But cost of unpaid contracts offset by exceptional gains elsewhere

Subcontractor failures have forced Renew to write off 拢2.9m in unrecoverable contract costs, the firm said in a stock exchange announcement this morning.

However, an exceptional gain elsewhere offset this write off, leading to a 拢1.3m gain before taxation.

Renew said the subcontractor failures impacted on its former regional building operations.

Renew also announced it had made a 拢9.4m exception profit on the sale of 71 acres of land near Rugby for 拢11m and another write-off on the value of its US property assets of 拢5.2m.

The net result of these exceptional items was a 拢1.3m gain.

Renew said trading was in line with expectations.

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