Industrial support services - LSE - Mcap: £517m - Price: 642p - Flash

Renewi

Trading supports unchanged full-year guidance

Renewi  has made a solid start to the year with no change to guidance. It is clearly well placed in the growing circular economy and exiting the UK Municipal business provides a simpler investment proposition. We believe the key for the shares will be progress towards management’s medium-term financial targets, in particular at least 5% organic growth and operating margins of 8–10% (FY24: 6.2%).