7 September 2017
PRE-CLOSE TRADING UPDATE
Good half year performance
Biffa plc (‘Biffa’ or ‘the Group’), a leading UK integrated waste management company, today issues a Pre-Close Trading Update ahead of its Half Year Results announcement for the six months ending 22 September 2017, scheduled for 22 November 2017.
The Group has achieved a good performance with sustained momentum overall. Biffa has continued to deliver solid organic and acquisition revenue growth, while Underlying EBITDA and Underlying Operating Profit growth have been driven by a strong operational performance and cost control, including the delivery of acquisition synergies.
In July, Biffa completed the acquisition of O’Brien Waste Recycling Solutions Holdings Limited, a leading provider of waste and recycling solutions in the North East of England, for £35.2m. The business has performed well since acquisition.
The acquisition pipeline is positive and we are actively exploring further value enhancing opportunities.
The Group’s balance sheet remains strong, with cash generation and net debt also in line with our expectations.
The Board remains confident in the Group’s strategy, commercial opportunities, and outlook for the full year.
Investors & Analysts
Ian Wakelin, Chief Executive Officer
Michael Topham, Chief Financial Officer
+44 (0) 20 7547 2020
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.
Biffa is a leading UK-based integrated waste management business. The Group operates across the breadth of the waste management value chain, including the collection, treatment, processing and disposal of waste and recyclable materials, as well as related work in the production and sale of energy derived from waste and the sale of recovered commodities such as paper, glass, metals and plastic. Biffa’s customer base for these services includes local authorities (which includes the collection of waste from households), large corporates and SMEs, and purchasers of end-product commodities and energy. The Group’s services are organised across four operating divisions: Industrial & Commercial; Municipal; Resource Recovery & Treatment (RR&T); and Energy. In FY 2017, the Group’s total revenue was £990.4 million and its Underlying EBITDA was £137.7 million. Biffa was admitted to trading on the London Stock Exchange’s main market for listed securities in October 2016 under the ticker “BIFF”.
For more information visit www.biffa.co.uk