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Biffa PLC - High Wycombe, Buckinghamshire-based waste management firm - Auditor Deloitte LLP asks for additional time to complete annual audit. Delay related to ongoing landfill tax enquiry. Earlier in June, company said it was facing a probe related to UK landfill tax law. While there is no guarantee a claim could be brought against it, Biffa estimated a maximum hit of £153 million, plus penalties and interest. Landfill tax is a levy imposed on a firm that disposes of materials in waste sites.
Biffa expects annual adjusted results to be in line with expectations.
‘The group will provide an update with a revised results date in due course and release its results as soon as Deloitte has completed its work,’ Biffa says.
Earlier this month, Biffa said it had received a series of ‘unsolicited and indicative’ proposals from private equity firm Energy Capital Partners LLC, an investor in the fields of energy transition, renewables and infrastructure. It said it was ‘minded to recommend’ a possible offer of 445p per share in cash, valuing Biffa around £1.36 billion.
Current stock price: 403.84 pence
12-month change: up 25%
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