Shares in waste management firm Biffa rose on the FTSE 350 today even though it reported revenues and profits falling last year.
They closed trading 2.7 per cent higher at 300.5p after the group revealed its results were ahead of expectations and stated it was strongly positioned to recover when the Covid-19 pandemic dies down.
This was despite its statutory revenues declining by about 10 per cent to £1.04billion while it went from a pre-tax profit of £56.4million in the 2020 financial year to a £52.8million loss in the 12 months to March 26 this year.
Cleaning up: Biffa did see total volumes recover to end at 82 per cent of prior year levels
Financial losses at the UK s top 100 restaurant chains are expected to get worse after more than doubling last year, according to new findings.
Accountancy firm UHY Hacker Young said the groups losses soared from £269million in the year to March 2020 to £571million last year after strict Covid-19 restrictions caused widespread reductions to their footfall.
It adds that restaurant businesses are likely to experience many more restructurings in the coming months - especially through Company Voluntary Arrangements (CVA) - to allow them to continue operating.
UHY Hacker Young s Peter Kubik: The hospitality industry is on a knife edge – its survival is largely dependent on people feeling safe and returning to restaurants