13th Nov 2019 09:04
(Alliance News) - Recycler Biffa PLC on Wednesday confirmed that its annual expectations remain unchanged following a "strong" performance in the first half.
The sustainable waste management company reported pretax profit for the 26 weeks to September 27 of GBP25.6 million, up 8.0% compared to GBP23.7 million reported for the same period last year, as revenue grew by 8.3% to GBP594.6 million from GBP549.2 million.
Biffa declared an interim payout of 2.47 pence a share, up 7.5% from 2.30p paid a year ago.
The company said it has simplified its organisational structure, aligning it to Biffa's two key areas of strategic focus. The Industrial & Commercial and Municipal divisions have been merged with the Hazardous Waste subdivision to create a new Collections division.
In turn, the Resource Recovery & Treatment division, excluding the Hazardous Waste subdivision, has been merged with the Energy division to create a new Resources & Energy division, which also includes recycling.
Turning back to performance, the Collections unit delivered revenue growth of 9.8% in the first half to GBP438.0 million, through a combination of organic and acquisitive growth.
The Resources & Energy division has also generated improved year on year performance with revenue up 4.2% to GBP156.6 million.
"Biffa has delivered a strong performance in the first half of the year," said Chief Executive Michael Topham. "As a result of the sustained progress, and despite the uncertain political and economic environment, our full-year expectations remain unchanged."
Biffa shares were trading 0.6% higher in London on Wednesday morning at 251.50p each.
By Evelina Grecenko; [email protected]
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