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Strong performance for Shanks

Shanks Group is due to report a strong performance for the year to 31 March 2012.

In a pre-close trading update for the year, the waste management firm said it had “delivered a robust performance in trading conditions which have remained challenging”, and anticipated “a full year result in line with our expectations”.

It announced the financial close on a 25-year contract with Barnsley, Doncaster and Rotherham Councils earlier this week, worth in excess of £750 million. The company also reported continued progress towards a financial close on a contract with Wakefield council.

The statement said: “The balance sheet remains strong and the ratio of core net debt to EBITDA at 31 March 2012 was estimated to be between 1.7 and 1.8 times.”

In 2011 the group’s UK revenue is rose 20% to £176m. Its UK trading profit increased by more than 100% to £5m.

Its 2011 trading profits from UK municipal PFI contracts were up 126% to £5.6m, while its hazardous waste operations saw a 222% profit increase to £2.9m.

The full year results for the year to 31 March 2012 will be announced on 17 May 2012.

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