11th Mar 2021 14:05
Renewi PLC - waste-to-product business - Continues to perform well in the fourth quarter of its current financial year that end on March 31, with a strong performance in its core Commercial division. Renewi also notes it continues to benefit from stronger than expected recyclate prices and resilience in bulky waste and construction & demolition waste volumes to offset lower roller bin volumes. The company says it expects underlying earnings before interest and tax for the full year to be significantly ahead of our previous expectations, at around EUR68 million. For its financial 2020, Renewi posted underlying Ebit of EUR72 million.
Going forward, Renewi says it remains "suitably cautious" at this stage regarding the outlook for the financial 2022, given the uncertainty as to the varied impacts of lockdown restrictions ending, recyclate prices, and a potential late cycle slowdown in the construction sector.
Current stock price: 50.20 pence, up 9.1% on Thursday
Year-to-date change: up 21%
By Evelina Grecenko; [email protected]
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