26th Jul 2007 07:01
Biffa Plc26 July 2007 26th July 2007 Biffa PlcINTERIM MANAGEMENT STATEMENT Biffa Plc, which holds its Annual General Meeting today at 11.00 a.m., ispublishing its first Interim Management Statement as required by the UK ListingAuthority Disclosure and Transparency Rules. In the period from 1 April, the start of the year, to 29 June 2007 (the mostrecent date for which figures are available) group turnover at £197 million wasin line with management expectations and 4% ahead of the first quarter lastyear. The financial position of the Company remains strong with net debt of £359million at 29 June 2007. We have seen encouraging starts to the year from our Resource Recovery andLandfill and Power Generation Divisions. In Collection, the local account marketremains highly competitive. We have continued to implement our revised pricingstrategy and customer service initiatives but, as we said at the time of ourPreliminary Announcement, the full effects of these will take time to comethrough. Despite disruption from the recent adverse weather, for the Group as awhole, we continue to expect steady progress in the current year. We are pleased to report that the modifications we have made to themechanical-biological treatment plant at Leicester have passed all theirperformance tests, putting the contract on track to return to profit in thefirst half. We have been making preparations in both our Collection and Resource Recoveryand Landfill Divisions for the implementation of the pre-treatment regulationsin October. We will be able to offer a collection service with national coveragefor paper, card and glass and have continued to expand our treatment facilities. Our Power Generation Division has further benefited from the conversion of lessprofitable NFFO contracts to output qualifying for ROCs. We intend to give a further update on trading around the end of September andour half-year results will be announced on 28 November 2007. Enquiries: Tulchan CommunicationsDavid TrenchardDavid Allchurch0207 353 4200 Figures in this Interim Management Statement are unaudited. The InterimManagement Statement is available on the Company's website at www.biffa.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BIFF.L