Results centre

• Revenue from total operations up 1% to €1.8bn
• Cost synergies of €30m delivered and on track to achieve €40m in 2019/20
• Underlying EBIT from total operations up 11% to €87.0m
• Underlying profit before tax from total operations up 9% to €63.8m
• Underlying EPS from total operations up 13% to 6.1 cents per share
• Total non-trading and exceptional items of €146m, €52m of which cash: €69m relate to UK Municipal and €57m to merger related costs, as previously announced, resulting in a statutory loss of €97.7m for the year
• Core net debt, excluding the impact of assets held for sale, in line with expectations at €556m, representing 3.06x EBITDA and below bank covenant of 3.5x
• Total dividend for the year of 1.45p per share, as previously announced

• Underlying EBIT up 18% in core Renewi Commercial Divisions to €86.5m
• ATM shipments remain suspended but progress being made with new testing regime agreed with regulators
• Restructuring underway in Renewi Specialities Division and Derby project under review
• Previously announced actions to reduce the Group’s core net debt and leverage ratio well advanced
• Strategy to benefit from Renewi’s unique position in value chain linking waste producers to secondary raw material consumers
• Board evolving to reflect Benelux focus of the business with plans to search for a Benelux based Chairperson in current financial year

The Group outlook is unchanged, with a prudent assumption of no shipments of thermally treated soil from ATM for the purposes of forecasts for the year ending 31 March 2020. We expect to see year on year progress in the Commercial and Mineralz & Water Divisions offset by a reduced performance in the Specialities Divisions due to Derby and higher central costs.

Looking forward, the Group is well positioned as an established leader in the European recycling market which is set for sustained, structural growth.