts
what have we achieved
what’s next
  we have positions on 7 nondiscretionary maintenance frameworks with 
northumbrian water where we are seeing increasing workload for services 
including sewer maintenance and strategic water mains maintenance 
  we have developed specialist skills in providing services to the trunk mains 
network for cleaning and general maintenance
  we have extended our 16 year relationship with national grid with the 
reappointment to 3 remediation frameworks nationally
  we secured a number of regional framework contracts with the environment 
agency for civil mechanical and electrical engineering works
  completed further works for the royal states of jersey on the former gas 
works site at st helier the project was a zero waste gasworks project which 
won the “2012 jersey electricity sustainability award” at the jersey 
construction awards
  continue to work for northumbrian water under the 10 year 
amp5 framework
  continue to develop our nondiscretionary maintenance activities in the 
water sector particularly in trunk mains cleaning
  develop partnering relationships to extend our services in ﬂood protection 
and prevention to principal suppliers on the new environment agency water 
and environment management framework due to commence in april 2013
  further develop our position as the uk’s premier part 2a contractor 
working for local authorities and under the environment agency’s national 
contaminated land remediation contractors framework which runs to 2015 
  ongoing work for the environment agency is delivered through 7 minor works 
and river maintenance frameworks
  develop further opportunities in the growing waste and energy sectors
  continue to develop strong relationships with clients responsible for delivering 
infrastructure renewal and enhancement programmes
“ renew is a leading provider of 
sustainable land remediation 
services nationwide with over 
30 years’ expertise in specialist 
soil and groundwater 
remediation associated 
earthworks and highway 
infrastructure in the uk” renew holdings plc annual report and accounts 2012 22
review of operations
we deliver integrated and sustainable solutions across 
the rail network for a range of clients including 
network rail where our service is enhanced by our 
leading expertise in tunnel refurbishment 
infrastructure
how we target the infrastructure market
we provide a range of civil mechanical and electrical 
engineering and maintenance services nationally our strength 
lies in our ability to successfully deliver a variety of integrated 
and sustainable solutions for our clients
our markets
   rail
   highways
   industrial
our 
infrastructure 
expertise
barnsley
crawley
ferryhill
fort william
hilton
inverness
irvine
manchester
nottingham
perth
pontyclun
welshpool
our 12 national rail depots
rail
opportunity
as part of the uk’s transport 
strategy investment in the rail 
network remains key to ensuring 
future transport challenges are met
network rail undertakes a programme 
of enhancement and modernisation on 
the rail network with planned expenditure 
in the current control period cp4 giving 
visibility to 2014
our response
our work in rail is underpinned by framework 
agreements and is focused on essential 
maintenance and renewal works including 
offtrack civil engineering works tunnel 
and shaft refurbishment and 
enhancement structural renewal 
and maintenance and refurbishment 
of lineside structures we undertake 
the renewal and maintenance 
of mechanical and electrical 
installations and delivery of 
a wide range of planned 
and reactive maintenance and 
asset management services
with 12 national depots our engineering 
services are undertaken through local 
delivery teams and are enhanced by our 
leading expertise in tunnel refurbishment 
our engineering service currently delivers 
works along all 10 major network rail routes
3000
asset management tasks 
undertaken for network rail 
during the year
over
10
we currently deliver works 
along all 10 major network 
rail routes renew holdings plc annual report and accounts 2012 23
corporate 
governance
review of 
operations
group 
overview accounts
“ network rail undertakes a 
programme of enhancement and 
modernisation on the rail network 
with planned expenditure in the 
current control period cp4 giving 
visibility to 2014 our engineering 
service currently delivers works 
along all 10 major network 
rail routes”
what have we achieved
what’s next
  leading provider of engineering maintenance work nationally 
to network rail
  renewal of our existing asset management frameworks 
with network rail for up to 5 years 
 a new asset management framework appointment secured in scotland
  work on the building and civils delivery partnership framework 
continues for network rail where we are the only provider delivering 
these services nationally
  successfully completed major repairs at the ore tunnel near hastings
  maintain our excellent record for safe and effective delivery
  deliver engineering maintenance services nationally to network rail 
through our asset management and building and civils delivery 
partnership framework agreements
  broaden our skills through continued investment in directly employed 
staff and operatives
  pursue tunnel refurbishment projects on a national basis
  become an established supplier of substation points heating and 
low voltage distribution works for network rail renew holdings plc annual report and accounts 2012 24
review of operations
in specialist building our work targets sustainable 
markets in the south which have good visibility of 
earnings in these markets our activities concentrate 
on opportunities where the group has established 
expertise and extensive experience
specialist building
how we target the specialist building market
our specialist building operations are focused on the high 
quality residential new build affordable housing and retail 
markets in the south of england
our markets
  high quality residential
   new build affordable housing 
   retail
our 
specialist 
building 
expertise
new build affordable housing
opportunity
in 2010 the government announced its 
commitment to deliver approximately 
80000 homes through the affordable 
homes programme the south has been 
allocated over 50 of the affordable 
homes programme investment of £18bn 
where the majority of work will be 
undertaken for housing association 
clients
7
our response
the group is a leading provider with 
extensive expertise in delivering new build 
affordable housing schemes in the south 
where most of the work is undertaken for 
repeat clients in this market we deliver new 
build contracts for housing association 
clients under 14 framework agreements 
accessing a £700m annual spend
retail
opportunity
the uk retail market continues to 
experience signiﬁcant changes 
opportunities for work in this sector 
remain with the expansion and 
refurbishment of large supermarket 
and leisure developments  
our response
we have extensive expertise in the retail 
market with over 50 years’ experience of 
undertaking projects for large retail clients
we deliver design and build through 
to refurbishment and restoration with 
experience in fast track and innovative 
delivery programmes we have strong 
relationships with blue chip clients in the 
retail sector where there continues to be 
strong demand 
high quality residential
opportunity
the high quality residential market in 
london where work is undertaken for 
high net worth individuals continues 
to be largely unaffected by the economic 
downturn space restrictions in the 
south and the complex nature of 
developments which can include 
features such as underground car 
stacking systems and swimming pools 
mean this market has high barriers to 
entry with specialist engineering and 
temporary works skills required 
our response
we are recognised as a leading quality 
provider with expertise in new build ﬁt out and 
refurbishment of prestigious private residential 
projects in and around london our particular 
skills in listed and historic buildings and 
challenging structural works provide a 
differentiator in this market our inhouse 
specialist temporary works design and 
engineering capabilities are able to provide 
innovative solutions when extending properties 
below ground our services include design 
management planning trafﬁc management 
and logistics support as well as expertise in 
specialist ﬁne ﬁnishes 
sources
7
  national audit ofﬁce department for communities 
and local government financial viability of the social 
housing sector introducing the affordable homes 
programme july 2012 renew holdings plc annual report and accounts 2012 25
corporate 
governance
review of 
operations
group 
overview accounts
“ the group is a leading provider 
with extensive expertise in 
delivering new build affordable 
housing schemes in the south 
where most of the work is 
undertaken for repeat clients 
in this market” 
what have we achieved
what’s next
  successfully completed major high quality residential scheme 
for grosvenor estates
  private residence schemes successfully completed in mayfair 
and belgravia 
  we have a position on 14 framework agreements with leading housing 
associations including london  quadrant notting hill home 
ownership hyde housing association and one housing group
  appointment to a new framework with catalyst housing where 
as one of seven providers we will access up to an advertised 
£350m of projects over the next 4 years
  new affordable housing awards received with notting hill home 
ownership one housing group and london  quadrant
  continuation of our 24 year relationship with tesco
  new retail clients including morrisons and odeon cinemas
  carry out new awards for private residential refurbishments in 
chelsea wimbledon and wentworth
  continue to assist our high quality residential clients and their 
teams in achieving statutory consents for complex structural 
engineering projects
  over £400m of identiﬁed opportunities in the high quality 
residential market
  continue to work for some of the largest housing associations in 
the southeast
  good visibility of opportunities in retail through repeat clients 
opportunities identiﬁed for tesco and morrisons following the 
successful completion of recent projects
  preferred ﬁt out contractor for cineworld corporate 
governance
this section details the 
group’s corporate governance 
procedures including corporate 
social responsibility and the 
directors’ reports
renew holdings plc annual report and accounts 2012 26 accounts
in this section
28  corporate social responsibility
32 directors’ report
36  directors’ remuneration report
39 corporate governance
41  statement of directors’ responsibilities
renew holdings plc annual report and accounts 2012 27
corporate 
 governance
accounts review of 
operations
group 
overview renew holdings plc annual report and accounts 2012 28
corporate social responsibility
committed to acting as a responsible business 
we are committed to balancing our economic 
sustainability alongside our social and environmental 
responsibilities it is our aim to leave a lasting positive 
impact on the communities in which we operate
pg31 employment and training
our commitments to csr
  awards pg29
  safety pg30
  environment and sustainability pg30
  employment and training pg31
  community engagement and charitable giving pg31
renew’s csr in 2012
we endeavour to minimise the impact of our operations whilst 
maximising the beneﬁts of any work we undertake beyond 
compliance with our minimum legal requirements our responsibility 
encompasses the treatment of our employees our interactions 
within the communities in which we operate and the management 
of the relationships with our clients consultants and supply chain renew holdings plc annual report and accounts 2012 29
corporate 
governance
review of 
operations
group 
overview accounts
pg30 safety
awards
the royal society for the prevention 
of accidents “rospa”
during the year many of our businesses 
were recognised at the 2012 rospa 
occupational health and safety awards 
shepley engineers received an “order of 
distinction” for 16 consecutive years of 
excellent safety performance pps 
electrical and vhe received president’s 
awards for achieving 10 consecutive gold 
awards and a silver award was given to 
west cumberland engineering britannia 
also achieved its third gold award in 3 years
considerate constructors scheme
all our sites are required to register with 
the considerate constructors scheme 
the scheme is designed to improve the 
image of the construction industry and 
looks at how a site considers the general 
public its workforce and the environment 
in the year walter lilly received no less 
than ten performance beyond 
compliance certiﬁcates along with 
britannia which was also awarded two 
certiﬁcates in the annual awards walter 
lilly received a silver medal for its work at 
a large private residence in mayfair and 
allenbuild was highly commended in the 
most considerate public housing 
contractor category 
other awards
shepley engineers was awarded 
sellaﬁeld’s 2012 resident engineers 
contractors safety award for continuing 
to deliver exemplary health and safety 
performance at the sellaﬁeld site in cumbria 
britannia received the construction skills 
certiﬁcation scheme’s platinum award 
which recognises ongoing commitment to 
training employees to the highest industry 
standards two project managers from 
britannia reached the ﬁnals of the chartered 
institute of building’s 2011 construction 
manager of the year awards 
seymour won project of the year at 
northumbrian water’s “going the extra 
mile” awards for the longbenton flood 
relief scheme and was also highly 
commended in three further categories 
at the south east institute of civil 
engineering excellence awards 2012 
amco received the structures award for 
the ore tunnel refurbishment project 
undertaken for network rail 
vhe along with client barnsley 
metropolitan borough council was 
awarded the john smeaton best 
highways and transportation scheme 
award 2011 for the cudworth and west 
green bypass project from the yorkshire 
and humberside chartered institute of 
highways and transportation
“ shepley engineers was 
awarded sellaﬁeld’s ‘2012 
resident engineers 
contractors safety award’ 
for continuing to deliver 
exemplary health and safety 
performance at the sellaﬁeld 
site in cumbria”
among other awards 
renew was recognised 
by the rospa and the 
considerate constructors 
scheme in 2012 renew holdings plc annual report and accounts 2012 30
corporate social responsibility continued
committed to acting as a responsible business 
consideration of the impact of our operations 
is especially important when we work within the 
community we work hard to ensure our operations 
are carried out in a respectful manner 
safety
our environmental initiatives are wide 
ranging and encourage our employees 
and subcontractors to adopt sound 
environmental understanding and 
practices through a mixture of training 
and awareness programmes
our subsidiary businesses are accredited 
to the iso 14001 standard which 
demonstrates a commitment to monitoring 
the impact of their operations on the 
environment environmental targets 
include minimising waste to landﬁll 
reducing our carbon footprint increasing 
our environmental awareness and 
continually improving environmental 
and sustainability management 
sustainable solutions are integral to the 
design process and can help towards 
achieving environmental objectives vhe 
alongside national grid recently won the 
sustainability award at ground engineering 
magazine’s 2012 awards for delivering the 
uk’s ﬁrst multisite hub and cluster project 
in partington manchester the innovative 
scheme remediated contaminated waste 
from four former gas manufacturing sites in 
the northwest using a single site which 
provided substantial cost savings for 
national grid 
environment and sustainability
the safety of our employees suppliers 
and those affected by our activities remains 
the group’s priority whilst the target is to 
achieve zero accidents we continued to 
make progress towards this during the year 
alongside the development of a responsible 
safety culture in 2012 we achieved a record 
reduction in the group’s accident incidence 
rate which is now at its lowest ﬁgure for 
7 years an improvement of 87 over 
the period 
the renew safety and environmental 
management group coordinates safety 
activity across the group our businesses’ 
initiatives reﬂect the unique characteristics 
and challenges of the markets in which they 
operate one of the most challenging is 
nuclear where the group has operated for 
more than 3 years since a lost time event at 
sellaﬁeld including over 3 million man hours 
of operations
group safety initiatives include cross project 
safety audits tool box talks and warning 
card systems behavioural safety 
management schemes such as vhe’s 
prevention of unsafe conditions and acts 
scheme allow anonymous reporting of 
conditions or situations which could lead to 
an incident amco’s stop look and 
think whiteboard and “you said we did” 
campaigns continue to contribute to the 
ongoing improvement of employee safety 
culture walter lilly and amco present 
annual safety awards which help to raise 
awareness across the businesses  renew holdings plc annual report and accounts 2012 31
corporate 
governance
review of 
operations
group 
overview accounts
“ whilst the target is to 
achieve zero accidents we 
continued to make progress 
towards this during the year 
alongside the development 
of a responsible safety 
culture ”
employment and training
we work hard to ensure our activities leave 
a positive impact on local communities 
britannia has been working closely with 
school sports gloucestershire to provide 
after school sports activities including 
handball and athletics for up to 30 local 
children a week 
shepley engineers continues to support the 
calvert trust on a range of projects the 
lake district charity provides outdoor 
activity adventure holidays for all ages and 
abilities this year saw the creation of a 
zipwire challenge and the construction of a 
new wheelchair accessible path seymour 
as part of a team from northumbrian water 
provided materials and labour to support a 
renovation project at “the cave” community 
arts centre in south shields
allenbuild’s approach to establishing and 
maintaining excellent relationships within 
the local communities included supporting 
the lynton road community group with a 
donation towards its annual street summer 
party held earlier this year 
many of our businesses participate in 
fundraising events for their chosen charities 
in the south a team of colleagues from 
walter lilly along with friends and family 
successfully completed this year’s 262 mile 
shine london event cancer research uk’s 
nighttime walking marathon also for the 
second year running walter lilly took part in 
the cyclothon uk event at brands hatch a 
12 hour endurance challenge raising money 
for a variety of charitable causes
seymour supports its local hospice and 
lifeboat station undertaking many 
fundraising activities in the year amco took 
part in breast cancer campaign’s “wear it 
pink” day with employees pledging to wear 
pink for a day and shepley engineers works 
with west cumbria’s “hospice at home” as 
well as pledging support to other local 
cumbrian causes in the year during the 
year vhe held events to raise funds for the 
pippa jones little treasure trust 
many other charities were supported 
throughout the year including the british 
heart foundation the guide dogs the 
royal national lifeboat institution and 
ilkley candlelighters
community engagement and charitable giving
our businesses provide training 
and employment opportunities from 
apprenticeship schemes and scholarships 
to work experience in partnership with 
local communities
walter lilly and seymour are licensed training 
providers to the engineering and construction 
industry training boards for their supervisory 
management training and development 
programmes in the year amco introduced a 
graduate training programme approved by 
the institute of civil engineering and a 
supervisory management development 
programme both programmes currently have 
a number of trainees registered 
working in the nuclear industry shepley 
engineers continues to invest signiﬁcantly in 
its craft apprenticeship training programme 
which supports over 40 trainees shepley 
currently employs over half of the apprentices 
on site at sellaﬁeld as part of the 2014 
commonwealth games athletes’ village 
contract vhe provided a number of modern 
apprenticeships through the community 
beneﬁt scheme implemented by glasgow 
city council to maximise the opportunities 
for securing training and employment in 
the area and has subsequently added an 
additional 3 new apprentices to its core 
delivery team amco’s engineering business 
units continue to invest heavily in graduate 
recruitment and craft apprenticeship 
schemes to ensure that the traditional 
electrical and mechanical engineering 
skills base is maintained for the future
walter lilly provides work experience 
opportunities for local schools in the croydon 
area and currently sponsors 8 loughborough 
university students in the northeast 
seymour extended its relationship with st 
hild’s specialist engineering school 
providing work placement in collaboration 
with hartlepool college of further education 
and construction skills allenbuild has seen 
success through its mentor and trainee 
programme “achieve with allenbuild” which 
provides placements trainee positions 
and employment renew holdings plc annual report and accounts 2012 32
the directors present their report and the audited accounts for the year ended 30 september 2012
principal activities
for the year ended 30 september 2012 the principal activity of the group was as contractors in engineering services and specialist 
building the main activities are carried out in the united kingdom with some development activities in the usa more details of these 
activities the year’s trading and future developments are contained in the chairman’s statement the chief executive’s review the 
review of operations and the financial review a list of the principal operating subsidiaries of the group as at 30 september 2012 
appears on page 75
results and dividends
the group proﬁt for the year was £4741000 2011 £1305000 the directors recommend the payment of a ﬁnal dividend on the 
ordinary shares of 210p 2011 200p giving a total for the year of 315p 2011 300p
business review
information that fulﬁls the business review requirements applicable to the group can be found in this report the chief executive’s review 
and the review of operations and is incorporated into this report by cross reference
key performance indicators
the directors have established a number of key performance indicators which they use to measure and monitor the performance of 
the group in a number of different areas these measures are set out in the tables below operating proﬁt margin is a major performance 
indicator and the board has set a target to sustain this over the next few 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 
operating proﬁt  of revenue
30 target 26
12 13 14 15
30
26
30
30
30
30
30
30
percentage of orders in specialist sectors
89 target 66
09 10 11 12
80
66
87
66
86
66
89
66
percentage of orders from repeat clients
81 target 66
cumulative reduction in accident  
incidence rate
87 target 52
08
83
66
09 10 11 12
87
66
71
66
82
66
81
66
08
77
66
09 10 11 12
64
34
74
41
77
47
87
52
08
57
27
target
actual
directors’ report renew holdings plc annual report and accounts 2012 33
corporate 
governance
review of 
operations
group 
overview accounts
principal risks and uncertainties
this annual report contains certain forward looking statements these statements are made by the directors in good faith based on the 
information available to them up to the time of approval of this report actual results may differ to those expressed in such statements 
depending on a variety of factors these factors include customer acceptance of the group’s services levels of demand in the market 
restrictions to market access competitive pressure on pricing or additional costs failure to retain or recruit key personnel and overall 
economic conditions
a risk inherent in the contracting industry occurs in the nature timing and contractual conditions which exist at the time of contract 
procurement to mitigate these risks the group has a system of precontract and pretender 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 shortterm deposits and obligations under ﬁnance leases 
the main purpose of these ﬁnancial instruments is to provide ﬁnance for the group’s operations the group has various other ﬁnancial 
instruments such as trade receivables and trade payables that arise directly from its operations it is and has been throughout the period 
under review the group’s policy that no trading in ﬁnancial instruments shall be undertaken the main risks arising from the group’s 
ﬁnancial instruments are interest rate risk liquidity risk credit risk and foreign currency risk
interest rate risk
interest bearing assets comprise cash and bank deposits and earn interest at ﬂoating rates the group’s bank loan and overdraft facility 
bear interest at ﬂoating rates
liquidity risk
the group’s policy is to ensure availability of operating funds by maintaining an appropriate cash balance in both current and deposit 
accounts and when necessary to establish appropriate levels of borrowing facilities to provide shortterm ﬂexibility
foreign currency risk
as a result of the investment in operations in the united states movements in the us dollarsterling exchange rate could materially affect 
the group’s and the company’s balance sheet as at 30 september 2012 £9506000 2011 £11501000 of the group’s net assets are 
denominated in foreign currency the group does not use derivative ﬁnancial instruments in its management of foreign currency risk
credit risk
the group’s principal ﬁnancial assets are bank balances cash amounts recoverable on contracts and trade receivables which represent 
the group’s maximum exposure to credit risk in relation to ﬁnancial assets
the group’s credit risk is primarily attributable to its amounts recoverable on contracts and trade receivables
credit risk is managed by monitoring the aggregate amount and duration of exposure to any one customer depending upon their credit 
rating the amounts presented in the balance sheet are net of allowances for doubtful debts estimated by the group’s management 
based on prior experience and their assessment of the current economic environment
payment of creditors
the group recognises the importance of good relationships with its suppliers and subcontractors and has established the following 
payment policy
a agree payment terms in advance of any commitment being entered into
b ensure suppliers are made aware of these terms by inclusion of the terms of payment on the order or contract and
c  ensure that payments are made in accordance with the terms of the contract or order providing that the presented documentation 
is complete and accurate
the group’s average creditor days during the year were 42 days 2011 40 days
donations
charitable donations made by the group during the year amounted to £34606 2011 £38492 
the group made no political donations during the year 2011 £nil renew holdings plc annual report and accounts 2012 34
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 noticeboard statements and newsletters keeps them informed of the 
group’s progress the group produces a quarterly inhouse publication renews which provides information to its employees about the 
activities and performance of the group
the group continues to be committed to the health safety and welfare of its employees and to observe the terms of the health and 
safety at work act 1974 and all other relevant regulatory and legislative requirements
it is the policy of the group that there shall be no discrimination or less favourable treatment of employees workers or job applicants in 
respect of race colour ethnic or national origins religious beliefs sex sexual orientation disability political beliefs age or marital status 
full consideration will be given to suitable applications for employment from disabled persons where they have the necessary abilities 
and skills for that position and wherever possible to retrain employees who become disabled so that they can continue their employment in 
another position renew and its subsidiaries engage promote and train staff on the basis of their capabilities qualiﬁcations and experience 
without discrimination giving all employees an equal opportunity to progress within the group
health and safety management
b w may continues as the designated board director of health and safety with group responsibility for safety and environmental 
management health safety and environmental management issues and reports are reviewed at every group board meeting with 
the head of department in attendance when necessary
the executive management committee chaired by the chief executive discusses and progresses policy legislative changes best 
practice training needs inspections audits internal and external performance measurement and statistical information all topics are 
discussed with a speciﬁc focus on improvement 
control at business level remains with subsidiary managing directors who are required to appoint a director who is responsible for safety 
and environmental matters health safety and environmental issues are discussed as the ﬁrst agenda item at monthly board meetings each 
business safety and environmental meeting encourages open communication between all employees and is a key part of the group’s efforts 
to gather and disseminate good practice for inclusion in businessbased management systems minimum safety and environmental standards 
are contained within bespoke business safety and environmental management systems this system is based on group activities and 
provides speciﬁc standards procedures information forms and advice which accommodate changes in legislation expected during the 
coming ﬁnancial year management advice is provided by the group health safety and environmental department consisting of the group 
health safety and environmental director an administrator and regional group safety and environmental advisors 
certain group companies employ their own specialist advisors who liaise directly with the group hse director on common issues 
the group maintains its membership with the royal society for the prevention of accidents and locally based construction safety groups 
all safety and environmental department personnel hold membership with the institution of occupational safety and health attendance 
on the ﬁve day construction industry training board site safety management training scheme continues to be a requirement for all 
construction management personnel with a two day refresher required every ﬁve years a one day directors and senior managers course 
is available internally and is used to introduce new systems and detail changes to construction legislation short duration ‘tool box talks’ 
and ‘safety brieﬁngs’ are used to enhance the knowledge and competence of supervisory management 
group policy requires each business to report and record all injuries diseases and dangerous occurrences regardless of severity an incident 
database is maintained to collate this information and provide statistical data allowing performance to be measured and determine system 
amendment and future training requirements a system of safety and environmental alerts ensures lessons learnt and changes to working 
practices are rapidly transmitted to our workforce businesses and their contractors the accident incidence rate “air” for the year ended 
30 september 2012 measured on the standard base line of 100000 persons at work is a key area where the group measures its performance 
corporate social responsibility and the environment
the group’s corporate social responsibility report which includes its report on the environment is on pages 28 to 31
directors
the directors of the company who served throughout the year and their brief biographical details are set out below 
nonexecutive directors
john bishop – director 67 was appointed to the board as a nonexecutive director in october 2006 he is a chartered accountant with 
over 20 years’ plc experience at main board level before retiring in 2005 john spent twelve years at morgan sindall plc as development 
director and latterly as finance director he is a nonexecutive director of beagle aircraft limited
david forbes – director 52 was appointed to the board as a nonexecutive director in june 2011 he qualiﬁed as a chartered 
accountant in 1984 and has over 20 years’ experience in corporate advisory services with n m rothschild  son limited he is a 
nonexecutive director of vertu motors plc
roy harrison obe – director 65 was appointed to the board as a nonexecutive director in november 2003 subsequently he was 
appointed executive chairman in march 2004 reverting to nonexecutive chairman with effect from 1 october 2005 he is a former chief 
executive of the tarmac group a former director of bss group plc and has a number of investing director positions in private 
construction materials companies he is governor and chairman of a number of city academies
directors’ report continued renew holdings plc annual report and accounts 2012 35
corporate 
governance
review of 
operations
group 
overview accounts
executive directors
brian may – director 61 was appointed to the board as chief executive ofﬁcer in june 2005 he is a chartered civil engineer he 
progressed his career in tarmac subsequently holding a number of senior positions in mowlem plc before becoming chief executive 
of laing construction plc and more latterly hbg construction ltd 
john samuel – director 56 joined the board in may 2006 as group finance director he was previously group finance director at 
filtronic plc from 1991 until 2004 and subsequently chief financial ofﬁcer of zetex plc from july 2004 until february 2006 he qualiﬁed 
as a chartered accountant in 1981 with deloitte haskins and sells before serving as a partner with baker tilly from 1987 until 1991 
an organogram with the directors’ areas of responsibility can be found on the company’s website wwwrenewholdingscom
john bishop retires by rotation at the 2013 annual general meeting “agm” and will offer himself for reappointment the board 
recommends the reappointment of john bishop as it considers that he brings considerable management and industry experience 
to the group’s business 
the articles of association provide that each director shall be indemniﬁed by the company against losses costs and expenses he may 
sustain or incur in connection with the performance of his duties of ofﬁce to the fullest extent permitted by law the company has 
purchased and maintained throughout the year directors’ and ofﬁcers’ liability insurance in respect of its directors
directors’ interests
the beneﬁcial interests of the directors and their immediate family members in the shares of the company and options for shares are set 
out on page 38 no director has any interest in any other group company details of the directors’ remuneration and service contracts 
appear on page 37
disclosable interests
as at the date of this report the company has been notiﬁed of the following disclosable interests in the voting rights of the company  
number
of ordinary
shares
percentage
of issued
share capital
octopus investments nominees limited 9483480 1583
henderson global investors limited 7674986 1281
hargreave hale limited 6707925 1120
brewin dolphin limited 2800783 468
share capital
as at the date of this report the total number of shares in issue being ordinary shares of 10p each is 59898927 
during the year the company has not bought back any of its own shares nor issued any new share capital
disclosure of information to the auditor
the directors who held ofﬁce at the date of approval of this directors’ report conﬁrm the following


information and to establish that the group’s auditor is aware of that information
auditor
resolutions will be proposed at the forthcoming agm to reappoint kpmg audit plc as auditor to the group and to authorise the 
directors to determine their remuneration
approval
the board approved the report of the directors on 27 november 2012
by order of the board
john samuel fca
company secretary
27 november 2012
company number 650447 renew holdings plc annual report and accounts 2012 36
the directors present the directors’ remuneration report the “remuneration report” for the ﬁnancial year ended 30 september 2012
as an aim listed company renew is not required to prepare the report in accordance with the directors’ remuneration report 
regulations 2002 “the regulations” however the directors recognise the importance and support the principles of the regulations and 
would normally seek to follow them to the extent considered relevant for an aim listed company the auditor is not required to report to 
the shareholders on the directors’ remuneration report
remuneration committee
on his appointment as a director on 1 june 2011 david forbes assumed the chairmanship of the remuneration committee which also 
comprises roy harrison and john bishop the committee held 4 meetings during the ﬁnancial year to discuss remuneration arrangements 
the remuneration committee’s terms of reference include
a   to determine and agree with the board the framework and policy for the remuneration packages including bonuses incentive 
payments and share options or share awards of the executive directors and members of the executive management
b   to review and approve the design of all share incentive plans and performance related pay schemes for approval by the board 
and shareholders as applicable
c  to determine targets and awards made under share incentive plans and performance related pay schemes
d to determine the policy for and scope of pension arrangements for each executive director and other senior executives and
e  to ensure contractual terms and payments made on termination are fair to the individual and the company and that failure is not rewarded 
nonexecutive 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 crossdirectorships and no daytoday involvement in the running of the company 
the executive directors and other senior personnel may be invited to attend meetings when appropriate to provide advice however 
no director is present or takes part in discussions concerning his own remuneration
remuneration policy
the company’s remuneration policy is that the remuneration package of the executive directors should be sufﬁciently competitive to 
attract retain and motivate directors to achieve the company’s objectives without making excessive payments the remuneration and 
employment terms of the executive directors are determined by the committee by comparison with salaries paid and terms agreed with 
directors in similar companies in the same sector and of a similar size and after a review of the performance of the individual
it is the aim of the committee to reward executive directors competitively and on the broad principle that they should be in the range of 
median to upper quartile of remuneration paid to senior management of comparable public companies for guidance the committee 
refers to published survey data the board determines the terms and conditions of nonexecutive directors 
there are four main elements to the remuneration packages of the executive directors and other senior executives




basic salary
basic salaries are reviewed annually by the remuneration committee and adjusted where the committee believes that adjustments 
are appropriate to reﬂect performance changed responsibilities andor market conditions
other beneﬁts for executive directors include car allowances and certain medical cover for the director and immediate family 
the company also has a permanent health insurance policy to provide cover for the executive directors
annual bonus awards
the company provides a bonus incentive scheme for directors and senior executives of the operating companies linked to the 
performance of the business for which they are responsible all performance criteria are subject to approval by the remuneration 
committee before payment is made
equity incentive plans
in 2011 the remuneration committee of the company had been concerned that the existing renew holdings plc 2004 executive share 
option scheme “esos” was failing to achieve its primary objectives being the retention and motivation of senior management 
part of the reason for this was that only a part of the value of the share being issued the excess of the value at the date of exercise over 
the value at the date of grant could be used as a potential reward or incentive this meant that given normal dilution limits the potential 
rewards available to management were modest for a company of the size of renew holdings plc consequently the level of dilution 
required to deliver these incentives was disproportionately large
directors’ remuneration report renew holdings plc annual report and accounts 2012 37
corporate 
governance
review of 
operations
group 
overview accounts
equity incentive plans continued
the remuneration committee believes that long term incentive plans which deliver shares at no cost to the participants but subject to 
more challenging performance criteria are a more effective motivational and retention tool than a traditional share option scheme under 
which market value options are granted 
as a result the remuneration committee proposed to replace the esos with a new long term incentive plan “ltip” at the annual general 
meeting held on 25 january 2012 and the proposal was passed by shareholders the ltip has been designed so as to comply with abi 
guidelines in all material respects no further options will now be granted under the esos which has been terminated save in respect of 
options previously granted under it the performance criteria to be achieved by the company in respect of the ltip are as follows
vesting of one half of the options is dependent on absolute growth in the company’s total shareholder return ‘tsr’ and the other 
half dependent on the company’s tsr performance as compared to the tsr achieved by other companies in a comparator group of 
companies selected by the remuneration committee all tsr calculations will be based on the average of the opening and closing share 
price over a 30 day period prior to the commencement and end of the performance period the absolute tsr growth target will require 
the company’s tsr over the three year performance period to have grown by more than 25 for tsr growth between 25 and 100 
the half of the option which is subject to the absolute tsr growth target will vest on a straightline basis from nil vesting at 25 growth 
to 100 vesting at 100 growth there will be no vesting if tsr growth is 25 or less there are 400000 options outstanding under the 
ltip which may be exercised between 2 march 2015 and 1 march 2022 the esos was approved at an extraordinary general meeting 
“egm” held on 11 march 2004 there are 2194486 options outstanding under the scheme all of which have now vested and may be 
exercised between now and 25 november 2019 
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 has established individual stakeholder plans for each employee who elects to join into which the group makes contributions 
b may and j samuel receive salary in lieu of pension contributions from the company following the adoption of new articles of 
association at the agm on 28 january 2009 the restriction on the retirement age of the executive directors was removed 
service contracts and letters of appointment
the company’s policy is for all of the directors to have twelve month rolling service contracts that provide for a twelve month notice 
period the fees of nonexecutive directors are determined by the full board within the limits set out in the articles of association 
the nonexecutive directors are not eligible for bonuses pension beneﬁts share options or other beneﬁts the directors are indemniﬁed 
to the full extent permitted by statute under the articles of association
the service contracts of the directors who served during the year ended 30 september 2012 include the following terms
directors executivenonexecutive date of contract unexpired term notice period months
j bishop nonexecutive 1 september 2008 rolling one year 12
d forbes nonexecutive 1 june 2011 rolling one year 12
r harrison nonexecutive 1 february 2009 rolling one year 12
b may executive 20 june 2005 rolling one year 12
j samuel executive 17 may 2006 rolling one year 12
directors’ remuneration
information is provided below for directors who served during the ﬁnancial year and as at 30 september 2012
total emoluments total emoluments
salaryfees bonuses beneﬁts 2012 2011
notes £000    £000   £000 £000 £000
executive directors
b may 1234 291 164 55 510 630
j samuel 1234 224 126 43 393 486
903 1116
nonexecutive directors
r harrison 56 — — 56 55
j bishop 30 — — 30 30
d forbes 30 — — 30 10
1019 1211
notes
1 the highest paid director for 2012 and 2011 was b may who received emoluments of £510000 2011 £630000 
2 beneﬁts include car allowances and certain medical cover for the director and immediate family
3  b may and j samuel received payments in lieu of company pension contributions which are paid through payroll and taxed as salary 
and are included in beneﬁts above
4 bonuses were earned by b may and j samuel during the current ﬁnancial year and will be paid in the year ending 30 september 2013 renew holdings plc annual report and accounts 2012 38
equity incentive plans
directors’ share options under the esos
options have been granted to b may and j samuel under the esos as set out in the table below the market price of the company’s 
shares at 30 september 2012 was 94p and the range of market prices during the year was between 55p and 94p
information is provided below for directors who served during the ﬁnancial year and as at 30 september 2012
cumulative total
2010 award 2009 award 2006 award 30 september 2012 1 october 2011
b may 831884 76264 476190 1384338 1384338
j samuel 480435 43999 285714 810148 810148
date of award 25 november 2009 26 november 2008 7 june 2006
exercise price £ 0345 0545 0525
earliest exercise date 25 november 2012 26 november 2011 7 june 2009
expiry of exercise period 25 november 2019 26 november 2018 7 june 2016
directors’ share options under the ltip
pursuant to the ltip the board granted the following options to the executive directors which are exercisable at a nominal cost between 
2 march 2015 and 1 march 2022
b w may   240000
j samuel   160000
performance criteria for the vesting of the share options under both the esos and the ltip are set out in note 20 to the ﬁnancial statements
directors’ share interests
those directors serving at the end of the year and their immediate families had interests in the share capital of the company at 
30 september 2012 as follows
ordinary shares of £010 each
30 september 2012 30 september 2011
j bishop 10000 10000
d forbes 20000 —
r harrison 150000 100000
b may 505000 405000
j samuel 50000 210000
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 2012 and signed on its behalf by
d m forbes
chairman
27 november 2012
directors’ remuneration report continued renew holdings plc annual report and accounts 2012 39
corporate 
governance
review of 
operations
group 
overview accounts
as an aim listed company renew is not required to follow the provisions of the uk corporate governance code “the code” as set out 
in the financial services authority’s listing rules the directors however recognise the importance of and accordingly support the 
principles of good corporate governance as contained within the code the directors normally seek to follow the code to the extent 
considered relevant for an aim listed company but are unable to achieve compliance with the code in a number of areas this year 
primarily because of the lack of independent nonexecutive directors these matters are explained in further detail in the sections below
the board of directors
the board currently comprises the chief executive ofﬁcer the nonexecutive chairman one executive director and two independent 
nonexecutive directors brief biographies of the directors are given on pages 34 and 35
the company is not compliant with the requirement of the code that more than half of the board should be comprised of independent 
nonexecutive directors because r harrison is not regarded as independent due to the period in 20042005 when he acted as 
executive chairman 
the composition of the board is reviewed regularly appropriate training brieﬁngs and induction are available to all directors on 
appointment and subsequently as necessary taking into account existing qualiﬁcations and experience new directors are subject 
to election by shareholders at the ﬁrst agm after their appointment 
the board met formally ten times in the year with all directors in attendance committee meetings dealing with the daily business of 
the company were held as necessary the board receives written and oral reports from the executive directors ensuring matters are 
considered fully and enabling directors to discharge their duties properly there is a formal schedule of matters reserved for the board’s 
decision ensuring the maintenance of control over strategic ﬁnancial and operational matters 
in addition procedures are in place for the directors to seek independent professional advice if necessary at the company’s expense
board committees
the board operates with a number of board committees j bishop the senior independent nonexecutive director acts as chairman 
of the audit committee and d forbes an independent nonexecutive director acts as chairman of the remuneration committee 
the nominations committee is chaired by r harrison 
the board delegates clearly deﬁned powers to its audit remuneration and nominations committees each of the board’s committees 
has carefully drafted terms of reference 
the remuneration committee which comprises all of the nonexecutive directors determines and agrees with the board the framework 
and policy of executive remuneration packages including bonuses incentive payments share options or awards and pension arrangements 
further information concerning the remuneration committee is set out in the directors’ remuneration report on pages 36 to 38 
the nominations committee which comprises the entire board monitors the composition of the board and recommends the 
appointment of new directors the nominations committee with all directors present has held two meetings during the year to discuss 
nomination matters
the nominations committee terms of reference include
a  to review the structure size and composition of the board
b to consider succession planning for directors and senior executives
c  to identify and nominate for approval by the board suitable candidates to ﬁll board vacancies and
d  to make recommendations to the board on the contents of letters of appointment directors’ duties reappointment or reelection 
of directors upon conclusion of a speciﬁed term or retirement by rotation
the audit committee has held three meetings to consider audit committee business the audit committee consists of all three non
executive directors the executive directors are invited to attend audit committee meetings but at least two meetings are held each 
year with the external auditor at which the executive directors are not present the audit committee considers the adequacy and 
effectiveness of the risk management and control systems of the group and reports the results to the board it reviews the scope and 
results of the external audit its cost effectiveness and the objectivity of the auditor the audit committee monitors the nonaudit work 
performed by the auditor to help ensure that the independence of the auditor is maintained the audit committee also reviews the interim 
statement the preliminary announcement and accounting policies 
the board forms a general purposes committee from time it time as it deems necessary this committee comprises the two executive 
directors and considers individual business matters which have been speciﬁcally delegated to it by the board
r j harrison obe
nonexecutive chairman
john bishop
nonexecutive director
david forbes
nonexecutive director
corporate governance renew holdings plc annual report and accounts 2012 40
internal controls
throughout the ﬁnancial year ended 30 september 2012 and up to the date of approval of the annual report and accounts the group 
has fully complied with the relevant provisions of the code and the turnbull guidance the directors acknowledge that they have overall 
responsibility for the group’s system of internal control and for reviewing and monitoring its effectiveness the system of internal control is 
designed to manage and mitigate rather than eliminate the risks to which the group is exposed and therefore provides a reasonable but 
not absolute assurance against a company failing to meet its business objectives or against material misstatement or loss consequently 
the board conﬁrms that there is an ongoing process for identifying evaluating and managing signiﬁcant risks faced by the group and that 
it is regularly reviewed by the board 
the group operates a risk management process which is embedded in normal management and governance processes there is a system 
of selfexamination 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 shortterm cash monitoring achieved 
by means of weekly forecasts which are compared against budget and previous forecasts clearly deﬁned capital investment guidelines and 
levels of authority and a clear organisational structure within which individuals’ responsibilities are identiﬁed and monitored these results and 
processes are monitored updated reviewed and considered by the board the group has established a series of minimum standards in 
a number of ﬁnancial and operational areas with which each business within the group must comply group management monitors and 
reviews compliance with these requirements on a periodic basis due to the size and nature of the group the board does not consider that 
a separate internal audit function is necessary for the last ﬁve years and including 2012 the group has carried out a programme of internal 
audit conducted by the group commercial director and by members of the various subsidiaries’ ﬁnance teams this system of peer review 
promotes best practice as well as ensuring that group minimum requirements as to procedures and internal controls are being complied 
with the reports from these internal audits are made available both to the board and to the external auditor
going concern
the directors have reviewed the budgets and forecasts prepared by the group and its trading subsidiaries and consider that at the time 
of approving the ﬁnancial statements there is a reasonable expectation that the company and the group have adequate resources to 
continue in operational existence for the foreseeable future for this reason they continue to adopt the going concern basis in preparing 
the ﬁnancial statements
directors’ remuneration
the company’s policy on the remuneration of executive directors and information relating to the directors’ remuneration and their 
interests in share options is included in the directors’ remuneration report
directors’ and ofﬁcers’ indemnity
the articles of association provide that each director or other ofﬁcer or auditor of the company shall be indemniﬁed by the company against 
losses costs and expenses he may sustain or incur in connection with the performance of his duties of ofﬁce to the fullest extent permitted by law
shareholder relationships
members of the board have dialogue with individual shareholders during the year in addition to the annual and interim report and 
accounts the chairman addresses shareholders at the agm and invites questions to any members of the board 
the agm is normally attended by all directors and provides an opportunity for communication with those shareholders attending notice 
of the agm is given to shareholders at least 21 days in advance and separate resolutions are proposed on each substantially separate 
issue where resolutions at the agm are dealt with by show of hands the results of proxy votes for and against are still announced 
financial and other information about the group is available on the company’s website wwwrenewholdingscom 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 2013 the notice for which accompanies this report and accounts the notice contains special 
business relating to the renewal of the board’s power to allot equity shares brief details of the purpose and effect of the proposed 
resolutions are enclosed with the notice of agm 
shareholders should complete the proxy form accompanying this document in accordance with the notes contained in the notice of agm
approval
the board approved the corporate governance report on 27 november 2012
by order of the board
john samuel
company secretary
27 november 2012
corporate governance continued renew holdings plc annual report and accounts 2012 41
corporate 
governance
review of 
operations
group 
overview accounts
the directors are responsible for preparing the annual report and the group and parent company ﬁnancial statements in accordance 
with applicable law and regulations
company law requires the directors to prepare group and parent company ﬁnancial statements for each ﬁnancial year as required by 
the aim rules of the london stock exchange they are required to prepare the group ﬁnancial statements in accordance with ifrss as 
adopted by the eu and applicable law and have elected to prepare the parent company ﬁnancial statements in accordance with uk 
accounting standards and applicable law uk generally accepted accounting practice
under company law the directors must not approve the ﬁnancial statements unless they are satisﬁed that they give a true and fair view of 
the state of affairs of the group and parent company and of their proﬁt or loss for that period in preparing each of the group and parent 
company ﬁnancial statements the directors are required to



 material departures disclosed and explained in the ﬁnancial statements and
 company will continue in business 
the directors are responsible for keeping adequate accounting records that are sufﬁcient to show and explain the parent company’s 
transactions and disclose with reasonable accuracy at any time the ﬁnancial position of the parent company and enable them to ensure 
that its ﬁnancial statements comply with the companies act 2006 they have general responsibility for taking such steps as are 
reasonably open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities
the directors are responsible for the maintenance and integrity of the corporate and ﬁnancial information included on the company’s 
website legislation in the uk governing the preparation and dissemination of ﬁnancial statements may differ from legislation in other 
jurisdictions 
statement of directors’ responsibilities
in respect of the annual report and the ﬁnancial statements accounts
this section details the 
group’s accounts for the year 
ended 30 september 2012
renew holdings plc annual report and accounts 2012 42 accounts
in this section
44  independent auditor’s report
45 group income statement
46  group statement of 
comprehensive income
46  group statement of changes in equity
47 group balance sheet
48 group cashflow statement
49 notes to the accounts
69 company balance sheet
70 notes to the company accounts
76 directors officers and advisors
76 shareholder information
renew holdings plc annual report and accounts 2012 43
corporate 
governance accounts
review of 
operations
group 
overview renew holdings plc annual report and accounts 2012 44
we have audited the ﬁnancial statements of renew holdings plc for the year ended 30 september 2012 set out on pages 45 to 75 the 
ﬁnancial reporting framework that has been applied in the preparation of the group ﬁnancial statements is applicable law and international 
financial reporting standards “ifrss” as adopted by the eu the ﬁnancial reporting framework that has been applied in the preparation 
of the parent company ﬁnancial statements is applicable law and uk accounting standards uk generally accepted accounting practice
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 2006 
our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 
an auditor’s report and for no other purpose to the fullest extent permitted by law we do not accept or assume responsibility to anyone 
other than the company and the company’s members as a body for our audit work for this report or for the opinions we have formed
respective responsibilities of directors and auditor
as explained more fully in the directors’ responsibilities statement set out on page 41 the directors are responsible for the preparation of 
the ﬁnancial statements and for being satisﬁed that they give a true and fair view our responsibility is to audit and express an opinion on 
the ﬁnancial statements in accordance with applicable law and international standards on auditing uk and ireland those standards 
require us to comply with the auditing practices board’s “apb’s” ethical standards for auditors
scope of the audit of the ﬁnancial statements
a description of the scope of an audit of ﬁnancial statements is provided on the apb’s website at wwwfrcorgukapbscopeprivatecfm
opinion on ﬁnancial statements
in our opinion

and of the group’s proﬁt for the year then ended



opinion on other matter prescribed by the companies act 2006
in our opinion the information given in the directors’ report for the ﬁnancial year for which the ﬁnancial statements are prepared is 
consistent with the ﬁnancial statements 
matters on which we are required to report by exception
we have nothing to report in respect of the following matters where the companies act 2006 requires us to report to you if in our opinion
 from branches not visited by us or



r i moffatt senior statutory auditor
for and on behalf of kpmg audit plc statutory auditor 
chartered accountants 
1 the embankment 
neville street 
leeds 
ls1 4dw 
27 november 2012 
independent auditor’s report
to the members of renew holdings plc renew holdings plc annual report and accounts 2012 45
corporate 
governance accounts
review of 
operations
group 
overview
before exceptional before exceptional
exceptional items and exceptional items and
items and amortisation items and amortisation
amortisation of intangible amortisation of intangible
of intangible assets of intangible assets
assets see note 3 total assets see note 3 total
2012 2012 2012 2011 2011 2011
note £000 £000 £000 £000 £000 £000
group revenue from 
continuing activities 2 337423 — 337423 352760 — 352760
cost of sales 301040 — 301040 319661 — 319661
gross proﬁt 36383 — 36383 33099 — 33099
administrative expenses 26115 1620 27735 25205 5651 30856
operating proﬁt 3 10268 1620 8648 7894 5651 2243
finance income 4 45 — 45 167 — 167
finance costs 4 518 — 518 387 — 387
other ﬁnance income – 
deﬁned beneﬁt pension 
schemes 4 246 — 246 530 — 530
proﬁt before 
income tax 10041 1620 8421 8204 5651 2553
income tax expense 6 1713 405 1308 2397 1220 1177
proﬁt for the year from 
continuing activities 8328 1215 7113 5807 4431 1376
loss for the year from 
discontinued operation 3 2372 71
proﬁt for the year 
attributable to equity 
holders of the parent 
company 4741 1305
basic earnings per share 
from continuing activities 8 1187p 230p
diluted earnings per 
share from continuing 
activities 8 1138p 222p
basic earnings per share 8 791p 218p
diluted earnings 
per share 8 759p 210p
group income statement
for the year ended 30 september renew holdings plc annual report and accounts 2012 46
2012 2011
note £000 £000
proﬁt for the year attributable to equity holders of the parent company 4741 1305
exchange movement in reserves 407 123
movement in actuarial valuation of the deﬁned beneﬁt pension schemes 24 3442 5265
movement on deferred tax relating to the deﬁned beneﬁt pension schemes 847 1382
total comprehensive incomeexpense for the year attributable to 
equity holders of the parent company 1739 2455
called up share capital cumulative share based
share premium redemption translation payments retained total
capital account reserve adjustment reserve earnings equity
£000 £000 £000 £000 £000 £000 £000
at 1 october 2010 5990 5893 3896 1059 217 3893 13162 
transfer from income statement for the period 1305 1305 
dividends paid 1797 1797
recognition of share based payments 66 66 
exchange differences 123 123 
actuarial losses recognised in pension schemes 5265 5265
movement on deferred tax relating to the pension schemes     1382 1382 
at 30 september 2011 5990 5893 3896 1182 283 8268 8976 
transfer from income statement for the period 4741 4741 
dividends paid 1827 1827
recognition of share based payments 6 6 
exchange differences 407 407
actuarial losses recognised in pension schemes 3442 3442
movement on deferred tax relating to the pension schemes     847 847 
at 30 september 2012 5990 5893 3896 775 289 7949 8894 
group statement of changes in equity
for the year ended 30 september
group statement of comprehensive income
for the year ended 30 september renew holdings plc annual report and accounts 2012 47
corporate 
governance accounts
review of 
operations
group 
overview
2011
2012 restated
note £000 £000
noncurrent assets
intangible assets  – goodwill 9 26918 27726
– other 9 2250 2750
property plant and equipment 10 4690 4805
retirement beneﬁt assets 24 1820 1089
deferred tax assets 6 2929 3329
38607 39699
current assets
inventories 11 9109 8918
trade and other receivables 12 73958 84901
current tax assets 834 646
cash and cash equivalents 14 2040 5688
85941 100153
  
total assets 124548 139852
noncurrent liabilities
borrowings 16 2500 7500
obligations under ﬁnance leases 17 676 369
retirement beneﬁt obligations 24 569 119
deferred tax liabilities 6 1039 1091
provisions 18 566 566
5350 9645
current liabilities
borrowings 16 5000 5000
trade and other payables 15 104302 115543
obligations under ﬁnance leases 17 570 291
current tax liabilities 266 231
provisions 18 166 166
110304 121231
  
total liabilities 115654 130876
  
net assets 8894 8976
share capital 20 5990 5990
share premium account 21 5893 5893
capital redemption reserve 21 3896 3896
cumulative translation adjustment 21 775 1182
share based payments reserve 21 289 283
retained earnings 21 7949 8268
total equity 8894 8976
 details of the restated balance sheet are set out in note 26
approved by the board and signed on its behalf by
r j harrison obe
chairman
27 november 2012
group balance sheet
at 30 september renew holdings plc annual report and accounts 2012 48
2012 2011
£000 £000
proﬁt for the year from continuing operating activities 7113 1376
amortisation of intangible assets 500 404
depreciation 905 1111
proﬁt on sale of property plant and equipment 17 32
increase in inventories 501 248
decrease in receivables 10081 8567
decrease in payables 10969 337
current service cost in respect of deﬁned beneﬁt pension scheme 54 56
cash contribution to deﬁned beneﬁt pension schemes 3477 4039
expense in respect of share options 6 66
financial income 291 697
financial expenses 518 387
interest paid 518 387
income taxes paid 333 523
income tax expense 1308 1177
net cash inﬂow from continuing operating activities 4379 6881
net cash outﬂow from discontinued operating activities 794 205
net cash inﬂow from operating activities 3585 6676
investing activities
interest received 45 167
proceeds on disposal of property plant and equipment 191 1768
purchases of property plant and equipment 270 447
acquisition of subsidiaries net of cash acquired — 29319
net cash outﬂow from continuing investing activities 34 27831
net cash inﬂow from discontinued investing activities 36 8
net cash inﬂowoutﬂow from investing activities 2 27823
financing activities
dividends paid 1827 1797
new loan — 15000
loan repayments 5000 2500
repayments of obligations under ﬁnance leases 396 109
net cash outﬂowinﬂow from continuing ﬁnancing activities 7223 10594
net cash outﬂow from discontinued ﬁnancing activities — 6
net cash outﬂowinﬂow from ﬁnancing activities 7223 10588
net decrease in continuing cash and cash equivalents 2878 10356
net decrease in discontinued cash and cash equivalents 758 203
net decrease in cash and cash equivalents 3636 10559
cash and cash equivalents at beginning of year 5688 16245
effect of foreign exchange rate changes on cash and cash equivalents 12 2
cash and cash equivalents at end of year 2040 5688
bank balances and cash 2040 5688
group cashﬂow statement
for the year ended 30 september renew holdings plc annual report and accounts 2012 49
corporate 
governance accounts
review of 
operations
group 
overview
1 accounting policies 
presentation of consolidated ﬁnancial statements
the consolidated ﬁnancial statements have been prepared in accordance with the international financial reporting standards “ifrss” 
as adopted by the eu “adopted ifrss” the ﬁnancial statements are presented in sterling since this is the currency in which the majority 
of the group’s transactions are denominated
accounting estimates and judgements
in the preparation of these ﬁnancial statements the board has made certain judgements and estimates which impact the measurement 
of various assets and liabilities in the group balance sheet the value of transactions recorded in the group income statement and the 
movements in equity as shown in the group statement of changes in equity the actual ﬁnancial outcomes may ultimately differ from that 
which is indicated by these judgements and estimates estimates and judgements are reviewed by management and the board on an 
ongoing basis and changes which may arise in them are reﬂected in the ﬁnancial statements for the period in which such changes are made
the board has determined that the following areas are those in which estimates and judgements have been made and where material 
impacts could arise in the ﬁnancial statements were such estimates and judgements to be varied
a accounting for construction contracts in accordance with ias 11 “construction contracts” 
ias 11 requires management to estimate the total expected costs on a contract and the stage of contract completion in order to determine 
both the revenue and proﬁt to be recognised in an accounting period the group has control and review procedures in place to monitor and 
evaluate regularly the estimates being made to ensure that they are consistent and appropriate this includes reviewing the independent 
certiﬁcation of the value of work done the progress of work against contracted timescales and the costs incurred against plan 
b impairment of goodwill in accordance with ias 36 “impairment of assets” 
in accordance with ias 36 goodwill is tested annually for impairment by comparing the carrying value of goodwill with the recoverable 
amount which is determined by an estimation of the value in use of the related cash generating unit to which the goodwill is attributed 
the calculation of the value in use requires estimates to be made of the future cash ﬂows of the cash generating unit and the timescale 
over which they will arise estimated growth rates and discount factors are also used in the calculation to estimate the net present value 
of the cash ﬂows more information is given in note 9 to these ﬁnancial statements
c accounting for the deﬁned beneﬁt pension schemes in accordance with ias 19 “employee beneﬁts”
independent actuaries calculate the group’s liability in respect of the deﬁned beneﬁt schemes the actuaries make assumptions as to 
discount rates salary escalations expected returns on scheme assets future pension increases mortality rates applicable to members 
and future rates of inﬂation these assumptions are made under the board’s direction the board determines the appropriateness of 
these assumptions by benchmarking them against those used by other schemes and by taking advice from the independent actuaries if 
the actual experience of the schemes is different from the assumptions used then the pension liability may differ from that shown in these 
ﬁnancial statements more information is given in note 24 to these ﬁnancial statements 
d accounting for provisions in accordance with ias 37 “provisions contingent liabilities and contingent assets” 
the group makes provisions where the board determines that liabilities exist but where judgements have to be made as to the 
quantiﬁcation of such liabilities a provision has been made for onerous lease contracts in respect of property leases where the board 
has determined that the expected economic beneﬁts to be derived from the leases are less than the unavoidable cost of meeting the 
group’s obligations under the lease contract this could arise where the group is the head lessee for a property lease contract where the 
property is not used by the group and where the group has not been able to sublet the property or has only been able to do so on terms 
which are less favourable than those of the head lease 
e accounting for deferred taxation in accordance with ias 12 “income taxes” 
the group provides for deferred taxation using the balance sheet liability method deferred tax assets are recognised in respect of tax 
losses where the directors believe that it is probable that future proﬁts will be relieved by the beneﬁt of tax losses brought forward the 
board considers the likely utilisation of such losses by reviewing budgets and medium term plans for each taxable entity within the group 
if the actual proﬁts earned by the group’s taxable entities is different from the budgets and forecasts used then the value of such deferred 
tax assets may differ from that shown in these ﬁnancial statements
i basis of accounting and preparation
the accounts have been prepared on the going concern basis and in accordance with applicable accounting standards under the 
historical cost convention in determining that the going concern basis is appropriate the directors have reviewed budgets including 
cashﬂow forecasts and concluded that group has adequate cash resources to continue trading for the foreseeable future
the consolidated ﬁnancial statements have been prepared in accordance with ifrss as adopted for use in the eu the group has applied 
all accounting standards and interpretations issued by the iasb and international financial reporting committee relevant to its operations 
and which are effective in respect of these ﬁnancial statements
ii basis of consolidation
the group accounts consolidate the accounts of the company and its subsidiary undertakings the results and net assets of 
undertakings acquired are included in the group income statement and balance sheet using the acquisition method of accounting 
the results of undertakings acquireddisposed of are included fromto the date the group obtainsloses control
iii revenue
revenue which excludes intragroup revenue and value added tax comprises


notes to the accounts renew holdings plc annual report and accounts 2012 50
1 accounting policies continued
iv construction contracts
contract revenue includes the initial amount agreed in the contract plus any variations in contract work claims and incentive payments to 
the extent that it is probable that they will result in revenue and can be measured reliably contract revenue and expenses are recognised 
in accordance with the stage of completion of the contract the stage of completion is determined by surveys of work performed 
contract costs incurred that relate to future activities are deferred and recognised as amounts recoverable on contracts when it is 
probable that the total contract costs will exceed contract revenue the expected loss is recognised as an expense immediately to the 
extent that progress billings exceed costs incurred plus recognised proﬁts less recognised losses they are recognised as amounts due 
to construction contract customers
v segment reporting
the operating segments are based on the components that the board the group’s principal decisionmaking body the chief operating 
decision maker “codm” monitors in making decisions about operating matters such components are identiﬁed on the basis of 
information that is provided internally in the form of monthly management account reporting budgets and forecasts to formulate allocation 
of resource to segments and assess performance revenue from reportable segments is measured on a basis consistent with the income 
statement revenue is principally generated from within the uk the group’s country of domicile segment results show the contribution 
directly attributable to each segment in arriving at the group’s operating proﬁt segment assets and liabilities comprise those assets and 
liabilities directly attributable to each segment group eliminations represent such consolidation adjustments that are necessary to 
determine the group’s assets and liabilities 
vi intangible assets
a     goodwill arising on consolidation represents the excess of the cost of acquisition over the group’s interest in the fair value of the 
identiﬁable assets liabilities and contingent liabilities of a subsidiary associate or jointlycontrolled entity at the date of acquisition 
goodwill is recognised as an asset and is tested for impairment annually or on such other occasions that events or changes in 
circumstances indicate that it might be impaired on disposal of a subsidiary undertaking the attributable amount of unamortised 
goodwill which has not been subject to impairment is included in the determination of the proﬁt or loss on disposal 
b   other intangible assets are stated at cost less accumulated amortisation and impairment losses the cost of intangible assets 
is amortised over their expected useful lives these intangibles relate to customer relationships and contractual rights and are 
amortised over the period over which the board has determined that future cash ﬂows are likely to arise from these relationships 
and rights
vii property plant and equipment
property plant and equipment are recorded at cost less provision for impairment if required 
depreciation is provided on all property plant and equipment other than freehold land provision is made at rates calculated to write 
off the cost of each asset less estimated residual value evenly over its expected useful life as follows 
group occupied property
freehold land     – no depreciation charge
long leasehold land and buildings  – shorter of ﬁfty years and period of lease
plant and vehicles   – three to ten years
ofﬁce equipment   – two to seven years
viii impairments
goodwill arising on acquisitions and other assets that have an indeﬁnite useful life and are therefore not subject to amortisation are 
reviewed at least annually for impairment other intangible assets and property plant and equipment are reviewed for impairment 
whenever there is any indication that the carrying amount of the asset may not be recoverable if the recoverable amount of any asset is 
less than its carrying amount a loss on impairment is recognised recoverable amount is the higher of the fair value of the asset less any 
costs which would be incurred in selling the asset and its value in use value in use is assessed by discounting the estimated future cash 
ﬂows that the asset is expected to generate for this purpose assets are grouped into cash generating units which represent the lowest 
level for which there are separately identiﬁable cash ﬂows impairment losses in respect of goodwill are not reversed in future accounting 
periods reversals of other impairment losses are recognised in income when they arise 
ix inventories
inventories comprise developments land held for development and raw materials and are stated at the lower of cost and net realisable 
value cost includes appropriate attributable overheads and excludes interest where necessary provision is made for obsolete slow 
moving and defective inventories
x trade receivables
trade receivables do not carry any interest and are initially recognised at their fair value and then at amortised cost 
xi trade payables
trade payables on normal terms are not interest bearing and are initially recognised at their fair value and then at amortised cost
xii cash and cash equivalents
cash and cash equivalents in the cash ﬂow statement comprise cash at bank and in hand including bank deposits with original maturities of 
less than three months net of bank overdrafts bank overdrafts are included within borrowings within current liabilities in the balance sheet
notes to the accounts continued renew holdings plc annual report and accounts 2012 51
corporate 
 governance accounts
review of 
operations
group 
overview
1 accounting policies continued
xiii provisions
provisions are recognised when the group has a present legal or constructive obligation as a result of a past event and where 
it is probable that an outﬂow will be required to settle that obligation and where the amount can be reliably estimated
xiv leasing commitments
assets held under ﬁnance leases where substantially all the beneﬁts and risks of ownership of an asset have been transferred to the 
group are capitalised and are depreciated in accordance with the depreciation policy for the relevant class of asset or the lease term if 
shorter the interest element of the rental obligation is charged to the income statement and represents a constant proportion of the 
balance of capital repayments outstanding rentals under operating leases are charged to the income statement on a straightline basis 
over the term of the lease
xv deﬁned beneﬁt pension schemes
pension scheme assets are measured using market values pension scheme liabilities are measured using the projected unit actuarial 
method and are discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability 
any increase in the present value of liabilities within the group’s deﬁned beneﬁt schemes expected to arise from employee service in the 
period is charged to operating proﬁt the expected return on the schemes’ assets and the increase during the period in the present value 
of the schemes’ liabilities arising from the passage of time are included in other ﬁnance income actuarial gains and losses are recognised 
in the group statement of comprehensive income pension scheme surpluses to the extent they are considered recoverable or deﬁcits 
are recognised in full and presented on the face of the group balance sheet 
xvi deﬁned contribution pension plans
contributions to deﬁned contribution pension plans are charged to the income statement as incurred
xvii taxation
the tax charge is composed of current tax and deferred tax calculated using tax rates that have been enacted or substantively enacted 
by the balance sheet date current tax and deferred tax are charged or credited to the income statement except when they relate to 
items charged or credited directly to equity in which case the relevant tax is also dealt with in equity
current tax is based on the proﬁt for the year deferred tax is provided in full using the liability method on temporary differences arising 
between the tax bases of assets and liabilities and their carrying amounts in the ﬁnancial statements
deferred tax on such assets and liabilities is not recognised if the temporary difference arises from the initial recognition other than in a 
business combination of other assets and liabilities in a transaction that affects neither the taxable proﬁt nor the accounting proﬁt
deferred tax assets are recognised to the extent that it is probable that future taxable proﬁt will be available against which the temporary 
differences can be utilised the carrying amount of deferred tax assets is reviewed at each balance sheet date
deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the group intends 
to settle its current assets and liabilities on a net basis
xviii foreign currencies 
transactions in foreign currencies are recorded at the rate ruling at the date of the transaction monetary assets and liabilities 
denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date the income statements of 
overseas subsidiary undertakings are translated at the average rate of exchange ruling throughout the ﬁnancial year the balance sheets 
of overseas subsidiary undertakings are translated at the rate of exchange ruling at the balance sheet date exchange differences arising 
from this policy and arising on the retranslation of the opening net assets are taken directly to reserves all other exchange differences are 
taken to the income statement
xix financial instruments
financial assets are divided into the following categories trade receivables and ﬁnancial assets at fair value the board assigns ﬁnancial 
assets to each category on initial recognition dependant on the purpose for which the asset was acquired the categorisation of these 
assets is reconsidered at each reporting date at which a choice of categorisation or accounting treatment is available all ﬁnancial assets 
are recognised whenever the group becomes party to the contractual provisions of the ﬁnancial instrument all such assets are initially 
recognised at fair value derecognition of such assets occurs when the group’s right to receive cash ﬂows from the asset ceases or the 
rights and rewards of ownership have been transferred all such assets are reviewed for impairment at least annually interest and other 
cash ﬂows which arise from holding a ﬁnancial asset is recognised in the income statement in accordance with ias 39 financial assets at 
fair value include assets classiﬁed as held for trading and changes in fair value are recognised through the income statement trade 
receivables are nonderivative ﬁnancial assets with expected receipts which are not quoted in an active market and they arise when the 
group provides goods or services a ﬁnancial asset is assessed at each reporting date to determine whether there is any objective 
evidence that it is impaired a ﬁnancial asset is considered to be impaired if objective evidence indicates that one or more events have 
had a negative effect on the estimated future cash ﬂows of that asset an impairment loss in respect of a ﬁnancial asset measured at 
amortised cost is calculated as the difference between its carrying value amount and the present value of the estimated cash ﬂows 
discounted at the original effective interest rate all impairment losses are recognised in the income statement financial liabilities are 
recognised when the group becomes a party to the contractual provisions of the ﬁnancial instrument all interest related charges are 
recognised as an expense in the income statement bank loans and hire purchase liabilities are entered into to provide ﬁnancing for the 
group’s operations and are recognised as funds are received financial liabilities are measured at amortised cost
xx share based payments
ifrs 2 “share based payment” requires a fair value to be established for any equity settled share based payments fair value has been 
independently measured using either a blackscholes or a monte carlo valuation model as was deemed appropriate by the directors for 
the relevant options’ conditions the fair value determined at the grant date of the equity settled share based payments is expensed on a 
straightline basis over the vesting period based on the directors’ estimate of shares that will eventually vest renew holdings plc annual report and accounts 2012 52
1 accounting policies continued
xxi earnings per share
the group presents basic and diluted earnings per share “eps” data for its ordinary shares basic eps is calculated by dividing the 
proﬁt or loss attributable to ordinary shareholders of the company by the weighted average number of ordinary shares outstanding in the 
period diluted eps is determined by adjusting the proﬁt or loss attributable to ordinary shareholders and the weighted average number 
of ordinary shares outstanding for the effects of all dilutive potential ordinary shares which comprise share options granted to employees
xxii rental income
rental income from property is recognised in the income statement on a straightline basis over the term of the lease lease incentives 
granted are recognised as an integral part of the total rental income over the term of the lease
xxiii finance income and expense
finance income comprises interest income on funds invested and gains on hedging instruments that are recognised in income or 
expense interest income is recognised as it accrues in income or expense using the effective interest method finance expenses 
comprise interest expense on borrowings unwinding of the discount on provisions and losses on hedging instruments that are 
recognised in income or expense all borrowing costs are recognised in income or expense using the effective interest method
2 segmental analysis
the chief operating decision maker “codm” is responsible for the overall resource allocation and performance assessment of the 
group the board approves major capital expenditure and its authority is required prior to the group entering into any development 
projects the board assesses the performance of the group and its progress against the strategic plan through monitoring of key 
performance indicators the board also determines key ﬁnancing decisions such as raising equity all loan or bank borrowing 
arrangements and the granting of security over the group’s assets as such the group considers that the board is the codm
operating segments have been identiﬁed based on the internal reporting information provided to the codm from such information engineering 
services and specialist building have been determined to represent operating segments following the identiﬁcation of the operating segments 
the group has assessed the similarity of the characteristics of the operating segments given the different performance targets and markets 
operated within each operating segment it is not appropriate to aggregate the operating segments for reporting purposes and therefore both of 
the identiﬁed operating segments are disclosed as reportable segments the information received by the codm shows results both pre and 
post exceptional items the group had one customer which represented 214 of group revenue no other customer represented more than 
10 of the group’s revenue
these segments are
engineering services which comprises the group’s engineering activities which are characterised by the use of the group’s skilled 
engineering workforce supplemented by specialist subcontractors where appropriate in a range of civil mechanical and electrical 
engineering applications and
specialist building which comprises the group’s building activities which are characterised by the use of a supply chain of subcontractors 
to carry out building works under the control of the group as principal contractor
a business analysis 
revenue is analysed as follows
2012 2011
£000 £000
engineering services 214102 172808
specialist building 123070 178902
intersegment revenue 179 61
segment revenue 336993 351649
central activities 430 1111
group revenue from continuing activities 337423 352760
analysis of operating proﬁt from continuing activities 
 
before before
exceptional exceptional exceptional exceptional
items and items and items and items and
amortisation amortisation amortisation amortisation
of intangible of intangible of intangible of intangible
assets assets assets assets
2012 2012 2012 2011 2011 2011
£000 £000 £000 £000 £000 £000
engineering services 9639 986 8653 7494 2243 5251
specialist building 2134 634 1500 1907 3332 1425
segment operating proﬁt 11773 1620 10153 9401 5575 3826
central activities 1505 — 1505 1507 76 1583
operating proﬁt 10268 1620 8648 7894 5651 2243
net ﬁnancing expenseincome 227 — 227 310 — 310
proﬁt on ordinary activities 
before income tax 10041 1620 8421 8204 5651 2553
notes to the accounts continued renew holdings plc annual report and accounts 2012 53
corporate 
 governance accounts
review of 
operations
group 
overview
2 segmental analysis continued
a business analysis continued
balance sheet analysis of business segments
2012 2011 restated
assets liabilities net assets assets liabilities net assets
£000 £000 £000 £000 £000 £000
engineering services 116600 76749 39851 94408 54052 40356
specialist building 106061 123577 17516 128111 145523 17412
central activities 189352 202130 12778 234018 248670 14652
discontinued operation 686 1349 663 2060 1376 684
group eliminations 288151 288151 — 318745 318745 —
group net assets 124548 115654 8894 139852 130876 8976
other information
2012 2011
capital capital
additions depreciation amortisation additions depreciation amortisation
£000 £000 £000 £000 £000 £000
engineering services 1147 710 500 663 825 404
specialist building 102 183 — 180 270 —
central activities 412 — —16 —
discontinued operation 6 183 — 6 48 —
1259 1088 500 849 1159 404
b geographical analysis
revenue is analysed as follows
2012 2011
£000 £000
uk 337423 351652
usa — 1108
group revenue from continuing activities 337423 352760
noncurrent asset analysis of geographical segments 
assets assets
£000 £000
uk 38607 39699
3 operating proﬁt 
2012 2011
£000 £000
operating proﬁt is arrived at after chargingcrediting
auditor’s remuneration – audit services 208 215
depreciation of owned assets 695 1012
depreciation of assets held under ﬁnance leases 210 99
operating lease rentals – plant and machinery 78 66
operating lease rentals – motor vehicles 868 757
operating lease rentals – other 2621 2702
rental income 1278 1161
proﬁt on sale of property plant and equipment 17 32
during the period the following services were provided by the group auditor 
2012 2011
£000 £000
fees payable to the company’s auditor for the audit of the ﬁnancial statements 54 63
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 154 152
other services related to tax advice 29 —
other services related to the acquisition — 360
237 575
cost of sales includes £nil 2011 £nil of inventories recognised as an expense in the period there were no writedowns or reversal 
of writedowns of inventories recognised as an expense in the period 2011 £nil renew holdings plc annual report and accounts 2012 54
3 operating proﬁt continued
exceptional items and amortisation of intangible assets
2012 2011
£000 £000
redundancy and restructuring costs 1120 3680
amco acquisition costs — 1357
provision for oft ﬁne — 200
legal fees in connection with oft ﬁne  — 10
total exceptional items 1120 5247
amortisation of intangible assets see note 9 500 404
1620 5651
the board has determined that certain charges to the income statement should be separately identiﬁed for better understanding of the 
group’s results 
during the year the group incurred £1120000 of exceptional redundancy and restructuring costs £634000 of these costs relate to 
specialist building where further staff reductions have been made to align the segment with the current trading environment £486000 
relates to engineering services primarily in respect of the integration of our rail businesses following the acquisition of amco group 
holdings ltd 
the board has also separately identiﬁed the charge of £500000 2011 £404000 for the amortisation of the fair value ascribed to certain 
intangible assets other than goodwill arising from the acquisitions of seymour cec holdings ltd and amco group holdings ltd 
further details are given in note 9
discontinued operation analysis
2012 2011
£000 £000
revenue 1816 3907
expenses 3216 4000
write off of goodwill and fair value adjustment 904 —
loss before income tax 2304 93
income tax expensecredit – deferred tax 68 22
loss for the year from discontinued operation 2372 71
the discontinued operation ca pumps ltd was sold on 14 november 2012 for a nominal consideration 
4 finance income and costs 
finance income
finance income of £45000 2011 £167000 has been earned during the year on bank deposits
2012 2011
£000 £000
interest payable
on bank loans and overdrafts 506 379
other interest payable 12 8
518 387
other ﬁnance income – deﬁned beneﬁt pension schemes
expected return on scheme assets 6834 6997
interest on scheme liabilities 6588 6467
246 530
further information on the deﬁned beneﬁt pension schemes is set out in note 24 to the accounts 
notes to the accounts continued renew holdings plc annual report and accounts 2012 55
corporate 
 governance accounts
review of 
operations
group 
overview
5 employee numbers and remuneration
2012 2011
number number
the average monthly number of employees including executive directors employed in  
continuing activities during the year was 1890 2036
at 30 september 1889 2033
production 1212 1320
administrative 678 716
1890 2036
cost of staff including executive directors during the year amounted to 
2012 2011
£000 £000
wages and salaries 77141 70619
social security costs 7910 7195
other pension costs 2835 3126
share based payments 6 66
87892 81006
directors’ emoluments 
2012 2011
£000 £000
aggregate emoluments 1019 1211
highest paid director aggregate emoluments 510 630
details of individual directors’ emoluments can be found in the directors’ remuneration report
6 income tax expense
a analysis of expense in year 
2012 2011
£000 £000
current tax
uk corporation tax on proﬁts of the year 266 —
adjustments in respect of previous periods 86 417
total current tax 180 417
deferred tax – deﬁned beneﬁt pension scheme 893 1175
deferred tax – other timing differences 302 397
total deferred tax from continuing activities 1195 1572
income tax expense 1375 1155
deferred tax in respect of discontinued operation 67 22
income tax expense in respect of continuing activities 1308 1177
b factors affecting income tax expense for the year 
2012 2011
£000 £000
proﬁt before income tax 8421 2553
proﬁt multiplied by standard rate of corporation tax in the uk of 25 201127 2105 689
effects of
expenses not deductible for tax purposes 198 423
timing differences not provided in deferred tax 304 32
change in tax rate 96 6
net creditcharge in respect of tax losses 286 486
tax losses surrendered by discontinued operation 348 —
deferred tax in respect of discontinued operation 67 22
adjustments to tax charge in respect of previous periods 86 417
1308 1177 renew holdings plc annual report and accounts 2012 56
6 income tax expense continued
b factors affecting income tax expense for the year continued
the group has available further unused uk tax losses of £61m 2011 £64m to carry forward against future taxable proﬁts the group also 
has unused usa tax losses of 16m £99m 2011 31m £194m to carry forward against future taxable proﬁts in the usa a substantial 
element of these losses relates to activities which are not forecast to generate the level of proﬁts needed to utilise these losses a deferred tax 
asset has been provided to the extent considered reasonable by the directors where recovery is expected to be recognisable within the 
foreseeable future the unrecognised deferred tax asset in respect of these losses amounts to £163m 2011 £217m
c deferred tax asset
2012 2011
£000 £000
deﬁned beneﬁt pension scheme 137 31
accelerated capital allowances 551 703
other timing differences 136 568
future tax losses 2105 2027
2929 3329
d deferred tax liabilities
2012 2011
£000 £000
deﬁned beneﬁt pension scheme 437 283
fair value adjustments 602 808
1039 1091
e reconciliation of deferred tax asset
2012 2011
£000 £000
as at 1 october 3329 3283
acquisition of amco group holdings ltd 250 524
origination of timing differences 43 464
change of deferred tax rate 179 46
deﬁned beneﬁt pension scheme – income statement 880 1033
deﬁned beneﬁt pension scheme – soci 952 1065
at 30 september 2929 3329
f reconciliation of deferred tax liability
2012 2011
£000 £000
as at 1 october 1091 424
acquisition of amco group holdings ltd — 952
arising on fair value adjustments 149 50
change of deferred tax rate 58 60
deﬁned beneﬁt pension scheme – income statement 50 142
deﬁned beneﬁt pension scheme – soci 105 317
at 30 september 1039 1091
7 dividends
2012 2011
penceshare penceshare
interim related to the year ended 30 september 2012 105 100
final related to the year ended 30 september 2011 200 200
total dividend paid 305 300
£000 £000
interim related to the year ended 30 september 2012 628 598
final related to the year ended 30 september 2011 1199 1199
total dividend paid 1827 1797
dividends are recorded only when authorised and are shown as a movement in equity rather than as a charge in the income statement 
the directors are proposing that a ﬁnal dividend of 210p per ordinary share be paid in respect of the year ended 30 september 2012 
this will be accounted for in the 201213 ﬁnancial year
notes to the accounts continued renew holdings plc annual report and accounts 2012 57
corporate 
 governance accounts
review of 
operations
group 
overview
8 earnings per share
2012 2011
earnings eps deps earnings eps deps
£000 pence pence £000 pence pence
earnings before exceptional costs 8328 1390 1333 5807 969 935
exceptional costs and amortisation 1215 203 195 4431 739 713
basic earnings per share  
– continuing activities 7113 1187 1138 1376 230 222
loss for the year from 
discontinued operation 2372 396 379 71 012 012
basic earnings per share 4741 791 759 1305 218 210
weighted average number 
of shares 59899 62493 59899 62093
the dilutive effect of share options is to increase the number of shares by 2594000 2011 2194000 and reduce basic earnings per share 
by 032p 2011 008p
9 intangible assets
contractual
rights and
customer
goodwill relationships
£000 £000
cost
at 1 october 2010 9558 1072
additions 17428 3000
hindsight adjustment note 26 740 —
at 30 september 2011 restated 27726 4072
additions — —
at 30 september 2012 27726 4072
impairment lossesamortisation
at 1 october 2010 — 918
charge for year — 404
at 30 september 2011 restated — 1322
charge for year 808 500
at 30 september 2012 808 1822
carrying amount
at 30 september 2012 26918 2250
at 30 september 2011 restated 27726 2750
at 1 october 2010 9558 154
the carrying amounts of goodwill by operating segment are as follows
2011
2012 restated
£000 £000
specialist building 2503 2503
engineering services 24415 25223
26918 27726
goodwill of £17428000 was acquired on the acquisition of amco group holdings ltd and was reviewed for impairment one year after the 
acquisition and then on an ongoing basis as required by ifrs 3 the impact of the review was to increase goodwill by £740000 resulting 
in the restatement of the group balance sheet as at 30 september 2011 see note 26 
amortisation charges in respect of intangible assets with a ﬁnite life are recorded within administrative expenses in the income statement 
the amortisation policy is disclosed in the accounting policies and approximates to a period of 6 years 
in order to test goodwill for impairment the group performs value in use calculations by preparing cash ﬂow forecasts for each cash 
generating unit derived from the most recent ﬁnancial budgets and strategic plans approved by management going forward 3 years 
and then extrapolates cash ﬂows based on conservative estimated growth rates which do not exceed gdp growth in the longer term 
according to management’s view of longer term prospects for each cash generating unit the cash generating units are deemed to be the 
subsidiaries to which the goodwill relates management used growth rates deemed to be appropriate to each cash generating unit after 
reviewing the particular market conditions related to the sector in which the cash generating unit operates the growth rates used range 
from 3 to 5 the rate used to discount the forecast cash ﬂows is 8 as the board considers the rate appropriate in the current 
ﬁnancial market as an approximation to the cost of funds to the group the calculation shows that there is substantial headroom and the 
impairment calculations are not particularly sensitive to changes in the discount rate applied 
during the year the board decided to close the business of ca pumps ltd which resulted in the write off of £808000 of goodwill 
ca pumps ltd was sold on 14 november 2012 for a nominal consideration  renew holdings plc annual report and accounts 2012 58
10 property plant and equipment
freehold long leasehold plant vehicles
land and buildings land and buildings  equipment total
£000 £000 £000 £000
cost
at 1 october 2010 1821 789 4961 7571
additions 5 — 844 849
disposals 1580 714 952 3246
acquisition of subsidiary 1580 — 602 2182
at 1 october 2011 1826 75 5455 7356
additions — — 1259 1259
disposals — — 1703 1703
at 30 september 2012 1826 75 5011 6912
depreciation
at 1 october 2010 37 665 2179 2881
charge for year 19 1 1139 1159
disposals — 591 898 1489
at 1 october 2011 56 75 2420 2551
charge for year 19 — 1069 1088
disposals — — 1417 1417
at 30 september 2012 75 75 2072 2222
net book value
at 30 september 2012 1751 — 2939 4690
at 30 september 2011 1770 — 3035 4805
at 30 september 2010 1821 124 2782 4690
the net book value of assets under ﬁnance leases at 30 september 2012 was £1429000 2011 £655000 during the year £210000 
2011 £99000 of depreciation was charged against assets held under ﬁnance leases
11 inventories
2012 2011
£000 £000
developments and undeveloped land 8999 8779
raw materials 110 139
9109 8918
£11m 2011 £09m of inventories are pledged as security for liabilities 
12 trade and other receivables
2012 2011
£000 £000
trade receivables 262 233
amounts due from construction contract customers 67942 74518
other receivables 4278 8624
prepayments and accrued income 1476 1526
73958 84901
the directors consider that the carrying amount of trade and other receivables approximates to their fair value
included in trade and other receivables are debtors with a carrying value of £25m 2011 £39m which are past due at the reporting date 
for which the group has not provided as there has not been a signiﬁcant change in credit quality and the group believes that the amounts 
are still considered recoverable since there is no objective evidence that these ﬁnancial assets are impaired the group does not hold any 
collateral over these balances the average age of these receivables is 350 days 2011 303 days
ageing of past due but not impaired receivables
2012 2011
£000 £000
30–180 days 574 1185
180–365 days 448 1174
greater than 1 year 1498 1540
2520 3899
notes to the accounts continued renew holdings plc annual report and accounts 2012 59
corporate 
 governance accounts
review of 
operations
group 
overview
13 construction contracts
2012 2011
£000 £000
contracts in progress at balance sheet date
amounts due from construction contract customers included in trade and other receivables 67942 74518
amounts due to construction contract customers included in trade and other payables 1936 5654
66006 68864
contract costs incurred plus recognised proﬁts less recognised losses to date 3367214 3249997
less progress billings 3301208 3181133
66006 68864
at 30 september 2012 retentions held by customers amounted to £153m 2011 £178m advances received from customers for contract 
work amounted to £19m 2011 £57m 
amounts due from construction contract customers which are past due at the reporting date amounted to £25m 2011 £39m
this amount includes retention balances of £20m 2011 £31m the group does not hold any collateral over these balances or other 
trade and other receivables
contract revenue recognised in the year amounted to £3370m 2011 £3516m
14 cash and cash equivalents 
2012 2011
£000 £000
cash at bank 2036 5681
cash in hand 4 7
2040 5688
15 trade and other payables
2012 2011
£000 £000
amounts due to construction contract customers 1936 5654
trade payables 35052 42115
other taxation and social security 2500 2921
other payables 6026 5119
accruals and deferred income 58788 59734
104302 115543
16 borrowings
2012 2011
£000 £000
bank loans and overdrafts repayable
within one year 5000 5000
within two to ﬁve years 2500 7500
7500 12500
the bank loans and overdrafts are secured by a ﬁxed and ﬂoating charge over the group’s assets
17 obligations under ﬁnance leases
minimum lease payments
present value of minimum
lease payments
2012 2011 2012 2011
£000 £000 £000 £000
amounts payable under ﬁnance leases
within one year 598 308 570 291
within two to ﬁve years 700 376 676 369
1298 684 1246 660
less future ﬁnance charges 52 24 — —
present value of lease obligations 1246 660 1246 660
less amount due for settlement within twelve months 570 291
amount due for settlement after twelve months 676 369
it is the group’s policy to lease certain of its plant vehicles and equipment under ﬁnance leases the average outstanding lease term is 
3 years 2011 2 years for the year ended 30 september 2012 the average effective borrowing rate was 3 2011 3 interest rates are ﬁxed 
at the contract date all leases are on a ﬁxed repayment basis and no arrangement has been entered into for contingent rental payments
all lease obligations are denominated in sterling the fair value of the group’s lease obligations approximates to their carrying amount 
the group’s obligations under ﬁnance leases are secured on the asset to which the lease relates renew holdings plc annual report and accounts 2012 60
18 provisions
property
obligations
£000
at 1 october 2011 732
provision movement during year —
at 30 september 2012 732
noncurrent liabilities 566
current liabilities 166
at 30 september 2012 732
property obligations represent commitments on leases for properties which the group does not occupy where the group does not 
expect to receive income sufﬁcient to cover the full commitment the provision represents outﬂows which are expected to occur over 
the next ﬁve years
19 other ﬁnancial instruments
the group’s principal ﬁnancial instruments comprise bank loans cash and shortterm deposits and obligations under ﬁnance leases 
the main purpose of these ﬁnancial instruments is to provide ﬁnance for the group’s operations the group has various other ﬁnancial 
instruments such as trade receivables and trade payables that arise directly from its operations 
it is and has been throughout the period under review the group’s policy that no trading in ﬁnancial instruments shall be undertaken 
the disclosures below provide information about the contractual terms of the group’s interest bearing deposits loans and borrowings
interest rate proﬁle of ﬁnancial assets and liabilities 
financial assetsliabilities
fixed rate fixed floating
interest rate rate rate total
  £000 £000 £000
2012
assets
sterling — — 1667 1667
dollar — — 369 369
 — 2036 2036
liabilities
sterling 30 1246 7500 8746
1246 7500 8746
financial assetsliabilities
fixed rate fixed floating
interest rate rate rate total
  £000 £000 £000
2011
assets
sterling — — 5522 5522
dollar — — 159 159
 — 5681 5681
liabilities
sterling 30 660 12500 13160
660 12500 13160
the interest bearing assets accrue interest at prevailing market rates generally the group holds deposits which are repayable on demand
the sterling interest bearing liabilities accrue interest at a rate which is linked to the lender’s base rate or libor
the maturity of the ﬁxed rate ﬁnancial liabilities is disclosed in note 17 the ﬁxed rate liabilities have a weighted average period of 3 years 
2011 2 years  
fair value of ﬁnancial assets and liabilities
there are no material differences between fair value and the book value of the group’s ﬁnancial assets and liabilities
financial risks
the group has exposure to a number of ﬁnancial risks through the conduct of its operations risk management is governed by the 
group’s operational policies guidelines and authorisation procedures which are outlined in the corporate governance statement the key 
ﬁnancial risks resulting from ﬁnancial instruments are credit liquidity currency and market risk 
notes to the accounts continued renew holdings plc annual report and accounts 2012 61
corporate 
 governance accounts
review of 
operations
group 
overview
19 other ﬁnancial instruments continued
financial risks continued
a credit risk
credit risk is the risk of loss if a customer fails to meet its ﬁnancial obligations and results primarily from the group’s trade and other 
receivables the degree to which the group is exposed to this risk depends on the individual ﬁnancial situation of each speciﬁc customer 
the group does not have any risk from a concentration of trade or other receivables in any customer or group of customers the group 
assesses the credit worthiness of every customer prior to entering into any contract and requires appropriate evidence of ﬁnancial 
capability on a case by case basis the group reviews trade and other receivables for impairment on a regular basis and information 
relating to the ageing of receivables is provided in note 12 
b liquidity risk
liquidity risk is the risk that the group will not be able to meet its ﬁnancial obligations as they fall due the board is responsible for 
ensuring that the group has sufﬁcient liquidity to meet its ﬁnancial liabilities as they fall due and does so by monitoring cashﬂow forecasts 
and budgets the board has considered the cashﬂow forecasts for the next twelve months which show that the group expects to operate 
within its working capital facilities throughout the year 
the board aims to maintain a strong capital base so as to ensure investor and market conﬁdence and to sustain the future of the business 
the capital structure of the group consists of equity attributable to equity holders of the company as disclosed in note 20 and reserves as 
disclosed in note 21 the group arranges loans and short term overdraft facilities and hire purchase facilities as the board deems necessary 
the group does not have any derivative or nonderivative ﬁnancial liabilities other than those disclosed in notes 15 to 17 and the retirement 
beneﬁt obligations disclosed in note 24 an analysis of the maturity proﬁle for ﬁnance lease liabilities is given in note 17
c currency risk
the only exposure of the group to currency risk ie exposure to gains or losses on foreign exchange which would be recognised in the income 
statement is in respect of the unhedged portion of an intercompany loan at 30 september 2012 the unhedged portion of the intercompany 
loan was 270000 2011 1520000 the dollar closing exchange rate was 161 £1 2011 156 £1 resulting in a foreign exchange loss of 
£12000 being charged to ﬁnance costs consequently to the extent that the intercompany loan is not fully hedged the income statement may 
be impacted by exchange rate movements exchange rate movement on translation of lovell america inc’s net assets are charged to the 
cumulative translation adjustment within total equity the exchange loss arising on the translation of lovell america inc’s net assets was 
£407 000 the total equity statement would be impacted by £58000 for each 001 movement in exchange rates
all functional currencies of the group operations are denominated in sterling with the exception of the us operations whose functional 
currency is the us dollar
d market risk
market risk is the risk that changes in market prices will affect the group’s income or the carrying amount of its holding of ﬁnancial 
instruments the principal risk relates to interest rates where the group’s risk is limited to the rates applying to its interest bearing 
shortterm deposits and its bank loan a reduction in market interest rates could lead to a reduction in the group’s interest income 
and a reduction in its interest costs consequently a 1 decrease in market interest rates would reduce annual ﬁnance costs by 
£10000 for every £1m of outstanding loan 
the group’s hire purchase ﬁnancial liabilities are all at ﬁxed rates of interest 
20 share capital
2012 2011
£000 £000
allotted called up and fully paid
59898927 2011 59898927 ordinary shares of 10p each 5990 5990
the holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at 
meetings of the company
there were no ordinary shares issued in either year ending september 2012 or 2011
share options
renew holdings 2004 executive share option scheme
the group operates a share option scheme the renew holdings 2004 executive share option scheme the scheme has both an 
approved and unapproved element the difference between the two elements is that the approved scheme has the advantage of certain 
hmrc approved tax beneﬁts
both elements have the same general terms and conditions options issued under the scheme must be held for three years before they 
can vest and become exercisable they must be exercised within ten years from the date of grant 
vesting of options is dependant on the achievement of certain performance criteria which are established by the remuneration 
committee at the point of grant 761904 of the options granted in the 2006 ﬁnancial year have vested in respect of the options granted 
during the 2007 and 2008 ﬁnancial years the performance criteria were not met and so 940252 of previously granted options have 
lapsed in respect of the options granted during the 2009 ﬁnancial year 120263 of the options have vested with 709140 having lapsed 
due to the performance criteria not being met all 1312319 options granted in the 2010 ﬁnancial year have vested the scheme does not 
permit retesting of performance conditions and if the performance criteria are not achieved then the options will lapse
the number of options in issue and their exercise price is given in note 21 renew holdings plc annual report and accounts 2012 62
20 share capital continued
share options continued
renew holdings plc long term incentive plan
at the annual general meeting held on 25 january 2012 the shareholders approved a new long term incentive plan “ltip” which 
replaced the renew holdings plc 2004 executive share option scheme as the directors believed that the ltip was a more effective 
method of aligning executive and shareholder interests 
on 2 march 2012 the company granted options to subscribe for 400000 ordinary shares pursuant to the ltip 
the options are exercisable at a nominal cost from 2 march 2015 subject to the achievement of certain performance criteria 
vesting of one half of the options is dependent on absolute growth in the company’s total shareholder return ‘tsr’ and the other half 
dependent on the company’s tsr performance as compared to the tsr achieved by other companies in a comparator group of 
companies selected by the remuneration committee all tsr calculations are based on the average of the opening and closing share 
price over a 30 day period prior to the commencement and end of the performance period 
the absolute tsr growth target requires the company’s tsr over the three year performance period to grow by more than 25 for tsr 
growth between 25 and 100 the half of the option which is subject to the absolute tsr growth target vests on a straightline basis 
from nil vesting at 25 growth to 100 vesting at 100 growth there will be no vesting if tsr growth is 25 or less
21 reserves
share capital cumulative share based
premium redemption translation payments retained
account reserve reserve reserve earnings
£000 £000 £000 £000 £000
at 1 october 2010 5893 3896 1059 217 3893
transfer from income statement for the year 1305
dividends paid 1797
recognition of share based payments 66
exchange differences 123
actuarial loss recognised in pension scheme 5265
movement on deferred tax relating to the pension 
scheme    1382
at 1 october 2011 5893 3896 1182 283 8268
transfer from income statement for the year 4741
dividends paid 1827
recognition of share based payments 6
exchange differences 407
actuarial loss recognised in pension scheme 3442
movement on deferred tax relating to the pension 
scheme     847
at 30 september 2012 5893 3896 775 289 7949
there is no available analysis of goodwill written off against reserves in respect of subsidiaries that were acquired prior to 1989 and 
therefore in accordance with the guidance of ifrs 3 the directors are not able to state this ﬁgure
capital redemption reserve
this reserve represents the combined impact of share buybacks in previous years
cumulative translation reserve 
this reserve represents the foreign exchange movement on translating the opening net assets of lovell america inc
share based payments reserve
renew holdings 2004 executive share option scheme
ifrs 2 “share based payment” requires a fair value to be established for any equity settled share based payments fair value has been 
independently measured by baker tilly chartered accountants using a blackscholes valuation model the fair value determined at the 
grant date of the equity settled share based payments is expensed on a straightline basis over the vesting period based on the group’s 
estimate of shares that will eventually vest
£30000 has been credited 2011 £66000 charged to administrative expenses there is no impact on net assets since an equivalent 
amount has been charged to the share based payments reserve no options were exercised during the year the value per option 
represents the fair value of the option less the consideration payable
the expected volatility 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
notes to the accounts continued renew holdings plc annual report and accounts 2012 63
corporate 
 governance accounts
review of 
operations
group 
overview
21 reserves continued
options granted under the renew holdings 2004 executive share option scheme over the company’s ordinary shares at 30 september 2012 
were as follows
date of grant 7 june 2006 26 november 2008 25 november 2009 total
awards outstanding at 30 september 2012
   – directors 761904 120263 1312319 2194486
exercise price and price at date of grant 525p 545p 345p —
maximum option life 10 years 10 years 10 years —
assumed option life for purposes of valuation 3 years 3 years 3 years —
expected volatility 47 41 53 —
dividend yield 10 59 85 —
risk free interest rate 467 385 188 —
value per option 205p 102p 87p —
the options granted on 7 june 2006 have vested in full the options granted on 8 january 2007 and 3 december 2007 have lapsed 120263 of the 
options granted on 26 november 2008 have vested with 709 140 having lapsed the options granted on 25 november 2009 have vested in full
renew holdings plc long term incentive plan 
fair value has been independently measured by pricewaterhousecoopers llp using a monte carlo model methodology the fair value 
determined at the grant date of the equity settled share based payments is expensed on a straightline basis over the vesting period 
based on the group’s estimate of shares that will eventually vest 
£36000 has been charged 2011 £nil to administrative expenses there is no impact on net assets since an equivalent amount has been 
credited against the share based payments reserve no options were exercised during the year the value per option represents the fair 
value of the option less the consideration payable
the expected volatility has been calculated based on weekly historical volatility of the company’s share price over the three years prior to the 
date of grant the risk free rate of return has been based on the yields available on three year uk government bonds as at the date of grant
options granted under the renew holdings plc long term incentive plan over the company’s ordinary shares at 30 september 2012 
were as follows
date of grant 2 march 2012
awards outstanding at 30 september 2012
   – directors 400000
exercise price 00p
price at date of grant 750p
maximum option life 10 years
assumed option life for purposes of valuation 3 years
expected volatility 46
dividend yield 40
risk free interest rate 043
value per option 400p
22 capital and leasing commitments 
land and total total
buildings other 2012 2011
£000 £000 £000 £000
commitments under noncancellable operating leases
under one year 2506 795 3301 3021
two to ﬁve years 7529 1074 8603 9327
five or more years 17285 — 17285 20168
27320 1869 29189 32516
with regard to the operating leases held by the group as lessor the group recognised £1278000 2011 £1161000 of rental income in 
the income statement for 2012 relating to subletting of surplus premises
the future minimum sublease receipts expected to be received under noncancellable operating leases are as follows
land and total total
buildings other 2012 2011
£000 £000 £000 £000
receivables under noncancellable operating leases
under one year 1086 — 1086 1014
two to ﬁve years 1240 — 1240 1392
five or more years 143 — 143 163
2469 — 2469 2569
the group had £24000 of capital commitments at 30 september 2012 2011 £nil  renew holdings plc annual report and accounts 2012 64
23 contingent liabilities 
under the terms of the group’s banking agreement security over the group’s assets has been granted to the group’s bankers
24 employee beneﬁts retirement beneﬁt obligations
deﬁned beneﬁt pension schemes
the group operates two deﬁned beneﬁt pension schemes the lovell pension scheme and the amco pension scheme
both schemes have been closed to new members and to further beneﬁts accrual for several years
ias 19 “employee beneﬁts”
the directors have adopted the accounting required by ias 19 with effect from the transition date the directors have discussed the 
assumptions used in determining the actuarial valuations set out below with independent pensions advisors and have determined that 
they are appropriate the lovell scheme’s valuation at 30 september 2012 shows a deﬁcit of £569000 based on the assumptions set out 
below the amco scheme shows a surplus of £1820000 on the assumptions used in its valuation which are similar to those used for the 
lovell scheme except where the directors in consultation with the scheme’s advisors consider it appropriate to vary them due to 
different characteristics of the amco scheme and its membership proﬁle the directors have determined that it is appropriate to recognise 
this surplus as having reviewed the rules of the amco scheme they are of the view that the employer amalgamated construction ltd 
has an unconditional right to that surplus
the following disclosures required by ias 19 have been based on the most recent actuarial valuation as at 30 september 2012 carried out 
by lane clark  peacock llp consulting actuaries in respect of the lovell scheme and capita employee beneﬁts consulting limited in 
respect of the amco scheme using the following assumptions
as at as at as at
30 september 30 september 30 september
2012 2011 2010
lovell pension scheme
rate of increase in salaries 40 40 40
lpi increases to pensions in payment 27 32 32
discount rate 44 52 49
inﬂation assumption cpi 20 25 28
inﬂation assumption rpi 27 32 33
increases in deferred pensions 27 31 28
amco pension scheme
rate of increase in salaries 40 41
lpi increases to pensions in payment 27 32
discount rate 44 52
inﬂation assumption cpi 20 25
inﬂation assumption rpi 27 32
increases in deferred pensions 27 32
the mortality tables adopted for the valuation of the lovell scheme are the continuing mortality investigations pna00 series with projected 
longevity improvements fully allowed for according to each member’s year of birth and with an additional allowance for future longevity 
improvements known as the medium cohort adjustment the assumptions include adjustments to these tables based upon a postcode 
analysis of the membership the directors believe that this analysis provides a more reliable estimate of the mortality characteristics of the 
scheme’s membership under these assumptions a 60 year old male pensioner is forecast to live for a further 256 years and the life 
expectancy of a male aged 60 in 2032 is 268 years 
the mortality tables adopted for the valuation of the amco scheme are the s1pa mortality tables based on the mortality experience of 
pension scheme members with projected longevity improvements and with an additional allowance for future longevity improvements known 
as the long cohort adjustment the directors believe that this analysis provides a more reliable estimate of the mortality characteristics of the 
scheme’s membership under these assumptions a 65 year old male pensioner is forecast to live for a further 236 years and the life 
expectancy of a male aged 65 in 2032 is 257 years
the assets in the lovell scheme and the expected rates of return were
value as at value as at value as at
30 september 30 september 30 september
2012 expected rate 2011 expected rate 2010 expected rate
£000 of return £000 of return £000 of return
annuities 44797 51 44556 43 505 —
diversiﬁed portfolio 83187 46 72549 62 72584 62
bonds —— — — 52566 50
cash 158 05 1248 05 324 05
total 127826 118353 125979
during 2011 the trustees of the lovell scheme in consultation with the directors used scheme assets to purchase annuities which match 
certain pension liabilities in a transaction known as a “buy in” this asset provides protection against falls in gilt yields and risks in the 
performance of other asset classes 
notes to the accounts continued renew holdings plc annual report and accounts 2012 65
corporate 
 governance accounts
review of 
operations
group 
overview
24 employee beneﬁts retirement beneﬁt obligations continued
ias 19 “employee beneﬁts” continued
the assets in the amco scheme and the expected rates of return were
value as at value as at
30 september 30 september
2012 expected rate 2011 expected rate
£000 of return £000 of return
equities 6358 65 6262 75
gilts 3556 22 3000 29
bonds 4195 40 3392 52
cash 406 05 391 05
total 14515 13045
the following amounts at 30 september were measured in accordance with the requirements of ias 19
lovell pension scheme
2012 2011
£000 £000
movements in scheme assets and liabilities
total fair value of scheme assets brought forward 118353 125979
expected return on scheme assets 6229 6219
employer contributions 3330 3764
beneﬁts paid 6977 6924
actuarial gainloss on scheme assets 6891 10685
total fair value of scheme assets carried forward 127826 118353
present value of scheme obligations brought forward 118472 124919
interest costs 5983 5955
current service costs 54 56
beneﬁts paid 6977 6924
actuarial increasedecrease in scheme obligations 10863 5534
total fair value of scheme obligations carried forward 128395 118472
deﬁcit in the scheme 569 119
deferred tax 137 31
net deﬁcit 432 88
amount charged to operating proﬁt
current service cost 54 56
54 56
amount credited to other ﬁnancial income
expected return on scheme assets 6229 6219
interest on scheme liabilities 5983 5955
246 264
amounts recognised in the statement of comprehensive income
actual less expected return on scheme assets 6891 10685
effect of change in assumptions on scheme liabilities 10863 5534
actuarial loss 3972 5151
movement in the net scheme deﬁcit during the year
net scheme deﬁcitsurplus brought forward 119 1060
current service cost 54 56
cash contribution 3330 3764
other ﬁnance income 246 264
actuarial loss 3972 5151
net scheme deﬁcit carried forward 569 119 renew holdings plc annual report and accounts 2012 66
24 employee beneﬁts retirement beneﬁt obligations continued
ias 19 “employee beneﬁts” continued
the following amounts at 30 september were measured in accordance with the requirements of ias 19
amco pension scheme 
2012 2011
£000 £000
movements in scheme assets and liabilities
total fair value of scheme assets brought forward 13045 12679
expected return on scheme assets 605 778
employer contributions 201 275
beneﬁts paid 682 629
actuarial gainloss on scheme assets 1346 58
total fair value of scheme assets carried forward 14515 13045
present value of scheme obligations brought forward 11956 12017
interest costs 605 512
beneﬁts paid 682 629
actuarial increase in scheme obligations 816 56
total fair value of scheme obligations carried forward 12695 11956
surplus in the scheme 1820 1089
deferred tax 437 283
net surplus 1383 806
amount credited to other ﬁnancial income
expected return on scheme assets 605 778
interest on scheme liabilities 605 512
 — 266
amounts recognised in the statement of comprehensive income
actual less expected return on scheme assets 1346 58
effect of change in assumptions on scheme liabilities 816 56
actuarial gainloss 530 114
movement in the net scheme surplus during the year
net scheme surplus brought forward 1089 662
cash contribution 201 275
other ﬁnance income — 266
actuarial gainloss 530 114
net scheme surplus carried forward 1820 1089
notes to the accounts continued renew holdings plc annual report and accounts 2012 67
corporate 
 governance accounts
review of 
operations
group 
overview
24 employee beneﬁts retirement beneﬁt obligations continued
ias 19 “employee beneﬁts” continued
lovell pension scheme
2012 2011 2010 2009 2008
difference between the expected and actual 
return on scheme assets £6891000 £10685000 £13114000 £8548000 £6905000
as a percentage of the assets at the end of the year 54 90 104 77 69
experience gains on scheme liabilities — £1349000 £2100000 — £600000
as a percentage of the liabilities at the end of the year — 11 17 — 06
total amount recognised in the statement 
of comprehensive income £3972000 £5151000 £1164000 £2895000 £497000
as a percentage of the liabilities at the end of the year 31 43 09 26 05
the lovell scheme has been in operation for many years and after taking advice from the group’s pensions advisors the directors have 
determined that it is not possible to allocate the assets and liabilities of the scheme between the various group companies as permitted 
by ias 19 the group has taken advantage of the multiemployer exemption and the deﬁcit of the scheme is accounted for as an 
unallocated consolidation adjustment
amco pension scheme
2012 2011
difference between the expected and actual return on scheme assets £1346000 £58000
as a percentage of the assets at the end of the year 93 04
experience gains on scheme liabilities — £490000
as a percentage of the liabilities at the end of the year — 41
total amount recognised in the statement of comprehensive income £530000 £114000
as a percentage of the liabilities at the end of the year 42 10
the amco scheme’s sole employer is the company’s wholly owned subsidiary amalgamated construction ltd  
deﬁned contribution pension scheme
the group operates a number of deﬁned contribution pension schemes and individual stakeholder pension plans for its employees 
the group made contributions of £2835000 2011 £3126000 into these plans during the year there are also £123000 2011 £169000 
of accruals relating to these plans
25 related parties
the group has a related party relationship with its key management personnel who are the main board directors b may j samuel 
r harrison j bishop and d forbes whose total compensation amounted to £1019000 all of which was represented by shortterm 
employment beneﬁts
there were no other transactions with key management personnel in the year renew holdings plc annual report and accounts 2012 68
26 acquisition of subsidiary undertaking 
on 23 february 2011 the company acquired the whole of the issued share capital of amco group holdings ltd “amco” for a 
consideration of £271m of which £209m was paid in cash and £62m in deferred consideration
the value of the assets and liabilities of amco at the date of acquisition were
fair value fair value
as reported at as restated at
30 september hindsight 30 september
book value adjustments 2011 adjustments 2011
£000 £000 £000 £000 £000
noncurrent assets
intangible assets – goodwill — 17428 17428 740 18168
intangible assets – other — 3000 3000 — 3000
property plant and equipment 1571 611 2182 — 2182
retirement beneﬁt assets 2628 1966 662 — 662
deferred tax assets 212 52 264 260 524
4411 19125 23536 1000 24536
current assets
inventories 10 — 10 — 10
trade and other receivables 22945 — 22945 — 22945
22955 — 22955 — 22955
total assets 27366 19125 46491 — 47491
noncurrent liabilities
obligations under ﬁnance leases 248 — 248 — 248
deferred tax liabilities 736 216 952 — 952
984 216 1200 — 1200
current liabilities
borrowings 2266 — 2266 — 2266
trade and other payables 15561 200 15761 1000 16761
obligations under ﬁnance leases 125 — 125 — 125
current tax liabilities 86 — 86 — 86
18038 200 18238 1000 19238
total liabilities 19022 416 19438 1000 20438
     
net assets 8344 18709 27053 — 27053
fair value adjustments arising from the acquisition 
in accordance with ifrs 3 the board reviewed the fair value of assets and liabilities using information available up to 12 months after the 
date of acquisition 
retirement beneﬁt assets
the directors reviewed the actuarial assumptions adopted by the previous board of amco and decided to adjust the assumptions used 
to value pension scheme liabilities additionally more reliable estimates of the mortality characteristics of the scheme’s membership 
were adopted these assumptions were set out in note 24 of the renew holdings plc annual report 2011 the impact of this review 
was to increase goodwill and reduce the carrying value of the retirement beneﬁt assets by £22m after accounting for deferred tax 
accruals 
the directors reviewed the expected ﬁnancial outcome in respect of contracts subsisting at the date of acquisition and accrued an 
additional £10m in respect of anticipated additional costs on one contract the effect of this was to increase goodwill accruals and 
deferred tax assets by a net £07m these adjustments required the restatement of the group balance sheet as at 30 september 2011
goodwill impairment review 
the board also reviewed the goodwill arising on acquisition for impairment as required by ifrs3 no such impairment was identiﬁed 
notes to the accounts continued renew holdings plc annual report and accounts 2012 69
corporate 
 governance accounts
review of 
operations
group 
overview
2012 2011
note £000 £000
fixed assets
tangible assets e 668 675
investments f 79191 124184
79859 124859
current assets
stocks and work in progress g 1213 773
debtors due within one year h 20878 23072
22091 23845
creditors amounts falling due in less than one year i 72191 113526
net current liabilities 50100 89681
total assets less current liabilities 29759 35178
creditors amounts falling due after more than one year j 2500 7500
   
net assets 27259 27678
capital and reserves
share capital l 5990 5990
share premium account m 5893 5893
capital redemption reserve m 3896 3896
share based payments reserve m 289 283
proﬁt and loss account m 11191 11616
equity shareholders’ funds n 27259 27678
approved by the board and signed on its behalf by
r j harrison obe
chairman
27 november 2012
company balance sheet
at 30 september renew holdings plc annual report and accounts 2012 70
a accounting policies
i basis of accounting
the accounts have been prepared on the going concern basis and in accordance with uk applicable accounting standards under the 
historical cost convention in determining that the going concern basis is appropriate the directors have reviewed budgets including 
cashﬂow forecasts and concluded that company has adequate cash resources to continue trading for the foreseeable future 
a summary of the more important company accounting policies which have been applied consistently is set out below
ii investments in subsidiaries
investments in subsidiaries are recorded at cost less provision for impairment
iii tangible ﬁxed assets
tangible ﬁxed assets are recorded at cost or valuation for certain properties less provision for impairment if required depreciation is 
provided on all tangible ﬁxed assets other than freehold land provision is made at rates calculated to write off the cost of each asset 
less estimated residual value evenly over its expected useful life as follows
freehold land   – no depreciation charge
long leasehold land  – shorter of ﬁfty years and 
and buildings  – period of lease
plant and vehicles  – three to ten years
ofﬁce equipment  – two to seven years
iv leasing commitments
rentals under operating leases are charged to the proﬁt and loss account on a straightline basis over the term of the lease
v share based payments
frs 20 “share based payments” requires a fair value to be established for any equity settled share based payments fair value has been 
independently measured using either a blackscholes or a monte carlo valuation model as was deemed appropriate by the directors for 
the relevant options’ conditions the fair value determined at the grant date of the equity settled share based payments is expensed on a 
straightline basis over the vesting period based on the directors’ estimate of shares that will eventually vest
vi deferred taxation
the payment of taxation is deferred or accelerated because of timing differences between the treatment of certain items for accounting 
and taxation purposes full provision for deferred taxation is made under the liability method without discounting on timing differences 
that have arisen but not reversed by the balance sheet date unless such provision is not permitted by frs 19 “deferred tax”
deferred tax assets are recognised to the extent it is considered more likely than not that they will be recovered in accordance with frs 
19 deferred tax is not provided for on
a revaluation gains on land and buildings unless there is a binding agreement to sell them at the balance sheet date 
b gains on the sale of nonmonetary assets if the taxable gain will probably be rolled over 
c fair value adjustment gains to ﬁxed assets and stock to uplift prices to those ruling when an acquisition is made and 
d extra tax payable if the overseas retained proﬁts of subsidiaries joint ventures or associates are remitted in the future 
deferred tax assets are recognised for taxable losses relating to trading to the extent that those losses are expected to be recoverable 
within the foreseeable future
vii foreign currencies
transactions in foreign currencies are recorded at the rate ruling at the date of the transaction or at the contracted rate if the transaction is 
covered by a forward exchange contract monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of 
exchange ruling at the balance sheet date or if appropriate at the forward contract rate exchange differences are taken to the proﬁt and 
loss account
viii deﬁned beneﬁt pension scheme
the company has adopted the requirements of frs 17 “retirement beneﬁts” the directors have determined that it is not possible to 
allocate the assets and liabilities of the scheme between the various group companies accordingly the scheme is not accounted for in 
the company’s balance sheet however any increase in the present value of liabilities within the deﬁned beneﬁt scheme expected to arise 
from employee service in the period is charged to operating proﬁt in respect of the company’s employees
ix deﬁned contribution pension plans
contributions to deﬁned contribution pension plans are charged to the proﬁt and loss account as incurred
x dividends
dividends unpaid at the balance sheet date are only recognised as a liability at that date to the extent that they are appropriately 
authorised and are no longer at the discretion of the company unpaid dividends that do not meet these criteria are disclosed in the notes 
to the ﬁnancial statements
xi stocks and work in progress
stocks comprise land held for development and are stated at the lower of cost and net realisable value cost includes appropriate 
attributable overheads and excludes interest where necessary provision is made for obsolete slow moving and defective stocks 
notes to the company accounts renew holdings plc annual report and accounts 2012 71
corporate 
 governance accounts
review of 
operations
group 
overview
b proﬁt and loss account 
as permitted by section 408 of the companies act 2006 the company has not presented its own proﬁt and loss account the proﬁt after 
taxation for the ﬁnancial year dealt with in the accounts of the company was £1402000 2011 £3536000
the audit fee charged within the proﬁt and loss account amounted to £54000 2011 £63000
c employee numbers and remuneration
2012 2011
number number
the average monthly number of employees all of whom were administrative staff
including executive directors employed in continuing activities during the year was 31 34
at 30 september 30 34
cost of staff including executive directors during the year amounted to
£000 £000
wages and salaries 2376 2085
social security costs 285 248
other pension costs 131 126
share based payments 6 66
2798 2525
 
directors’ emoluments
£000 £000
aggregate emoluments 1019 1211
highest paid director aggregate emoluments 510 630
details of individual directors’ emoluments and pension contributions can be found in the directors’ remuneration report
d dividends
2012 2011
penceshare penceshare
interim related to the year ended 30 september 2012 105 100
final related to the year ended 30 september 2011 200 200
total dividend paid 305 300
£000 £000
interim related to the year ended 30 september 2012 628 598
final related to the year ended 30 september 2011 1199 1199
total dividend paid 1827 1797
dividends are recorded only when authorised and are shown as a movement in equity shareholders’ funds rather than as a charge in the 
proﬁt and loss account the directors are proposing that a ﬁnal dividend of 210p per ordinary share be paid in respect of the year ended 
30 september 2012 this will be accounted for in the 201213 ﬁnancial year
e tangible ﬁxed assets
freehold land long leasehold plant vehicles
and buildings land and buildings  equipment total
£000 £000 £000 £000
cost
at 1 october 2011 701 75 307 1083
additions — — 4 4
at 30 september 2012 701 75 311 1087
depreciation
at 1 october 2011 28 75 305 408
charge for year 9 — 2 11
at 30 september 2012 37 75 307 419
net book value
at 30 september 2012 664 — 4 668
at 30 september 2011 673 — 2 675
  renew holdings plc annual report and accounts 2012 72
f investments 
subsidiary
undertakings
£000
shares at cost
at 1 october 2011 198966
additions 16104
at 30 september 2012 215070
provisions
at 1 october 2011 74782
provided during the year 61097
at 30 september 2012 135879
net book value
at 30 september 2012 79191
at 30 september 2011 124184
during the year britannia construction ltd walter lilly  co ltd shepley engineers ltd and vhe construction plc were acquired from 
subsidiary undertakings at net book value 
during the year the company reorganised its investments in subsidiary undertakings resulting in the write down of investments which  
was balanced by the receipt of dividends this reorganisation had no impact on the company’s net assets or proﬁt for the year
details of the principal subsidiary undertakings are included in note r
the investment in subsidiaries is supported by their net asset values and their discounted expected future cash ﬂows
g stock and work in progress
2012 2011
£000 £000
undeveloped land 1213 773
h debtors 
2012 2011
£000 £000
due within one year
trade debtors 194 166
due from subsidiary undertakings 19561 22273
other debtors 412 76
deferred tax 18 10
prepayments and accrued income 693 547
20878 23072
i creditors amounts falling due within one year 
2012 2011
£000 £000
bank loans and overdrafts 22641 9751
trade creditors 921 187
other taxation and social security 546 753
due to subsidiary undertakings 40302 96817
other creditors 602 349
accruals and deferred income 7179 5669
72191 113526
j creditors falling due after more than one year
2012 2011
£000 £000
bank loan 2500 7500
bank loans and overdrafts repayable
within one year 22641 9751
within two to ﬁve years 7500 7500
30141 17251
notes to the company accounts continued renew holdings plc annual report and accounts 2012 73
corporate 
 governance accounts
review of 
operations
group 
overview
k derivatives and other ﬁnancial instruments
currency exposures
the only exposure of the company to currency risk ie exposure to gains or losses on foreign exchange which would be recognised in 
the proﬁt and loss account is in respect of the unhedged portion of an intercompany loan at 30 september 2012 the unhedged portion 
of the intercompany loan was 270000 2011 1520000
the company’s operations are denominated in sterling
fair value of ﬁnancial assets and liabilities
there are no material differences between fair value and the book value of the company’s ﬁnancial assets and liabilities 
l share capital
2012 2011
£000 £000
allotted called up and fully paid
59898927 2011 59898927 ordinary shares of 10p each 5990 5990
share options
renew holdings 2004 executive share option scheme
the company operates a share option scheme the renew holdings 2004 executive share option scheme
the scheme has both an approved and unapproved element the difference between the two elements is that the approved scheme has 
the advantage of certain hmrc approved tax beneﬁts
both elements have the same general terms and conditions options issued under the scheme must be held for three years before they 
can vest and become exercisable they must be exercised within ten years from the date of grant 
vesting of options is dependant on the achievement of certain performance criteria which are established by the remuneration 
committee at the point of grant 761904 of the options granted in the 2006 ﬁnancial year have vested in respect of the options granted 
during the 2007 and 2008 ﬁnancial years the performance criteria were not met and so 940252 of previously granted options have 
lapsed in respect of the options granted during the 2009 ﬁnancial year 120263 of the options have vested with 709140 having lapsed 
due to the performance criteria not being met all 1312319 options granted in the 2010 ﬁnancial year have vested
the scheme does not permit retesting of performance conditions and if the performance criteria are not achieved then the options will lapse
renew holdings plc long term incentive plan
at the annual general meeting held on 25 january 2012 the shareholders approved a new long term incentive plan “ltip” which 
replaced the renew holdings plc 2004 executive share option scheme as the directors believed that the ltip was a more effective 
method of aligning executive and shareholder interests
on 2 march 2012 the company granted options to subscribe for 400000 ordinary shares pursuant to the ltip
the options are exercisable at a nominal cost from 2 march 2015 subject to the achievement of certain performance criteria
vesting of one half of the options is dependent on absolute growth in the company’s total shareholder return ‘tsr’ and the other half 
dependent on the company’s tsr performance as compared to the tsr achieved by other companies in a comparator group of 
companies selected by the remuneration committee all tsr calculations are based on the average of the opening and closing share 
price over a 30 day period prior to the commencement and end of the performance period
the absolute tsr growth target requires the company’s tsr over the three year performance period to grow by more than 25 for tsr 
growth between 25 and 100 the half of the option which is subject to the absolute tsr growth target vests on a straightline basis 
from nil vesting at 25 growth to 100 vesting at 100 growth there will be no vesting if tsr growth is 25 or less
details of both schemes and options in issue is given in note m renew holdings plc annual report and accounts 2012 74
m reserves
share capital share based
premium redemption payments proﬁt  loss
account reserve reserve account
£000 £000 £000 £000
at 1 october 2011 5893 3896 283 11616
transfer from proﬁt and loss account for the year 1402
recognition of share based payments 6
dividends paid   1827
at 30 september 2012 5893 3896 289 11191
share based payments reserve
frs 20 “share based payment” requires a fair value to be established for any equity settled share based payments fair value has been 
independently measured by baker tilly chartered accountants using a blackscholes valuation model the fair value determined at the 
grant date of the equity settled share based payments is expensed on a straightline basis over the vesting period based on the 
company’s estimate of shares that will eventually vest
£30000 has been credited 2011 £66000 charged to administrative expenses there is no impact on net assets since an equivalent 
amount has been charged to the share based payments reserve no options were exercised during the year the value per option 
represents the fair value of the option less the consideration payable 
the expected volatility 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 2012 
were as follows
date of grant 7 june 2006 26 november 2008 25 november 2009 total
awards outstanding at 30 september 2012
     – directors 761904 120263 1312319 2194486
exercise price and price at date of grant 525p 545p 345p —
maximum option life 10 years 10 years 10 years —
assumed option life for purposes of valuation 3 years 3 years 3 years —
expected volatility 47 41 53 —
dividend yield 10 59 85 —
risk free interest rate 467 385 188 —
value per option 205p 102p 87p —
the options granted on 7 june 2006 have vested in full the options granted on 8 january 2007 and 3 december 2007 have lapsed 
120263 of the options granted on 26 november 2008 have vested with 709140 having lapsed the options granted on 25 november 2009 
have vested in full
renew holdings plc long term incentive plan
fair value has been independently measured by pricewaterhousecoopers llp using a monte carlo model methodology the fair value 
determined at the grant date of the equity settled share based payments is expensed on a straightline basis over the vesting period 
based on the group’s estimate of shares that will eventually vest
£36000 has been charged 2011 £nil to administrative expenses there is no impact on net assets since an equivalent amount has been 
credited against the share based payments reserve no options were exercised during the year the value per option represents the fair 
value of the option less the consideration payable
the expected volatility has been calculated based on weekly historical volatility of the company’s share price over the three years prior to the 
date of grant the risk free rate of return has been based on the yields available on three year uk government bonds as at the date of grant
options granted under the renew holdings plc long term incentive plan over the company’s ordinary shares at 30 september 2012 
were as follows
date of grant 2 march 2012
awards outstanding at 30 september 2012
     – directors 400000
exercise price 00p
price at date of grant 750p
maximum option life 10 years
assumed option life for purposes of valuation 3 years
expected volatility 46
dividend yield 40
risk free interest rate 043
value per option 400p
notes to the company accounts continued renew holdings plc annual report and accounts 2012 75
corporate 
 governance accounts
review of 
operations
group 
overview
n reconciliation of movements in equity shareholders’ funds 
2012 2011
£000 £000
proﬁt for the year 1402 3536
dividends paid 1827 1797
recognition of share based payments 6 66
at 1 october 2011 27678 25873
at 30 september 2012 27259 27678
o capital and leasing commitments
land and total total
buildings other 2012 2011
£000 £000 £000 £000
annual commitments under noncancellable 
operating leases expiring in
under one year 444 — 444 4
two to ﬁve years 93 29 122 19
five or more years 1361 — 1361 1462
1898 29 1927 1485
the company has capital commitments at 30 september 2012 of £nil 2011 £nil 
p contingent liabilities  
the company has guaranteed performance bonds in respect of certain contracts and leasing arrangements in the normal course of 
business of its subsidiary undertakings 
under the terms of the group’s banking agreement security over the company’s assets has been granted to the group’s bankers 
the company is a participant together with a number of subsidiary undertakings in the group banking arrangements and as a result 
has risks associated with the ﬁnancial status and performance of the other companies within the group 
q deﬁned contribution pension scheme  
the company operates a number of deﬁned contribution pension schemes and individual stakeholder pension plans for its employees
the company made contributions of £131000 2011 £126000 into these plans during the year there are also £10000 2011 £9000  
of accruals relating to these plans 
r principal subsidiary undertakings 
renew holdings plc acts as the holding company of the group the principal activity of the group during the year was as contractors 
in engineering services and specialist building 
the principal subsidiary undertakings are shown below
incorporation  proportion of
principal place ordinary shares
of business held by the company
subsidiary undertakings
allenbuild ltd owned by subsidiary england and wales 100
britannia construction ltd owned by renew holdings plc england and wales 100
walter lilly  co ltd owned by renew holdings plc england and wales 100
vhe construction plc owned by renew holdings plc england and wales 100
shepley engineers ltd owned by renew holdings plc england and wales 100
seymour civil engineering contractors ltd owned by subsidiary england and wales 100
amalgamated construction ltd owned by subsidiary england and wales 100
lovell america inc owned by renew holdings plc usa 100
s related parties 
the company has a related party relationship with its key management personnel who are the main board directors b may j samuel 
r harrison j bishop and d forbes whose total compensation amounted to £1019000 all of which was represented by shortterm 
employment beneﬁts
there were no other transactions with key management personnel in the year renew holdings plc annual report and accounts 2012 76
shareholder information
annual general meeting 30 january 2013
results   announcement of interim results – may 2013 
    preliminary announcement of full year results – november 2013 
dividend reinvestment plan 
for any shareholders who wish to reinvest dividend payments in the company a facility is provided by capita irg trustees ltd in 
conjunction with capita registrars under this facility cash dividends are used to purchase additional shares any shareholder 
requiring further information should contact capita on 0871 664 0381 calls cost 10p per minute plus any network extras from within 
the uk lines are open from 9am to 530pm monday to friday if calling from overseas 440208 639 3402 fax 0208 639 1023 email 
sharescapitaregistrarscom or visit wwwcapitaregistrarscom
boiler room fraud 
in recent years many companies have become aware that their shareholders have received unsolicited phone calls or correspondence 
concerning investment matters these are typically from overseas based “brokers” who target uk shareholders offering to sell them 
what turn out to be worthless or high risk shares in us or uk investments these operations are commonly known as “boiler rooms” 
shareholders are advised to be wary of any unsolicited advice offers to buy shares at a discount or offers of free company reports 
if you receive any unsolicited investment advice
 check that they are properly authorised by the fsa by visiting wwwfsagovukregister
 report the matter to the fsa either by calling 0300 500 5000 or visiting wwwmoneymadeclearfsagovuk
 f you deal with an unauthorised rm you will not be eligible to receive payment under the financial services compensation scheme 
the fsa can be contacted by completing an online form at wwwfsagovuk more detailed information on this or similar activity can 
be found on the fsa website wwwmoneymadeclearfsagovuk
directors
r harrison obe nonexecutive chairman 
b may  chief executive 
j samuel fca group finance director 
j bishop fca independent nonexecutive 
d forbes  independent nonexecutive
registrars
capita registrars 
the registry 
34 beckenham road 
beckenham 
kent 
br3 4tu
auditor
kpmg audit plc 
1 the embankment 
neville street 
leeds 
ls1 4dw 
financial pr
walbrook pr ltd 
4 lombard street 
london 
ec3v 9hd
nominated advisor and broker
numis securities limited 
london stock exchange building 
10 paternoster square 
london  
ec4m 7lt
company secretary
j samuel fca
company number
650447
registered address
yew trees 
main street north 
aberford 
west yorkshire 
ls25 3aa
website address
wwwrenewholdingscom
directors ofﬁcers and advisors
shareholder information amco
whaley road 
barugh 
barnsley 
south yorkshire 
s75 1ht 
t el 01226 243413
seymour
30–34 navigation point 
hartlepool 
ts24 0uq 
t el 01429 223 521
shepley engineers
robinson house 
westlakes science park 
moor row 
cumbria 
ca24 3hy 
t el 01946 599 022
vhe
whaley road 
barugh 
barnsley 
south yorkshire 
s75 1ht 
t el 01226 320150
allenbuild south east
unecol house 
819 london road 
north cheam 
surrey 
sm3 9bn 
t el 020 8335 4800
britannia
britannia house 
staverton t echnology park 
cheltenham 
gloucestershire 
gl51 6tq 
t el 01452 859 880
walter lilly
waddon house 
283 stafford road 
croydon 
surrey 
cr0 4nn 
t el 020 8730 6200 renew holdings plc 
yew trees 
main street north 
aberford 
west yorkshire ls25 3aa 
tel 0113 281 4200 
fax 0113 281 4210 
web wwwrenewholdingscom
company number 650447 
registered in england  wales renew holdings plc annual report and accounts 2012


Summary:
 renew holdings plc annual report and accounts 2012 08
chairman’s statement
r j harrison obe chairman
results 
the group has achieved record results 
for the year ended 30 september 2012 
ahead of market expectations and has 
strengthened its position as a provider of 
engineering services to uk infrastructure
proﬁt before income tax was up 22 to 
£100m 2011 £82m on group revenue of 
£3374m 2011 £3528m adjusted earnings 
per share increased by 43 to 139p 2011 
97p basic earnings per share increased 
by 259 to 79p 2011 22p
results for the year are stated after charging 
exceptional costs of £11m 2011 £52m 
and a loss of £24m from the discontinued 
operation ca pumps ltd which was 
sold in november 2012 for a nominal 
consideration these amounts have been 
excluded from the adjusted ﬁnancial results 
to show the underlying performance of the 
business the exceptional costs in the 
period relate to the planned scale down 
of specialist building and the integration 
of our rail business following the acquisition 
of amco
it is particularly pleasing that engineering 
services revenue grew by 24 to £2141m 
201 1 £1728m with operating proﬁt prior to 
exceptional items and amortisation up 28 
to £96m 201 1 £7 5m an increase in margin 
to 45 from 43 both our nuclear and rail 
businesses which represent over 60 of 
our engineering services activity performed 
strongly and have growing order books for 
both the new ﬁnancial year and beyond
in specialist building our focus on selective 
niche markets in the south has delivered 
increased operating proﬁt of £21m 2011 
£19m prior to exceptional items and an 
improvement in margin to 17 from 11 
on revenue of £1231m 2011 £1789m
the group has achieved record results 
for the year ended 30 september 2012 
ahead of market expectations
record results for the year 
summary
  the group is successfully positioned 
as a provider of engineering services 
to key clients in the uk’s energy 
environmental and infrastructure 
markets and has been reclassiﬁed 
on the london stock exchange as 
a business support services company 
  both our nuclear and rail 
businesses which represent over 
60 of our engineering services 
activity performed strongly 
  our acquisition of amco in february 
2011 has proved highly successful 
delivering results ahead of our 
expectations and generating cash renew holdings plc annual report and accounts 2012 09
corporate 
governance accounts
review of 
operations
group 
overview
the groups contracted order book at 
30 september 2012 stood at £331m 2011 
£286m a 16 increase from one year ago 
with the engineering services order book 
up 31 to £235m 2011 £179m 
the group has reduced net debt to 
£55m 2011 £68m comprising a loan 
of £75m 2011 £125m and cash of 
£20m 2011 £57m 
dividend
the board is proposing a ﬁnal dividend 
at 210p per share increasing the full year 
dividend by 5 to 315p 2011 300p 
the dividend will be paid on 4 march 2013 
to shareholders on the register as at 
1 february 2013 the dividend is 44x 
2011 32x covered by adjusted 
earnings per share 
outlook
the group is successfully positioned as 
a provider of engineering services to key 
clients in the uk’s energy environmental 
and infrastructure markets and has been 
reclassiﬁed on the london stock exchange 
as a business support services company 
last year the board declared its ambition 
to grow turnover to over £500m by 2014 
through both organic growth and selective 
acquisitions with targets that engineering 
services will account for at least 70 of 
group revenue and that the group operating 
margin will exceed 3 these results and 
our strong forward order book demonstrate 
that the group is well placed to achieve 
these targets 
our acquisition of amco in february 2011 
has proved highly successful delivering 
results ahead of our expectations and 
generating cash such that we have now 
repaid 50 of the £15m term loan taken out 
for the acquisition our reducing net debt 
and gearing of 61 2011 76 together 
with our interest cover of over 16x provides 
the group with funding ﬂexibility should 
further suitable acquisition opportunities 
be identiﬁed 
our engineering services operations continue 
to focus on securing further sustainable 
framework positions concentrating on areas 
of nondiscretionary spend in specialist 
building our businesses are delivering 
improved operating margins as they target 
the stable markets of high quality residential 
new build affordable housing and retail in 
the south where the group has particular 
expertise and experience 
the board believes our key markets 
and framework positions provide good and 
continuing opportunities through 2013 and 
beyond and that the group is well positioned 
to deliver further proﬁtable growth 
r j harrison obe 
chairman 
27 november 2012
“ last year the board 
declared its ambition 
to grow turnover to 
over £500m by 2014 
through both organic 
growth and selective 
acquisitions with 
targets that engineering 
services will account 
for at least 70 of 
group revenue and that 
the group operating 
margin will exceed 3 
these results and our 
strong forward order 
book demonstrate 
that the group is well 
placed to achieve 
these targets”
this report is available to view online 
easily search for the information you 
are looking for at your desk or on the 
move  
ar2012renewholdingscom