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Shanks 'stronger' after challenging year

Shanks has reported a stronger second half to its financial year after “a challenging first half”.

The company has released its results for the year ending in March and key financial points include:

  • Revenue increased 1% at constant currency, with underlying growth from UK Municipal
  • Ebitda down 10% at constant currency to £73.0m
  • Underlying profit before tax down by 22% to £21.7m at constant currency
  • Final dividend maintained at 2.35p per share, reflecting confidence in medium term growth

Peter Dilnot, chief executive of Shanks Group, above, said: “After a challenging first half of the financial year, we delivered our committed stronger second half performance.

“Our core Dutch solid waste markets are developing as predicted, with some encouraging evidence of improvement. We continue to invest in infrastructure that will deliver high-quality earnings growth and these projects are on track.”

Dilnot said the board’s expectations for the current year remained unchanged, excluding the impact of Euro exchange rate.

The report mentioned the fire last May at the company’s mechanical biological treatment facility at Frog Island recycling centre in East London but reaffirmed that this has had no material impact.

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