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Waste firm reports healthy profits

Waste management firm Shanks has announced new waste projects and reported that its profits have more than doubled.

Shanks is planning to build about half a dozen recycling and reprocessing centres in the UK. It will also focus on expanding its mechanical biological treatment (MBT) plants and increasing the number of private finance initiative (PFI) projects it is involved in.

Preliminary results for 2008 show that Shanks profits soared by 109% to £6.9 million in the year to the end of March. Group headline profit [profit before tax] rose from 11% to £44.8m.

Shanks business development director Michael Dunn told MRW: We will shortly be announcing a tie in with a major US company to offer energy-from-waste solutions to local authorities.

Shanks has two PFI contracts at the moment and is seeking a third one with Cumbria County Council which is due to complete by the end of 2008. This exciting addition will use the same technology [MBT] as our plants in east London and Dumfries and Galloway and will provide an additional 60,000 tonnes of solid recovered fuels per year.

Household Waste and Recycling Centres performance will rise from 44-66% in three years and we will reduce household waste going to landfill by 80%.

The waste firm sold all its landfill assets in 2004 and is keen to focus on alternative waste treatment processes such as anaerobic digestion. With landfill taxes increasing every year local authorities are keen to seek out alternatives to landfill and Shanks believes it is well positioned to take advantage of this. It has targeted three regions in the UK which in the short to medium term will provide the geographic focus to build its business. These are the Central Belt of Scotland, the East Midlands and the northern Home Counties.

 

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