30th Jan 2019 08:44
LONDON (Alliance News) - Renewi PLC on Wednesday expressed confidence in delivering annual results in line with forecasts as its core Commercial unit upped prices for its waste collection, sorting, treatment and recycling services.
The stock was trading 4.1% higher on Wednesday at 28.78 pence a share.
The waste-to-product company said trading has continued broadly in line with expectations in the third quarter of its current financial year, which will end on March 31.
In the Commercial division, Renewi has continued to see steady trading, as the company said it has introduced significant price rises into the market. This resulted in volumes softening during the period, but still remaining above the prior year's.
The Hazardous Waste division has performed in line with management's expectations, while the Monostreams division has experienced mixed performance.
Positive trading at Dutch organic waste processing firm Orgaworld and building materials producer Mineralz was offset by weaker performance at recycler of electronic appliances Coolrec and glass recycling unit Maltha, where new management and improvement initiatives are being introduced.
In addition, the Municipal division, which operates waste treatment facilities, has continued to perform well, with a strong improvement in performance compared with the prior year.
Looking ahead, Renewi said it remains confident that it will deliver full-year results in line with its expectations.
Related Shares:
Renewi Plc