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.
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.
Michael Topham, Chief Executive Officer
Richard Pike, Chief Financial Officer
Media & Analysts
T: +44 (0) 204 529 0549
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.
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 £1.25bn of investment in vital green economy infrastructure by 20301, of which £1bn 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