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Upward path for Suez earnings

Suez reported increased earnings in the first nine months of this year, driven largely by its water technologies division.

Results for the recycling and recovery Europe division remained strong, growing by 3.4% despite what the company said had been “pricing pressure in recycled raw materials, in particular in paper and cardboard”.

The results document showed that, across the company, organic revenue growth accelerated to 3.8% and revenue reached €12.7m (£11.3m).

Chief executive Jean-Louis Chaussade (pictured) said: “The positive trend that emerged in the first half of the year has continued.

“Suez’s organic growth accelerated sharply in the third quarter to reach 3.8% at end-September. The group recorded robust growth momentum in the first nine months of the year.

“One year after the GE Water acquisition, the new division has delivered on all its promises and the synergies have been greater than expected.”

Within the recycling and recovery Europe division, the UK and Nordic countries saw revenue fall by 1% to €8m, where the company noted a “strong increase in industrial volumes in the UK and in Sweden, the impact of the Tilbury Solid Recovered Fuel facility closure and lesser contribution of construction activity”.

Among its trading highlights, Suez pointed to last month’s announcement that it would build a £150m energy-from-waste plant in Billingham, Teesside, by 2021 with the capacity to treat 240,000 tonnes a year, which it said demonstrated “its confidence in the future of its businesses in the country and providing a concrete response to the lack of infrastructure”.

Revenue in France was up by 5.6%, equivalent to €129m organic growth, and in the Benelux countries and Germany by 1.8% or €20m.

Suez’s UK recycling operations saw a 5.3% decline in its half-yearly report issued in the summer.

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