Results centre
Interim results 2018/19
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- First half trading performance broadly in line with management expectations against a strong result in the prior period
- Good progress with major integration programmes and synergy delivery on track
- Cash performance and net debt better than management’s expectations
- Interim dividend maintained at 0.95 pence per share
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- Accelerating execution of existing Renewi strategy through “Focus and Grow” approach
- Focus phase concentrates the business on Benelux recycling and includes:
- identifying and quantifying further synergies above €40m beyond 2019/20
- planned disposal of non-core assets: Canadian business and Reym industrial cleaning business
- Grow phase will capture the benefits from strong structural growth drivers in Benelux recycling
- As previously announced, Otto de Bont, currently Managing Director of the Renewi Netherlands Commercial Division, will be appointed CEO in April 2019
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- Resumption of full soil production at ATM not expected this financial year resulting in reduced management expectations of up to €3m operating profit per month
- Increased synergies and higher pricing expected to positively impact second half
- Demand for recycling services growing structurally through long term targets and imminent increases in Dutch incineration taxes
