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BIFF - Biffa News Story

266.5p -2.5  -0.9%

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Sector
Industrials
Size
Mid Cap
Market Cap £672.5m
Enterprise Value £1.15bn
Revenue £1.14bn
Position in Universe 490th / 1846

Biffa plc - Trading Statement

Wed 11th September, 2019 7:00am
RNS Number : 8899L
Biffa plc
11 September 2019
 

Biffa plc

 

11 September 2019

 

PRE-CLOSE TRADING UPDATE

 

 TRADING IN LINE WITH EXPECTATIONS

 

 

 

Biffa plc ('Biffa' or 'the Group'), the UK's leading sustainable waste management company, today issues a trading update ahead of its announcement of interim results for the 26 weeks ending 27 September 2019, scheduled for 13 November 2019.

 

Trading in the first half of the year has been in line with the Board's expectations.

 

As expected, the Collections division will deliver solid revenue and profit growth. The Industrial & Commercial (I&C) business continues to grow both organically and through acquisitions and the Municipal business remains stable.

 

The Resources & Energy division will also deliver returns in line with our expectations.

The Group's cash generation and net debt are in line with our expectations and we retain sufficient financing headroom to deliver the Group's established strategy for growth.

Update on Group Strategy

 

In the I&C business, Biffa has completed two small acquisitions in the current year, for a combined consideration of £2.9m. The Group has a clear strategy to grow its market presence and continues to have a strong pipeline from which it can pursue synergistic acquisitions to leverage its operational platform. 

 

The Group is also continuing to progress both the build of the new PET plastic bottle recycling facility and the negotiations regarding the Energy from Waste projects. Further updates will be provided at our forthcoming Capital Markets Day.

 

 

Outlook

 

The Board remains confident in the ongoing trading performance of the Group and the outlook for the year is unchanged.

 

Further detail about Biffa's strategy will be presented at its Capital Markets Day which takes place on 17 September. The presentation material and an audio recording of the day will be made available on our website.

  

 

Enquiries:

 

Michael Topham, Chief Executive Officer

Richard Pike, Chief Financial Officer

ir@biffa.co.uk

 

Houston

biffa@houstonpr.co.uk
0203 701 7660

Kate Hoare and Anushka Mathew

 

 

This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with Biffa's business. Whilst Biffa believes the expectations reflected herein to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond Biffa's control or within Biffa's control where, for example, Biffa decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.

 

 

About Biffa

Biffa, is the UK's leading sustainable waste management business. We have over 8,000 employees working across more than 200 sites to change the way people think about waste. We operate across the waste management value chain, including the collection, treatment, processing and disposal of waste, as well as the production and sale of recovered commodities such as energy, paper, glass, metals and plastic. We are first choice for customers, with our national customer base including local authorities, large corporates and SMEs, and purchasers of end-product commodities and energy. We are structured in to two divisions: Collections and Resources & Energy. In FY19, the Group's total revenue was £1,091.2m and its Underlying EBITDA was £150.7m. Biffa has been listed on the London Stock Exchange since in October 2016 under the ticker "BIFF".

 

For more information visit www.biffa.co.uk


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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