STOCKS NEWS EUROPE-Renew gains after results

Shares in British engineering and construction services group Renew (RNWH.L) gain almost 7 percent after the company posts first-half results, which prompt Brewin Dolphin to repeat its "buy" rating on the stock.

Renew reports a flat operating profit, prior to exceptional items and amortisation charges, of 3.2 million pounds, on revenue of 171.6 million pounds, down from 192.9 million pounds a year ago, and maintains its interim dividend. [ID:nBNG153538]

"Encouragingly the order book has been maintained at the full-year 2008 year-end level with the potential for this to be augmented in the second half if some large contracts on which the group is the preferred bidder reach financial close," Brewin says in a note.

The broker points out that Renew has net cash of 17.5 million pounds, "leaving it relatively well positioned to ride out the downturn in the UK building market."

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