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Veolia sees UK revenue rise

Veolia Environnement saw its revenue from environmental services operations in the UK grow last year, in contrast to the division’s overall performance.

In its 2013 annual results, the company reported a decline in its environmental services division’s revenue by 1.5%, which it attributed to a fall in recycled raw material prices and volumes and a drop in activity, mainly in municipal collection.

The company said it had been hit by “the difficult macro-economic context and the negative price differential for recycled raw materials in France and Germany”, and by a decline in municipal and commercial collection in both countries.

Costs increased more than service prices in France, the United Kingdom and Germany.

However, this was offset partially by the impact of a cost reduction plan, which “exceeded the objective”.

Revenue from UK operations grew by 3.1% due to an increase in private finance initiative contract revenue.

Across the whole company, including its water and energy businesses, adjusted operating income increased 16.9% to €922m (£758m).

Antoine Frérot, Veolia Environnement chairman and chief executive said: “The improved performance during the year reflects the initial benefits of Veolia Environnement’s transformation plan.

“All of the objectives we set for 2013 were achieved, and certain objectives were exceeded, which allows us to approach the second phase of our strategic plan with even more confidence.

“The 2014 fiscal year will mark a return to growth in our results, with specific 2014 objectives of revenue growth, around 10% growth in adjusted operating cash flow, and significant growth in adjusted operating income and adjusted net income. Veolia is therefore well on the path to profitable and sustainable growth.”

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