REG - Pennon Group PLC - Final Results <Origin Href="QuoteRef">PNN.L</Origin> - Part 3
15/07/2015 18:30
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· energy procurement and usage - continued energy efficiency schemes alongside additional power generation through renewable sources
· restructuring of pension schemes
· right-sourcing and innovative contracting - tendering to achieve the 'right price' including in-sourcing and renewed K6 key and strategic contracts.
South West Water has
delivered capital projects
throughout K5 in line with
Ofwat, Drinking Water
Inspectorate and
Environment Agency
expectations, and has
advanced expenditure into
2014/15 to meet the new
and challenging bathing
water guidelines.
Through focused planning,
innovative scoping and
asset solutions and
efficient delivery,
capital expenditure for K5
is lower than the Capital
Incentive Scheme
baseline(3) and achieved
6% outperformance against
the capital expenditure
assumed within the 2009
Final Determination.
(1) Average over K5 (2010
-2015)
(2) PUROS - Phased
Utilisation of Remote
Operating Systems
(3) Based on current
published Construction
Output Price Index (COPI)
Operational Highlights
Driven by its strategic
vision of delivering 'Pure
Water, Pure Service, Pure
Environment' South West
Water targets the
provision of high quality
water and wastewater
services in the most
efficient and sustainable
way possible. Strong
performance this year on
key measures provides a
good platform for
delivering outcomes over
K6.
Pure Water
A clean, safe and reliable
supply of drinking water
is the number one priority
for customers and as a
result compliance with the
tough standards set by the
Drinking Water
Inspectorate remains a key
aim for South West Water.
Spend to deliver this
outcome is, therefore, a
significant proportion of
the company's capital
programme and this year
the upgrade to its largest
water treatment works -
Restormel - which provides
water to 50% of customers
in Cornwall was completed
and has contributed to
South West Water
delivering consistently
high water quality again
this year.
The reliability of our
supply is of equal
importance and South West
Water is continuing to
deliver industry-leading
leakage performance.
Leakage targets have been
met every year since their
introduction.
The drier weather over the
summer period and some
relatively benign winter
months resulted in an
increase in customer
demand. South West Water
successfully managed its
water resources to enable
a continued secure supply
of water for the region,
resulting in the 18th
consecutive summer without
a hosepipe ban or drought
order. The Water
Resources Management Plan
published in June 2014
highlighted the company's
strong water resources
position and confidence in
a forecast net surplus of
water until at least 2040.
Pure Service
From the extensive
customer engagement we
undertake, we know that
customers value a quick
and efficient response to
requests, problems and
queries. Throughout this
regulatory period, South
West Water has sought to
improve the service
delivered to customers and
deliver tangible
improvements. The
improving trend in the
customer service score (as
measured by the Service
Improvement Mechanism
(SIM)) has almost doubled
from the opening 2010/11
position and written
complaints are 10% lower
than the same period last
year.
South West Water continues
to build on strategic
investment made throughout
the K5 period, including
enhanced online offerings
through 'My Account'
account management,
'Beachlive', and
improvements to smartphone
apps. The focus for
customers is a shift from
reactive inbound to
proactive outbound
contacts through sector
leading digital
communication channels.
The cost of bad debts as a
proportion of revenue at
1.7% is a modest reduction
on the previous year.
South West Water continues
to target collection
initiatives to further
improve the bad debt
position including using
tracing tools to target
former occupiers of newly
vacated properties.
Enhanced initiatives
implemented in the second
half of the year have
positively impacted the
level of collections since
these were introduced.
South West Water continues
to fund and promote ways
to help customers who
struggle to pay their debt
through initiatives such
as the Restart programme,
which incentivises
customers into regular
payment plans. Over 40,000
customers have been
assisted through the
company's industry leading
approach to debt support
schemes and we are one of
the only companies to have
introduced a regional
social tariff. Further
schemes to support
customers are planned for
2015-20.
Pure Environment
The 2014 bathing season
ended with high standards
of bathing water quality,
with 126 (86%) of the
region's beaches achieving
the EU guideline standard
(excellent status) and 144
(99%) of beaches achieving
the mandatory standard
(good status).
South West Water is
committed to working with
other organisations and
local communities so that
residents and visitors
alike can continue to
enjoy the region's
beautiful beaches.
Investment to further
protect and improve the
regions bathing water
quality has been completed
ahead of the European
Union's Revised Bathing
Water Directive coming
into force in 2015.
A reliable wastewater
service and making sure
that water and wastewater
services can withstand the
impacts of extreme weather
are both targeted outcomes
for K6. South West Water
has seen a positive
improvement in the
associated environmental
measures:
· South West Water's 'Even Cleaner Seas' programme at seven locations across the region has included significant investments such as additional storm water storage capacity, improved monitoring and treatment facilities.
· the compliance at wastewater treatment works has significantly improved over the year to 96.1% from 92.5% for the year to March 2014.
· the number of pollution incidents has fallen, with the number of Category 2 (significant) incidents at three compared to 10 over the prior year. There have been no Category 1 (serious) pollution incidents again this year and the number of Category 3 (minor) incidents has fallen by over a third.
· the company continues to invest in ways to minimise the risk of a pollution incident occurring.
South West Water
recognises the impact that
flooding has on its
customers and this year
the number of internal
sewer flooding incidents
has reduced by 18%. The
company is continuing to
invest in reducing the
risk of customers'
properties flooding and
during the year has
invested in a £2m scheme
at Colebrook in Devon,
which has seen a range of
sewer improvements carried
out thanks to joint
funding between South West
Water, the Environment
Agency, and Plymouth City
Council.
South West Water has
maintained its investment
in renewable energy
throughout the K5 period
and has invested in 35
solar PV installations,
generating over four
million kilowatt hours of
solar energy, nine
hydroelectric power
schemes on the water
network and a wind turbine
supplying 300,000 kilowatt
hours of electricity per
year.
K6 Preparation
2015-2020 Final
Determination
As the only water and
sewerage company to have
its K6 (2015-20) business
plan assessed by Ofwat as
'enhanced' South West
Water received an early
Draft Determination on 30
April 2014. The Final
Determination received in
December 2014 was
virtually unchanged from
the draft previously
received.
The Final Determination
confirmed that South West
Water benefited from
Ofwat's 'do no harm'
principle and would not be
subject to the reduction
in the cost of capital
allowance or restrictions
on the net ODI benefits.
In addition the benefits
received from the
'enhanced' assessment
including an initial
financial award of £11m
reflected as an addition
to the RCV with up to 50%
reinvested and the
enhanced total expenditure
(Totex) menu with an extra
5% enhanced sharing rate
were confirmed.
The key elements of the
Final Determination for K6
are:
· equity returns in excess of 10% for outperformance - the highest potential RoRE in the sector
· appointee vanilla WACC(1) of 3.85% (3.7% WACC for wholesale only)
· retail margins of 1.0% and 2.5% for retail household and non-household respectively, equivalent to an RCV return of 0.2%
· RCV growth of 19%(2) and no adjustments to the planned K6 capital investment programme of £868m(3).
(1) Pre tax debt and post
-tax equity weighted
average cost of capital
(2) Nominal prices
assuming 3.2% per annum
RPI as per SWW Business
Plan for K6
(3) 2012/13 price base
Implementation
Receiving the milestone of
the Draft Determination
early enabled South West
Water to transition
swiftly and smoothly into
the next regulatory
period. Key elements of
planning and
implementation have been:
· key projects delivered - acceleration of K6 projects to deliver early outcome benefits to customers and the environment.
· refreshed and realigned strategic contracts - ensuring rightsourcing decisions including in-sourcing or renewing K6 strategic contracts in preparation for the next period.
· robust financing strategy - lowest average rate within the sector and strong funding position for the start of K6
· focus on customer service - sector leading digital communication channels and enhanced affordability schemes for vulnerable customers
In order to align with the
differing strategies and
approach for wholesale and
retail activities South
West Water has re
-organised and re-focused
its business structures.
We have established
differing strategies for
wholesale and retail
activities and have
already established shadow
reporting consistent with
the approach in K6.
The key focus for K6 is to
deliver strong Outcome
Delivery Incentive (ODI)
performance and
improvements in customer
service, continue to meet
legislative and regulatory
requirements whilst
maximising returns and
benefits for customers and
investors through
delivering Totex savings,
net ODI rewards and
financing outperformance.
Preparing for regulatory
reform
The Water Act 2014 set out
a range of reforms for the
water sector in England,
and enabled retail
competition for all non
-household customers as
well as the potential for
further wholesale reforms.
South West Water is well
prepared for market
liberalisation in 2017 and
is supporting the
programme to deliver the
central market operator as
well as developing the
requirements of market
opening through our
internal programme
'marketready' to ensure
both the wholesale and
retail businesses can
operate effectively with
the central market
operator.
South West Water's
established non-household
customer brand of 'Source
for Business' has been
actively engaging with
customers both within and
outside of the South West
region offering enhanced
retail services alongside
a range of specialist
advice and support
measures in advance of
market opening.
South West Water is
engaged in planning for
further reform with a key
area being the development
of potential 'Upstream
Reform' and Ofwat's 2020
programme. The future
regulatory framework post
2020 as well as ongoing
regulatory consultations
are key strands of
activity for the business.
South West Water Outlook
As South West Water enters
the next regulatory period
the key focus is to
deliver strong outcome
performance and
improvements in customer
service and continue to
meet legislative and
regulatory requirements.
This will maximise returns
and benefits for customers
and investors through
delivering efficient
Totex, improved services
(net ODI rewards) and
financing outperformance.
South West Water is
already considering the
impacts of future
legislative changes which
include the potential for
'Upstream Reform'. The
company is engaging on key
industry consultations on
the development of Ofwat's
ongoing regulatory reform
agenda in order to
influence the direction of
travel in this area.
VIRIDOR
Overview
The new strategic
orientation of the Viridor
business model around its
'Energy' and 'Recycling &
Resources' divisions is
now delivering results.
Viridor stands at the
forefront of transforming
waste in the UK using
input materials to produce
high quality energy,
recyclates and raw
materials.
Viridor's strategy, built
on its purpose of giving
resources new life, is to
add substantial value
through:
· Energy - Viridor's strategically located network of ERFs now provides an established and growing business serving Public Private Partnership contracts and the commercial sector. Viridor has made strong progress in the development of its ERF asset base with five new ERFs brought on stream during 2014/15, adding to the existing Lakeside and Bolton operational ERF assets. Two thirds of the portfolio capacity is now in operation and 80% is expected to be operational by the end of 2016/17. Energy from waste remains central to the UK's waste and renewable energy strategies, as the long-term low cost alternative to landfill for treatment and disposal of residual waste, and as a means of providing base load electricity. There are also heat utilisation opportunities. Viridor expects to have c.15% ERF market share by 2020, with its network of strategic facilities driving the company's long-term profit growth.
· Recycling - Clear regulatory drivers for recycling from the EU and UK Government, alongside expectations from leading companies, are laying the foundations for strong, ongoing demand for recycling services over the next fifteen years. Viridor has established its recycling business over the past five years and currently handles volumes of 1.7m tonnes per annum. Viridor's focus on ITOO across its recycling activities is yielding improvements, ensuring the production of high quality materials and management of the cost base to mitigate the impact on margins of a softening in recyclate prices.
· Landfill Energy - The focus of the landfill energy business is:
- to maximise the value of landfill gas power generation across all sites;
- to manage the ongoing prescriptive decline in landfill inputs by closing 15 sites to new waste inputs over the next five years and focusing on three strategic operational sites;
- to optimise returns on the closed landfill asset base through alternative uses such as photovoltaic installation, energy storage and divestment opportunities
· Contracts and Collections - Continued focus on growing market share in a consolidating sector through its contracts and collections services, which play an essential role in securing inputs for the energy and recycling divisions. It will also help to drive the delivery of the Viridor strategy.
Financial Highlights
Revenue was up 4.2% to
£835.9m reflecting ERFs
coming into operation and
further growth in assets
under construction, partly
offset by lower recycling
revenue down £30.0m due to
lower volumes and prices,
due to the adverse market
conditions as previously
flagged.
Before exceptional charges
Viridor's earnings before
interest, tax,
depreciation and
amortisation (EBITDA) was
up £4.1m at £80.4m
(2013/14 - £76.3m). PBIT
fell £8.6m (28.5%) to
£21.6m. PBIT plus joint
ventures decreased by
£5.7m (13.1%) to £37.9m.
Viridor underlying EBITDA
was up £9.4m, +7.5% to
£135.3m.
Viridor underlying EBITDA
is a non-statutory
earnings measure that
aggregates all of
Viridor's earnings into a
single figure, consisting
of EBITDA of £80.4m
(2013/14 £76.3m) plus
IFRIC 12 finance income of
£13.5m (2013/14 £8.5m) and
share of joint venture
EBITDA of £41.4m (2013/14
£41.1m). Viridor's share
of non-recourse net debt
in the joint ventures,
excluding shareholder
loans was £204m (Viridor's
share including
shareholder loans was
£302m).
Profit before tax and
exceptional charges
increased £0.1m (0.4%) to
£27.7m reflecting lower
PBIT plus joint ventures,
offset by reduced interest
payable, as a result of
increased equity
investment in Viridor by
Pennon and higher IFRIC 12
interest receivable.
Capital expenditure
including spend on service
concession arrangements
for the year was £262.2m
(2013/14 £292.4m).
Operational Highlights
UK context
The UK is required under
the EU Landfill Directive
to reduce the amount of
biodegradable municipal
waste going to landfill
sites. This is being
achieved by a continued
drive for recycling, with
residual waste
increasingly being used
for energy recovery. A new
and 'more ambitious' EU
Circular Economy
legislative package is
expected in 2015. The
package withdrawn in 2014
contained 70% recycling
targets, 80% packaging
recycling targets and
material-specific landfill
bans.
The EU Renewable Energy
Directive requires the
production of 20% of
energy from renewable
sources by 2020. Energy
recovery from waste in all
its forms has a clear role
within the Government's UK
Renewable Energy Roadmap
and continues to deliver a
substantial proportion of
total UK renewable energy
generated. Viridor
believes that by 2020, UK
energy recovery from waste
could produce 15 Terawatt
hours (TWh) of the total
forecasted UK renewable
energy generation (120
TWh), accounting for 12%.
This is particularly
significant given
predicted future energy
capacity shortages.
The Government's main
mechanism for diverting
waste from landfill and
incentivising recycling
and ERF facilities remains
landfill tax. The UK and
Scottish Governments have
confirmed that landfill
tax will rise from the
current position of £82.60
per tonne in line with
inflation. This continues
to influence the long-term
economics of both
recycling and energy
recovery. In addition,
recyclate costs have been
typically significantly
lower than the cost of
using virgin materials for
manufacturers.
Viridor is clearly focused
on giving resources new
life through recycling and
waste based renewable
energy. Investment in
technology and operational
practices, including ITOO,
continues to enhance
recyclate quality to
differentiate Viridor from
its competitors and to
position it strongly
within a consolidating
sector. Significant
progress has also been
made in the delivery of
the ERF business, with a
substantial asset base now
operational in conjunction
with associated business
capability processes
across the whole "source
to supply" ERF cycle.
Recycling and Resources
During the year, recycling
volumes traded decreased
by 151k tonnes (8.4%) to
1.7m tonnes. Recyclate
prices, whilst slightly
lower for 2014/15, have
now stabilised to some
degree for most
commodities but remain
under pressure, reflecting
world economic conditions
and competitive markets.
Overall, average revenues
per tonne from recyclate
sales and gate fees for
the year fell to £86 per
tonne, 7.7% lower than for
2013/14. Viridor remains
cautious about future
recyclate price growth.
As announced at the half
year, Viridor has
commenced a two-year ITOO
programme to provide an
enhanced focus on
increasing margins by
taking action across the
recycling value chain. The
company is targeting a
substantial enhancement in
EBITDA margin through
improvements in source
material quality, asset
efficiency, productivity
and yield, and specific
quality of outputs.
Future actions are focused
on these three key parts
of the value chain:
· Inputs - Managing and enforcing contractual waste specifications to ensure appropriate input quality, further reduce reject levels and optimise asset processing efficiency;
· Throughput - Implementation of Productivity Centred Maintenance under an asset management optimisation process has commenced to improve availability and productivity at recycling facilities. In 2014/15, two underperforming Materials Recycling Facilities (MRFs) were closed to reduce the cost base and improve portfolio efficiency; and
· Outputs - Aiming for customer-centric quality production aided by investment in technology. A new polymers separation plant at Rochester and a new glass reprocessing plant in Scotland, representing an investment of c.£25m, are now operational.
Viridorcontinues to
operatethemostextensiveMRF
capacity in the UKwith
accreditationsforexportto
China, andisestablished as
aqualitybrand in the UK,
Europe and other far
eastern markets.
Profits in "Contracts &
Other" were down slightly
across the 15 local
authority contracts around
the UK (the more
significant contracts
include Greater
Manchester, Glasgow,
Lancashire, Somerset and
West Sussex) and the
Thames Water contract. The
decrease reflected lower
volumes on some contracts
and the expiry of other
contracts.
Profits in the collection
business were ahead,
reflecting the benefits of
sustained management
action. Collection
remains a key focus in
securing increased input
tonnages for the business
Additional contracts have
been won since the year
-end but profits are
expected to be impacted by
the expiry of some old
contracts.
Renewable Energy
Energy can be recovered
essentially via two
methods, either via gas
utilisation (notably
landfill gas power
generation and anaerobic
digestion (AD)) or via
combustion in ERFs and
similar facilities, some
of which may be a part of
Combined Heat and Power
(CHP) schemes.
Landfill gas,
biodegradable waste in
ERFs and AD accounted for
25% of total UK renewable
energy fuel use in 2013
(Digest of UK Energy
Statistics 2014).
(a) Landfill gas power
generation
Viridor's landfill energy
business is being managed
to maximise the value of
landfill gas power
generation, whilst
exploring photovoltaic
(PV) and cryogenic energy
generating developments as
alternative uses for
landfill sites with
existing grid connections.
Gas volumes reached peak
production in 2012/13 and
have been reducing
gradually. In 2014/15 the
landfill
gaspowergeneration
outputwas marginally down
to 602Gigawatt hours(GWh)
(2013/14 606 GWh),
reflectingasuccessfuloutpu
toptimisation programme.
Landfill gas power
generation EBITDA was
£35.8m (2013/14 £37.3m).
Averagerevenue
perMegawatthour(MWh) was
3.3% higher at £92.72
(2013/14 £89.74)
reflecting the higher
proportion of Renewables
Obligation
Certificates(ROCs).
Theswitchfromlegacy Non
Fossil
FuelObligation(NFFO)contra
ctstoRenewables Obligation
Certificates(ROCs)
continues with 94% of
energy now sold under the
higher value ROCs. The
remaining 6% NFFO
component will migrate to
ROCs by 2016/17. Average
costsincreased
to£33.19perMWh (2013/14
£28.13) due to maintenance
costs to improve gas
capture and lower volumes.
Total landfillgaspower
generation
operationalcapacity
remained at104MW(excluding
3MWcapacityatsub
-contractsites in
Suffolk).
Future alternative uses
for landfill sites are now
being assessed as most of
our landfill operations
accelerate into closure. A
2.75MW PV installation at
Westbury landfill was
completed during the first
half of 2014/15. Other
alternative uses are also
being explored, including
an £8m cryogenic energy
storage pilot project at
Pilsworth landfill, funded
by the Department of
Energy and Climate Change,
which is underway.
(b) Energy Recovery
Facilities (ERFs) and
Anaerobic Digestion (AD)
Viridor now has 98MW of
renewable energy capacity,
primarily from its fleet
of ERFs and including its
share of its joint venture
at Lakeside ERF, Bolton
ERF, the Greater
Manchester AD operations
and the new Viridor
Walpole AD plant.
The company has been
successfully implementing
its strategic plan to
deliver the ERF business,
which will drive long-term
profit momentum. This
includes establishing a
significant asset base of
ERFs, the majority of
which are now operational.
Viridor and its partners
have a total
operational/committed ERF
capacity of 2.8m tonnes.
Five plants, being Runcorn
I and II, Exeter, Ardley
(Oxfordshire) and Cardiff,
have been delivered into
the operational Energy
Division, adding to the
existing Lakeside and
Bolton operational ERF
assets. With the exception
of the Runcorn plants,
which were delayed in
construction, (but
protected by Liquidated
Damages), all other plants
were delivered on time and
within or below budget.
Two other plants,
Peterborough and Glasgow,
are more than halfway
through construction and
Dunbar commenced
construction towards the
end of the year.
Planning consent for the
Beddington ERF in South
London was issued in March
2014 with Notice to
Proceed with construction
now imminent following the
final dismissal of a
challenge via judicial
review.
100% of waste inputs have
been secured for all
plants at opening and
Viridor has now secured
c.80% of the required
waste inputs for the
portfolio of the committed
plants, of which three
-quarters is from long
-term contracts. Achieving
a balance between long
-term local authority
contracts and shorter term
commercial waste fuel
inputs enables an
appropriate level of
control over calorific
value and therefore
throughput and efficiency
optimisation, as well as
enhancing gate price
control.
The Walpole AD plant,
which has a 1MW export
capacity, is now producing
power. A further 'closed
loop' opportunity to use
digestate as a
biofertiliser is being
assessed with the
Environment Agency.
Joint Ventures
Total share of
jointventures'EBITDA
(comprising Viridor Laing
(Greater Manchester)
(including IFRIC 12
interest), TPSCo and
Lakeside) was up 0.7% to
£41.4m(2013/14£41.1m).
Total share of joint
ventures' profit after tax
was £4.9m, up £1.2m from
2013/14.
(a) Viridor Laing (Greater
Manchester) (VLGM)
The25
-yearGreaterManchesterWast
ePFIcontract(beingdelivere
d throughVLGM) isthe
UK'slargestevercombined
wasteandrenewable
energyproject.The
companyisa joint
venturebetween Viridorand
John Laing
Infrastructure.Operation
oftheassociatedfacilitiesi
sbeing carried outonasub
-contractbasisbyViridor.
Asreportedpreviously,solid
recoveredfuel
producedfromthewasteis
being usedtogenerate
heatandpowerata
plantatRuncorn.
PhaseIisprimarilyfor
theGreaterManchesterWasteP
FIcontractandPhase IIis
available forthemarket
generally,as high landfill
taxdrives
residualwasteawayfromlandf
ill towards recyclingand
ERFs.
Aspartofthe VLGMcontract,a
separate contractorwas
mandatedtoconstruct43facil
ities.All of the
facilities have now
beenformallytaken
overbyViridor.
Viridor's share of VLGM's
EBITDA was £3.0m (2013/14
£2.5m). Viridor's share of
IFRIC 12 interest was
£12.1m (2013/14 £12.5m).
(b) Runcorn I (TPSCo)
Viridor's share of TPSCo's
EBITDAwas£8.2m (2013/14
£10.9m) reflecting higher
costs during final
commissioning.
The
RuncornERFPhaseIproject
was taken over in January
2015.
(c) Lakeside
Lakeside,thefirstofViridor
'sERFprojects,continues to
outperform its financial
close assumed
powergeneration
andwasteprocessingtargets.
Viridor's share of
Lakeside's EBITDAwas
£18.1m(2013/14£15.2m).
Results in 2014/15
benefited from different
scheduled outage timing
(H1 2013/14 vs H1 2015/16)
and continued good
performance.
(d) Landfill
Thebusinessplannowbeingimp
lementedforthelandfill
businessis
seeingoperationsreduced to
afewstrategic landfill
sites,reflecting
thefactthattherewill still
be demandforlandfillingof
certainmaterialsforthefore
seeablefuture.Othersites
are being runtoclosure and
aftercare withan
emphasisonmaximisingtheval
ue
ofelectricitygenerationfro
mlandfillgas and reducing
costs. Non-strategic sites
and closed sites are being
assessed for alternative
uses - both for energy and
for development potential.
Three sites were closed in
2014/15 and a similar
closure rate is forecast
for the next five years
taking the number of sites
from 18 to 3 by 2020.
Thebusinesscontinues to
becashgenerative and
contributed£15.4m toEBITDA
in theyear. Volumeswere
slightly down at 2.5m
tonnes.
Averagegatefeesdecreasedby
13.6%to
£19.92pertonne.Consented
landfillcapacity
reducedfrom
57.7millioncubicmetres
(mcm)at31 March2014 to
51.7mcmat31 March
2015,reflectingusage
during theperiod and site
closures.
Aspreviouslystated,andprov
idedfor, c.39
mcmisnotexpected to be
used. Of the three sites
closed in 2014/15, c.3 mcm
of void was not utilised.
Therefore we are planning
to utilise c.16 mcm in on
-going operations.
Landfill tax is now
increasing in line with
inflation and increased on
1 April 2015 from £80 to
£82.60.
Indirect costs
Indirect costs increased
by 2.9% from £52.0m in
2013/14 to £53.5m in
2014/15 due mainly to
increased information
technology and staffing
costs to support systems
replacement across the
business.
Viridor Outlook
Viridor has passed its
strategic point of
inflexion to become one of
the UK's leading renewable
energy, recycling and
resource management
companies.
Excellent progress has
been achieved in the
realisation and delivery
of its ERF business. Five
major facilities came on
-stream in the financial
year adding to the
existing Lakeside and
Bolton operational ERF
assets. Three others are
under construction and
Notice to Proceed with
construction of the
Beddington facility in
South London is imminent.
The drivers and
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