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Renewi PLC on Tuesday reported that trading in the final quarter of its financial year has been good, with annual profit now expected to be ‘slightly’ ahead of market consensus. The waste-to-product company said that current market expectations for its financial 2023 sees revenue at €1.9 billion, earnings before interest, tax, depreciation and amortisation at €254 million, and earnings before interest and tax of €127 million. In its Commercial Waste Division, the Milton Keynes-based firm said that volumes have shown ‘slight recovery’ in the Netherlands, while in Belgium the decline in volumes has ‘moderated’. It added that cost increases were mitigated by strong price management combined with cost controls and stable recyclate prices. In its Mineralz & Water Division, Renewi said it saw a good performance on the waterside whilst making ‘gradual’ progress on certification and future outlets for gravel, sand and filler. Within its Specialities Division, the firm noted that Coolrec and Maltha continued to perform well. In regard to its current trading, Renewi said that recyclate prices and volumes are stabilising, and pricing has continued to compensate for cost inflation. In addition, it noted that that demand for higher quality, low carbon secondary materials is ‘steadily increasing’, requiring more advanced production processes, which it is developing. Renewi said this will strengthen its ‘market leading position in Europe‘
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