30th Nov 2016 08:17
LONDON (Alliance News) - Waste management company Biffa PLC on Wednesday said it remains on track to meet its expectations for its full year following growth in revenue in its first half.
The group, which floated in London in October, made a pretax loss of GBP3.6 million in the 26 weeks to September 23, compared to a GBP8.6 million profit a year prior. This was primarily due to one-off costs related to its London listing.
Stripping out those costs, underlying pretax profit more than doubled to GBP23.9 million from GBP11.7 million a year earlier, as revenue grew 7.2% to GBP497.5 million from GBP464.3 million.
Net revenue for the period, which excludes the landfill tax, was up 8.6% to GBP446.7 million from GBP411.4 million, with good growth from its Industrial & Commercial, Municipal and Resource Recovery & Treatment businesses offsetting a fall in net revenue from its Energy business.
"Biffa has the scope to continue to grow organically, leveraging our brand, operational know-how and national scale. Moreover, we are well positioned to capitalise on increasing consolidation in a fragmented marketplace, with the structural growth drivers in the industry favouring our business model," said Chief Executive Ian Wakelin.
"Looking ahead, we will continue to develop our infrastructure and services, taking advantage of the significant amount of waste we control. Our full year expectations remain unchanged and we look forward to reporting on further progress," he added.
Shares in Biffa were up 2.1% to 178.88 pence on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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