Renewi reports group has performed in line with expectations

Written by: Editorial staff | Published:

Renewi, the newly-created international waste-to-product business, has announced a trading update that shows the performance of the group (an amalgamation of Shanks and Dutch waste specialist Van Gansewinkel) has remained in line with the board’s expectations following its last trading update on 7 February 2017.

Highlights of the trading update reveal the commercial division is reported to have continued to perform strongly, particularly in the Netherlands, with ongoing volume and profit growth and the delivery of improvement initiatives. The organic waste treatment segment is also said to have performed particularly well, with improving end markets and strong operational delivery.

Despite the deferral of some anticipated volumes into the next financial year, the hazardous waste division is also reported to have achieved good results.

“As previously announced, the municipal division has continued to experience very challenging market conditions with underlying improvement actions being implemented both to stabilise performance and to manage risk,” said a Renewi spokesperson before adding: “The London composting facility in Canada has experienced short term operational challenges in the last quarter which are largely resolved.”

According to the group, the former Van Gansewinkel (VGG) businesses will be treated as one reporting unit for the month of March since completion of the merger took place on 28 February 2017.

“Trading for these businesses in 2017 has continued to be encouraging and we are confident of a strong underlying March performance across that group,” continued the spokesperson. “Extensive work was undertaken by Shanks and VGG such that integration planning was well progressed in advance of completion on 28 February.”

The group said the launch of Renewi is proceeding to plan and an update will be provided on 25 May.

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