24th May 2018 11:20
LONDON (Alliance News) - Renewi PLC said Thursday it doubled its revenue in 2018 financial year, the first year of trading following the merger between Shanks Group PLC and Van Gansewinkel Group BV in February 2017.
The recycling company's reported revenue jump to GBP1.56 billion in the year to March-end from GBP779 million recorded in the comparative year ago period. Pro forma revenue, including 12 months of Van Gansewinkel as if it traded with Renewi for the full-year, increased 8% to GBP1.56 billion form GBP1.45 billion.
The company's pretax loss for the financial year narrowed to GBP50 million from GBP61.4 million year-on-year. Adjusted pretax profit doubled to GBP51.5 million from GBP25.7 million.
"We have made good progress in our first full year as Renewi. Underlying PBT [pretax profit] doubled, coming in slightly ahead of our upgraded expectations, and our cash performance was strong," Chief Executive Peter Dilnot said.
Renewi retained its final dividend payment of 2.1 pence per share. Total dividend remained unchanged at 3.05p.
The company expects good progress in the current year and remains on track to deliver EUR30 million project synergies.
Renewi shares were trading 6.3% higher at 76.10p each on Thursday morning.
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