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Biffa raises trading expectations amid bumper year
StockMarketWire.com
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Waste disposal company Biffa has raised its trading expectations for its 2022 financial year following a bumper three months that saw revenue at the company leap.
Trading in the first three months of the year was 'well ahead' of the company's expectations, as a result of the faster-than-expected recovery of the UK economy since Covid-19 restrictions began to lift.
Group revenues in the first quarter were 10% higher than during the equivalent period two years ago and recycled commodity prices were at the highest levels since 2018.
Industrial and commercial volumes adjusted for acquisitions during July are now back to July 2019 levels.
The group said that it faced some near-term challenges caused by the national shortage of HGV drivers which is now being exacerbated by Covid-19 related absences, together with other widely-reported supply chain issues, but that these are being 'carefully managed'.
The company said that the outlook for the rest of the year is inevitably linked to the ongoing strength of the UK economy. It added that provided the reopening of the economy continues on its current pathway, the board's expectations are that the group's full year adjusted EBIT will be approximately 10% above current market consensus of £87.6 million.
'The board is pleased with Biffa's underlying business performance and remains confident of the group's long-term growth prospects,' the company stated.
At 1:25pm: (LON:BIFF) Biffa PLC share price was 0p at 234.5p
Story provided by StockMarketWire.com
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