Renewi PLC on Thursday said that its first-quarter revenue and earnings before interest and tax were lower than the year prior, as expected, due to recyclate prices hitting their peak last year.

Renewi is Milton Keynes-based waste-to-product company. Shares in the firm were flat at 508.00 pence on Thursday morning in London.

The company said that recyclate prices have largely stabilised since September and at levels ‘slightly above’ historical averages. It explained that the impact of recyclate prices has been mitigated by dynamic pricing and cost measures.

Renewi added that commercial division volumes have stabilised in Belgium, while the Netherlands continues to see some pressure on volume driven by easing construction activity.

Nonetheless, the company said, at this stage of the year, it expects to deliver full-year results in line with market expectations and remains ‘confident’ of its growth opportunities in the medium term.

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