Biffa plc AGM Trading Update (1422T)
July 16 2020 - 1:05AM
UK Regulatory
TIDMBIFF
RNS Number : 1422T
Biffa plc
16 July 2020
Biffa plc
AGM Trading Update
16 July 2020
Biffa plc ('Biffa', 'the Group' or 'the Company'), the UK's
leading sustainable waste management business, today issues a
trading update for the year to date. This statement is released in
advance of Biffa's Annual General Meeting which takes place at
11.00 am BST today.
Trading in the first three months of FY21 has been slightly
ahead of the Group's base case scenario, which was developed at the
outset of the COVID-19 pandemic. With the ongoing remobilisation of
the economy, the Group is continuing to see a steady recovery in
the demand for its essential services. Overall Group revenues,
which in April were c.70% of pre-COVID-19 run rates, recovered in
June to c.83% of pre-COVID-19 levels. The Industrial and Commercial
(I&C) revenues during July are back to over 80% of pre-COVID-19
levels and landfill revenues are over 70% versus their low points
in April. The Group is continuing to explore ways of improving
efficiency across all areas of its business and has remained
underlying EBITDA positive throughout the lockdown period and was
underlying EBIT positive in June.
Following the GBP100m equity raise at the start of June, the
Group has recommenced its investment programme which will enable it
to deliver its ambitious sustainability goals and growth in
shareholder returns. The Collections division has secured pleasing
levels of new business wins and headline terms have been agreed on
three I&C acquisitions, with active negotiations taking place
on several others. The Resources & Energy division is making
good progress with the second phase of its GBP27.5m rPET plastics
recycling facility in Seaham, restarted investment in its GBP7m
Washington plastics recycling facility, and is continuing to make
progress with various other investments, including the Protos
energy from waste opportunity.
The outlook for the rest of the year is dependent on how quickly
the remaining restrictions are eased and the pace and shape of the
economic recovery. However, the Board remains extremely pleased
with the Group's performance throughout this difficult period and
confident of its future growth prospects.
Enquiries:
Investors
Michael Topham, Chief Executive Officer
Richard Pike, Chief Financial Officer
ir@biffa.co.uk
Media & Analysts
Houston
T: +44 (0) 203 701 7660
biffa@houston.co.uk
Cautionary statement regarding forward-looking statements
This announcement contains certain forward-looking statements
that are subject to the usual risk factors and uncertainties
associated with the Company's business. Whilst the Company 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 the Company's
control or within the Company's control where, for example, the
Company decides on a change of plan or strategy. Accordingly, no
reliance may be placed on the figures contained in such
forward-looking statements.
The forward-looking statements contained in this document speak
only as of the date of this announcement, and Biffa does not
undertake to update any forward-looking statement to reflect events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events.
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. In FY20
we structured into two divisions: Collections and Resources &
Energy. In FY20, the Group's total revenue was GBP1,163.1m and its
Underlying EBITDA was GBP174.0m. Biffa has been listed on the
London Stock Exchange since October 2016 under the ticker "BIFF".
In March 2020, Biffa entered the FTSE-250.
For more information visit www.biffa.co.uk/investors
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END
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