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Renewi PLC upgrades forecasts, expects lift from carbon reduction targets

“By recycling more we reduce incineration and assist our customers in reducing their carbon footprint as they replace virgin materials with our high-quality secondary materials”

Recycling specialist Renewi PLC (LSE:RWI) has upgraded forecasts for the full year after a strong first half.

The waste to product company believes it will benefit from increased regulation as governments at least make the right noises about carbon reduction targets.

In the six months ended 30 September, revenues rose 11% to €916mln as the recovery from the worst effects of COVID-19 continued, and the price for recyclates increased due to higher demand and short-term supply constraints.

Underlying profits jumped 229% to €50.4mln compared to the same time in 2020, and were more than double the level achieved in 2019.

Chief executive Otto de Bont said: “We have successfully retained some of the structural cost savings made in response to the COVID-19 pandemic and these, combined with volume recovery and ongoing strong recyclate prices, have contributed to the significant increase in margins and profits.”

“Our business model is essential to enable advanced circular economies to achieve their carbon reduction targets. By recycling more we reduce incineration and assist our customers in reducing their carbon footprint as they replace virgin materials with our high-quality secondary materials.”

Shares jumped 12% to 818p on Tuesday at noon.

Read More: Renewi PLC upgrades forecasts, expects lift from carbon reduction targets

2021-11-09 05:56:00

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