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Biffa swings to H1 loss, maintains guidance despite short-term uncertainty amid new lockdown
StockMarketWire.com
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Waste management company Biffa swung to a first-half loss on lower revenue and the company maintained its guidance despite further uncertainty on its short-term outlook following a new lockdown period for England.
'(H)aving successfully navigated the first lockdown and having benefitted from stronger than initially expected trading since the easing of those restrictions, the board's expectations for the full year remain unchanged,' the company said.
For the half-year ended 25 September 2020, pre-tax loss of £52.5 million compared with a profit of £25.6m year-on-year as revenue fell 18.1% to £482.5m.
The decline in half-year revenue was kept in check by a recovery in the second quarter.
Net revenues grew from £202.5m in Q1 to £256.3m in Q2 and EBITDA recovered from £19.3m to £39.0m, the company said.
At 8:44am: (LON:BIFF) Biffa PLC share price was +10.5p at 231p
Story provided by StockMarketWire.com
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