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Biffa swings to annual loss on asset writedowns amid pandemic impact
StockMarketWire.com
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Waste management company Biffa swung to an annual loss, following asset writedowns amid a reduction in food waste owing to the pandemic.
For the 52 weeks ended 26 March 2021, pre-tax loss was £52.8 million compared with a profit of £56.4 million a year earlier, while revenue fell 10.4% to £1.04 billion.
The collections division was 'significantly impacted in H1 due to temporary closures of many I&C customers with Q1 volumes dropping to c. 50% of the prior year, followed by a solid recovery across the balance of year, with full year volumes at 82% of the prior year,' the company said.
'The significant volume reduction in food waste due to the pandemic and its impact on the leisure and hospitality sectors ... resulted in both volume and price erosion at the Poplars AD plant,' the company said.
Asset impairments of £8.2 million were recorded in Poplars AD plant and £13.7 million in the IT replacement project.
'We are pleased to have been able to end the financial year with results ahead of our expectations,' the company said. 'We are strongly positioned for the post-pandemic recovery.'
Story provided by StockMarketWire.com
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