REG-Renewi plc Renewi plc: Trading Update

RenewiAnnouncement

30/01/2024 07:15

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   Renewi plc (RWI)
   Renewi plc: Trading Update

   30-Jan-2024 / 07:00 GMT/BST

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    30 January 2024

                                   Renewi plc

                               Q3 Trading Update

   Renewi plc (“Renewi”, the “Company” or, together with its subsidiaries,
   the “Group”) (LSE: RWI.L: Euronext Amsterdam: RWI.AS), the leading
   European waste-to-product business, announces its results for the third
   quarter ended 31 December 2023 (“Q3”).

   Current trading

   Overall, Q3 trading performance reflected a continuation of the
   challenging economic backdrop in several key markets which was offset, in
   part, by further good progress in the Group’s margin initiatives.

   Within Commercial Waste Netherlands, volumes, particularly in the
   Construction and Demolition segment, continue to be subdued and reflective
   of wider weakness in regional construction activity.

   Ongoing organisational rationalisation within the Simplify programme is
   partially mitigating the margin impact of lower volumes for FY24. The
   programme is on track with the majority of the of the 160 headcount
   reduction completed in December, representing an in-year cost reduction of
   ca EUR 5m. Recyclate prices have remained stable over the quarter and are
   around historic averages, with the exception of plastics, which showed
   continued weakness.

   Mineralz & Water continued its positive momentum through Q3, with
   waterside operations in particular showing excellent performance over the
   quarter. On the soil side, the ramp-up initiated in Q2 continued to
   progress in line with expectations.

   Specialities performed in line with expectations, with Maltha continuing
   its strong performance compensating for the somewhat lower performance of
   Coolrec, which has also been impacted by lower plastic prices. UK
   Municipal was stable, with a solid performance throughout the quarter.

   Renewi had a number of operational highlights throughout the quarter,
   including new customer wins. The Group received the “Trends Impact Award”
   in the “Circular Economy” category, recognising Renewi's innovative
   sorting installations and compliance with VLAREMA 8 legislation.
   Furthermore, the Company celebrated its inclusion in the Euronext
   Amsterdam AScX® Index, highlighting the share's prominence in the European
   small cap segment.

   Outlook

   In what remains a challenging trading environment, the Group’s strategic
   initiatives have driven improved performance and reduced cost in the
   business during Q3 and this is expected to continue through the remainder
   of the year. As such, the Board continues to expect the Group to deliver a
   stronger performance in the second half than the first, albeit the weaker
   regional economic environment means that the Group expects to deliver full
   year results below market expectations. 

   Longer term, the structural drivers of the Group’s end markets are
   compelling and the Board remains confident in Renewi’s ability to deliver
   on the medium term targets set out at the Capital Markets Day in October
   2023.

   For further          
   information:
   Renewi plc          Renewi plc
   Marieke van Wichen, Anne Metz, Director of Investor
   Director of         Relations
   Communications      +31 6 4167 9233
   +31 6 21163537       2 investor.relations@renewi.com
    1 press@renewi.com
    
                        
                        

   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 a recycling rate
   of 64% which we believe to be among the highest in
   Europe, 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 CO 2 . 

   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:
    3 www.renewi.com. 

                                                         

    

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   Dissemination of a Regulatory Announcement that contains inside
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   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00BNR4T868
   Category Code:  MSCH
   TIDM:           RWI
   LEI Code:       213800CNEIDZBL17KU22
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   300358
   EQS News ID:    1825461


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:press@renewi.com
   2. mailto:investor.relations@renewi.com
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