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Suez profits down in Europe but UK business grows

Sita’s parent Suez Environnement has reported declines in profits and revenues in its European waste division in 2013, but singled out the UK as a region of growth.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) were down 4.5% year-on-year to €797m (£655m).

The negative performance was driven by a 3% drop in revenues to €6.5bn.

Suez said the reason behind the decline was a 3.2% fall in waste processed because of a deterioration in European industrial output.

The division was also affected by a decline in secondary raw materials prices, with metal prices decreasing by 10% on average and paper by 9%.

Services activities, especially industrial waste collection, also registered a downturn.

However, the company noted its performance improved in the UK, where business grew by 5.4%.

Among its achievement in the country, Suez highlighted the signing of a 30-year public–private partnership contract with Merseyside Recycling & Waste Authority worth €1.4bn and another 25-year deal with the West London Waste Authority worth €1.7bn.

Overall, Suez reported a 40% increase in net income year-on-year, mainly as a result of growth in its international division, which comprises of water and waste operations in the US, Asia, Africa and Australia.

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