28th Jan 2022 12:12
(Alliance News) - Renewi PLC said on Friday that trading its third quarter had been "very strong", driven by continuing high recyclate price, and has consequently upgraded its full-year expectations.
The Milton Keynes, England-based waste management company said it now expects underlying earnings before interest and tax of EUR120 million, up 64% from EUR73 million the previous year. Renewi's financial year ends March 31.
For the three months to December 31, the company's third quarter, Renewi said its Commercial Waste division had continued to perform well. The company said this was due to recyclate prices trading at consistently high levels compared to the prior year.
The Mineralz & Water Division performed in line expectations, Renewi continued. It explained that the division had offset lower volumes and increased disposal costs on the soil treatment line.
Renewi said that the Specialities division had also performed in line with expectations, with ongoing benefits from recyclate prices and a strong performance at Coolrec BV, a company part of Renewi.
Looking forward, Renewi said it was alert to the macroeconomic environment, inflationary pressures and recyclate prices but nonetheless remain confident in the medium and long-term in regard to the outlook for the business.
Shares in Renewi were up 1.4% at 660.00 pence on Friday in London.
By Heather Rydings; [email protected]
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