31st Mar 2014 12:02
LONDON (Alliance News) - Waste management company Shanks Group PLC Monday said it still expects to deliver a result for the current financial year that is broadly in line with its own expectations.
In a trading update, the company said that it has continued to trade robustly since it last updated the market on February 3, even though market conditions remain challenging.
It said it had seen further pressure on volumes and prices in the Benelux solid waste and EU organics markets in the first quarter of calendar 2014, and this challenging market environment is expected to continue through March. It said the pickup in market activity it had expected to happen in March was slower than expected.
"The group continues to make good progress in delivering its strategic goals. This includes meeting its cost reduction targets for the year, generating cash through the exit of underperforming activities and also investing for growth through significant expansion programmes in the Hazardous Waste and UK Municipal Divisions," it said in a statement.
Shanks added that it expects net debt for the year to March 31 to be in line with market expectations.
Shanks Group shares were down 4.7% at 111.75 pence Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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