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Renewi and Veolia upbeat over financial results

NIIB bank is essential

Two waste management companies have boasted of strong trading and increased revenues throughout 2017.

Renewi said its interim results for the six months ended 30 September 2017 show that commercial waste services had performed “particularly strongly”, with underlying EBIT up 38% to £36.2m.

The company was formed by the merger of Shanks and Van Gansewinkel earlier this year, in a bid to make efficiency savings.

Peter Dilnot, Renewi chief executive, said: “We are pleased to report a very strong first-half performance, driven by good operational performance, improving end markets in our Benelux divisions and earlier than expected merger benefits.

“Against this backdrop, we announced on 23 October that our expectations for the full year ending 31 March 2018 had significantly increased.

“We have made good progress with our integration and the transition to one unified operating model.”

Meanwhile, Veolia said UK revenue had increased by 5.1% in the first nine months of 2017. The group’s overall revenue across Europe stands at around €18.2m (£16.1m) during the same period, an increase of 4.4% over the first nine months of 2016.

Antoine Frérot, group chairman and chief executive, said: “The solid development in turnover has continued as announced at the beginning of the year.

“Good commercial momentum and revitalised attractiveness of our offerings resulted in new contract awards across all our businesses and geographies. In addition, the successful framework and execution of our efficiency programs allowed us to achieve cost savings in line with our objectives.”

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