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Sterling's decline hits FCC in the UK

2000 fcc greatmoor gv

FCC has reported a 16.3% drop in revenues in its UK environmental services business, attributing most of the decline to the depreciation of sterling.

The Spanish-based group’s overall performance, as measured by ebitda, increased 2.3% in 2016 to €833.7m (£719m), according to the group’s 2016 earnings report.

This growth was despite an 8.1% reduction in revenues, mainly due to a 17.1% slump in the construction division and a 4.5% decline in the environment division.

“Operating profitability increased steadily in almost all areas due to concentrating on more profitable operations, to efficiency improvements in overheads achieving synergies and to measures to increase productivity,” the report said.

In the UK, revenue from environmental services fell 16.3% to €776m, two-thirds of which was blamed on sterling.

2000 fcc greatmoor opening2

2000 fcc greatmoor opening2

It was also affected by completion of the Greatmoor energy recovery plant in Buckinghamshire, which came into service in June under a 30‐year concession and was officially opened in October (pictured).

Revenues from reduced landfill fees also had an impact.

After adjusting for these effects, the report says revenues were stable in environmental services “commensurate with business performance in a situation of generally stable prices, in line with the broad economy”.

Gallery of the official opening at Greatmoor 

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