5th Oct 2021 07:37
Renewi PLC - Edinburgh-based waste-to-product firm - Performs "strongly" in first half that ended September 30, with increased volumes, better prices and cost management helping to support better-than-expected trading. Commercial Division revenue in first five months more than 10% above a year ago on like-for-like basis and up 7% on pre-pandemic levels. Says Mineralz & Water Division has "mixed" first half, citing "weakness in incoming contaminated soil due to a slow industry-wide recovery post Covid".
Notes innovation pipeline should deliver good revenue over next three years. Commits around EUR80 million capital to underpin targeted EUR20 million improvement in earnings before interest and tax by 2025. In the financial year that ended March 31, Renewi reported underlying Ebit of EUR73.0 million, down from EUR75.5 million in financial 2020.
"The strong performance in the first half and positive trading outlook have led the board to materially increase its expectations for the full year ending 31 March 2022. Longer term, the transition to increased recycling will continue to support our business model," Renewi says.
Current stock price: 653.00 pence at Monday close
Year-to-date change: up 58%
By Josie O'Brien; [email protected]
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