26th Apr 2024 21:50
Renewi PLC - Milton Keynes, England-based company which turns waste into recycled products - On Thursday, issues trading update. Expects financial 2024 results in line with current market expectations. Highlights a strong performance in three out of four divisions coupled with cost actions across the group, amid a challenging operating environment for Commercial Waste Netherlands. Notes recyclate prices were largely stable through the second half. Overall, sees full-year revenue slightly lower year-on-year, as expected, reflecting the mixed market backdrop and lower recyclate pricing. But says the benefits of ongoing cost reduction, digitisation, execution of strategic initiatives and strong momentum in several businesses is expected to result in an improved underlying earnings before interest and tax margin performance in the second half.
Current stock price: 527.27 pence, up 2.8%
12-month change: down 1.8%
By Jeremy Cutler, Alliance News reporter
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