TIDMBIFF
RNS Number : 0380L
Biffa plc
08 September 2021
Biffa plc
Strong underlying performance reinforces expectations for the
full year
8 September 2021
Biffa plc ('Biffa', 'the Group' or 'the Company'), today issues
a trading update ahead of the announcement of its interim results,
scheduled for 18 November 2021.
Current performance and outlook
Trading in the first half of the year has continued in line with
the Board's revised expectations, as set out on 19 July 2021.
Group net revenues for the five months to August 2021 were 12%
higher than the comparable period in 2019, and 3% excluding
acquisitions. In the I&C business, like for like volumes
(adjusted for acquisitions) have stabilised at levels slightly
above pre-pandemic levels.
As with many other businesses across the UK, we are working hard
to mitigate the impact of the national shortage of HGV drivers,
along with other supply chain challenges, on our services.
Update on Group strategy
The Group continues to make good progress in delivering its
strategic priorities, including the completion of the Viridor
transaction on 1 September, the development of its energy from
waste facilities, the commissioning of its new plastic recycling
facilities and the roll out of new Company Shop (CSG) stores.
We are hosting an investor and analyst visit at CSG today. The
presentation material will be available on our investor webpages:
www.biffa.co.uk/investors .
Outlook
The Board is pleased with Biffa's strengthened business
performance and the outlook for the full year remains positive and
in line with the Board's expectations .
Enquiries:
Investors
Michael Topham, Chief Executive Officer
Richard Pike, Chief Financial Officer
ir@biffa.co.uk
Media & Analysts
Houston
T: +44 (0) 204 529 0549
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
We've been leading the UK's waste management industry for over
100 years and have a strong track record of growing our profits and
returns to shareholders, whilst reinvesting to grow our
business.
Today Biffa is an established enabler of the UK circular economy
and our team of more than 9,000 colleagues carry out essential
operations every day including surplus redistribution, recycling,
treatment, energy generation, collection and disposal.
Our purpose is 'to change the way people think about waste' and
sustainability has been at the heart of our business strategy for
many years. Our areas of focus essentially reflect the waste
hierarchy - to Reduce, Recycle, Recover and Collect.
We have already made huge strides in our sustainability journey
by investing in surplus redistribution, plastic recycling, energy
from waste infrastructure and low carbon collections, leading to a
70% reduction in our carbon emissions since 2002. Our
sustainability strategy, 'Resourceful, Responsible', will see us
unlock GBP1.25bn of investment in vital green economy
infrastructure by 20301, of which GBP1bn has already been unlocked,
while further reducing our carbon emissions by 50% by 2030. We aim
to have net zero emissions by no later than 2050.
We understand that we must lead by example and are committed to
further improving health, safety and wellbeing in our sector. We
are proud to have been awarded a 5 star grading by the British
Safety Council. We have also made strong progress in making sure
Biffa is an inclusive place to work where diversity is championed
and our >9,000 strong workforce feel valued and understand the
positive contribution they make to enabling the UK circular
economy.
Our long-standing Biffa Award programme supports sustainable
projects across the UK which deliver environmental benefits while
making a valuable contribution to local communities. Our
partnership with WasteAid helps countries in the developing world
with managing their waste more sustainably.
Biffa is a Great British Company, listed on the London Stock
Exchange (LSE:BIFF) and a member of the FTSE 250. That's just a bit
about us. To find out more, visit: www.biffa.co.uk/investors
For more information visit www.biffa.co.uk/investors
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END
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