15 March 2017
PRE-CLOSE TRADING UPDATE
Maiden Full Year Results to be in line with expectations
Biffa plc (‘Biffa’ or ‘the Group’), a leading UK integrated waste management company, today issues a Pre-Close Trading Update ahead of its Full Year Results announcement for the 52 weeks ending 24 March 2017, scheduled for 14 June 2017.
Underlying trading is consistent with our expectations at the time of the Half Year Results in November. The Group continues to make good progress in implementing its strategy to deliver revenue growth and margin expansion.
Group Underlying EBITDA and Underlying Operating Profit are anticipated to be in line with our expectations for the full year. The Industrial & Commercial division has continued to perform well with ongoing revenue growth supported by cost discipline, including the delivery of acquisition synergies. Further, in the second half of the year the division completed or reached agreement on a number of small infill acquisitions. The Municipal, Resource Recovery & Treatment and Energy divisions have continued to perform as expected.
Net debt at year end is anticipated to be in line with our expectations.
Biffa remains well positioned to grow both organically and through acquisition. We are actively pursuing a strong pipeline of acquisition opportunities. The markets in which we operate continue to be supportive of our integrated business model.
We continue to pursue our strategy with confidence and as a result, the Board’s overall expectations for the full year remain unchanged.
Ian Wakelin, Chief Executive Officer
Michael Topham, Chief Financial Officer
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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.