REG-Renewi plc Renewi plc: Q1 trading update

RenewiAnnouncement

13/07/2023 07:00

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   Renewi plc (RWI)
   Renewi plc: Q1 trading update

   13-Jul-2023 / 07:00 GMT/BST

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   13 July 2023

                          Renewi plc Q1 trading update

                                        

   (“Renewi”, the “Company” or, together with its subsidiaries, the “Group”)

                                        

   Renewi plc (LSE: RWI), the leading international waste-to-product company,
   announces its trading update for the three months ended 30 June 2023. 

    

   As expected Group Revenue and EBIT in  the first three months of the  year
   were lower than prior year as  recyclate prices were at peak level  during
   Q1 last year.  Recyclate prices  have largely  stabilised since  September
   2022,  at  levels  slightly  above  historical  averages.  The  impact  of
   recyclate prices has been mitigated by dynamic pricing combined with  cost
   measures and the benefits of the Renewi 2.0 programme.

    

   Commercial  division  volumes   have  stabilised  in   Belgium,  and   the
   Netherlands continues  to see  some pressure  on volume  driven by  easing
   construction activity, with the peak  activity during COVID now  returning
   to normalised levels. Specialities performed above expectations and M&W is
   progressing on the transition to the production of construction materials.

    

   As expected, core net debt increased by  €18m in the quarter to €388m,  as
   we continue to deploy capital on  the circular innovation pipeline at  the
   Acht rigid plastic processing plant in the Netherlands and the Puurs  site
   in Belgium. Recently commissioned growth  projects focused on organics  to
   bio  fuels,  high  quality  plastics  from  waste  electrical  goods   and
   addressing the Vlarema 8 advanced sorting legislation are performing  well
   in Amsterdam, Waalwijk and Ghent respectively.

    

   At this stage of the year, the Group expects to deliver full year  results
   in line  with market  expectations and  remains confident  in the  Group’s
   growth opportunities  in the  medium term  as legislation  encourages  the
   transition to circular economies.

    

   The Group will hold a capital markets  event on 4 October 2023 to  outline
   further detail on the Group’s strategy to grow top line and  profitability
   of  its   core  businesses,   its   capital  allocation   priorities   and
   opportunities to deliver sustainable growth in shareholder value.

    

   For further information:    
   Paternoster Communications Renewi plc

   +44 20 3012 0241           +44 7976 321 540
   Tom Buchanan               Adam Richford, Head of Investor Relations

    

    

   About Renewi

    

   Renewi is a pure-play recycling company  with a focus on extracting  value
   from waste and used materials rather than disposal through incineration or
   landfill. The company also plays a key role in limiting resource  scarcity
   through the creation  of secondary  materials, and by  so doing  addresses
   both social and regulatory trends  and contributes to creating a  cleaner,
   greener world.

    

   Renewi’s vision  is to  be  the leading  waste-to-product company  in  the
   world’s  most  advanced  circular  economies.  With  an  industry  leading
   recycling rate  of 64%,  Renewi puts  7m tonnes  of low  carbon  secondary
   materials back into reuse.  This is a significant contribution to  climate
   change mitigation and the circular economy.  Our recycling protects virgin
   resources and avoids emissions of more than 2.5 million tonnes of CO2.

    

   Renewi, which draws on innovation and the latest technology to turn  waste
   into useful materials  - paper,  metals, plastics,  glass, wood,  building
   materials, compost and water - employs  over 6,500 people who work on  154
   operating sites  in  5 countries  across  Europe  and the  UK.  Renewi  is
   recognised as a market leader in Benelux and a European leader in advanced
   recycling.

    

   Visit our website for more information:  1 www.renewi.com.

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   The issuer is solely responsible for the content of this announcement.

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   ISIN:          GB00BNR4T868
   Category Code: AGM
   TIDM:          RWI
   LEI Code:      213800CNEIDZBL17KU22
   Sequence No.:  257305
   EQS News ID:   1678867


    
   End of Announcement EQS News Service

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