11th Jul 2019 08:49
(Alliance News) - Renewi PLC on Thursday maintained its annual expectations after reporting positive performance across both of its divisions.
Ahead of its annual general meeting, the waste-to-product company said trading since April was in line with expectations.
The Commercial division benefited from price increases and synergies, Renewi said, which more than offset cost inflation, particularly for burnable waste, and lower output prices for paper.
In Renewi's Hazardous Waste division, tests of soil inventories have progressed well, the company said, with the "good" results "so far".
Elsewhere, the company has recently completed two small strategic investments in the Netherlands to acquire Rotie's food waste collection and depackaging activities and to acquire a 32% stake in an undisclosed mattress recycling company. Renewi said both of these investments strengthen its position in downstream waste-to-product activities and are expected to deliver attractive returns.
The company also said said it is monitoring the longer-term impact, if any, of the recent extended unplanned shutdown of the waste processing company Afval Energie Bedrijf's incinerator in Amsterdam which will add further pressure to incinerator capacity in the Netherlands for the remainder of 2019.
Renewi said it is upgrading its thermally treated soil production line to further treat soil into secondary building materials, with trial quantities of gravel, sand and dust are being sold to customers for evaluation.
Looking ahead, Renewi said its expectations for the year to the end of March 2020 remain unchanged.
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