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Shanks reports subdued Q1

Shanks has reported subdued operations in its waste management business in the Benelux area that might affect its performance for the first half of the year.

In an interim statement on the first quarter of 2014-15 (April-June), the company said its Solid Waste Benelux division had experienced increased “market pressure”, especially its activities in the Netherlands.

This was due to further deterioration in the volumes and prices of recyclate, as well as aggressive market pricing.

Shanks said it was taking “decisive action” to address the problem but, along with a strengthening of sterling, it was likely to affect its half-year results.

The company will focus on commercial effectiveness, procurement and improvements programmes. it added: “We believe that these market conditions are placing unprecedented pressure on all market participants and we are well positioned to gain further market share.”

Shanks said its UK municipal division had performed in line with expectations in the three months to June. Construction projects in Barnsley, Doncaster and Rotherham and Wakefield were “on time and on budget”.

Peter Dilnot, group chief executive, said: “We are taking decisive action to address market pressures and, provided there is no material deterioration in the Benelux solid waste markets, we expect the full-year results to be broadly in line with expectations.

“Longer term, the group remains well placed to deliver profitable growth through our ongoing investment programme and any market recovery in the Benelux.”

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