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Biffa eyes further acquisitions as revenues grow

Biffa has reported strong results across all sectors apart from energy in the first half of its financial year.

The municipal division showed particularly good figures, with revenue growth of £12.7m (16.5%) to £89.7m, driven by a Manchester City Council contract and the recent acquisition of Cory’s contracts.

The biggest division, the trade sector, saw revenue growth of 5.8%, with acquisitions adding 3.1%.

The company’s resource and recovery department showed a revenue increase of 5.1% to £53.7m, driven in part by improved gate fees and commodity prices at its MRFs.

But energy sector revenues fell 3.2% to £42m due to lower landfill gas yields and a power export price that was 19.1% lower than the first half of the previous financial year.

Despite this, Biffa reported overall growth of 8.6% to £446.7m in the period immediately before it floated on the Stock Exchange.

Chief executive Ian Wakelin said the results were strong and gave the company scope to continue to grow, leveraging its brand, operational know-how and national scale.

“We are well positioned to capitalise on increasing consolidation in a fragmented marketplace, with the structural growth drivers in the industry favouring our business model,” he said.

“Looking ahead, we will continue to develop our infrastructure and services, taking advantage of the significant amount of waste we control. Within our existing operations, we see further opportunities to optimise our systems and processes to deliver additional growth in revenue and expansion of margins.

“Building on our successful track record of in-fill acquisitions, we have a pipeline of opportunities which we are actively exploring, particularly in our [trade] division.”

Biffa results

Biffa results

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