16th Jul 2020 10:07
(Alliance News) - Biffa PLC on Thursday said trading in the first-quarter of the year to March 2021 has been "slightly" ahead of forecasts and the company is seeing a steady recovery in demand following easing of government lockdown measures.
In its annual general meeting statement, the FTSE 250-listed company said: "The group is continuing to explore ways of improving efficiency across all areas of its business and has remained underlying earnings before interest, tax, depreciation and amortisation positive throughout the lockdown period and was underlying earnings before interest and tax positive in June.
"The outlook for the rest of the year is dependent on how quickly the remaining restrictions are eased and the pace and shape of the economic recovery. However, the board remains extremely pleased with the group's performance throughout this difficult period and confident of its future growth prospects."
Group revenue, which in April were 70% of pre-Covid-19 run rates, recovered in June to 83% of pre-Covid-19 levels, the waste management company explained. The Industrial & Commercial division revenue during July recovered to over 80% of pre-Covid-19 levels and landfill revenue are over 70% versus their low points in April.
Biffa, which raised GBP100 million via equity issue in June, has recommenced its investment programme to deliver on its ambitious sustainability goals and growth in shareholder returns.
Shares in Biffa were up 1.7% at 198.13 pence each in London on Thursday morning.
By Tapan Panchal; [email protected]
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