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Viridor profits up 14% and almost half are from waste and recycling

Financial results from Viridor show “strong growth” despite “demanding market conditions” said its chief executive Colin Drummond.

In unaudited results published this morning, EBITDA rose £1.7m to £116.5m while revenue was up 13.6% to £712m. Capital expenditure stood at £73.7m, which included £38.3m on an EfW/CHP plant at Dunbar, near Edinburgh.

Viridor indicated earlier in the year that it expected “moderate overall growth” as a number of projects had been held up in the planning process.  However, profit before tax stood at £62.9m – up 14.2% on the previous year.

The results also show that 46% of the company’s profits now come from recycling and energy from waste.

Drummond said: “The fact that nearly half our profits now come from recycling and recovering energy from waste shows that the business continues to transform itself in line with the UK’s recycling and resource efficiency agenda.”

Viridor has pledged to continue down this path and expand in recycling and waste based renewable energy, exploiting the landfill void.

Drummond thanked his colleagues for their “continued efforts to deliver our essential recycling, renewable power and waste management services”.

The waste company spent around £50m buying recycling companies as part of its growth plan. These included Reconomy, Pearsons, Adapt Recycling, Swinnerton and Martock.

Planning has now been granted across four energy from waste sites in Cardiff, Dunbar, Ardley, in Oxfordshire, and Avonmouth.

Construction of four AD plants for Greater Manchester totalling 8MW of electricity has started and one plant is already complete. Planning permission has been granted for a further two plants in Beddington, near Croydon, and Walpole, in Somerset.

In the next five years, Viridor aims to have a total renewable energy capacity of over 300MW. Its current capacity stands at 136.5MW with a further 190MW consented but not operational.

Joint venture projects Lakeside (shown here) and Viridor Laing Greater Manchester contributed £11m to earnings.

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