3 March 2021 | 07:42am
StockMarketWire.com - Waste management company Biffa upgraded its annual outlook as second-half performance continued to track above expectations amid a less severe than expected impacted from the third lockdown on earnings.
Underlying earnings before interest, or EBIT, for fiscal year 2021, whilst still materially impacted by the pandemic, is now expected to be well ahead of the the company s previous expectations, in the range of £42-to-44 million.
The group would be exiting FY21 with net debt of £440-to-460 million, up from £426 million in 2020, well within its covenant headroom. Phase two of the Seaham rPET plant and the previously announced projects at Washington and Aldridge are progressing to plan, and the Group expects all three to come on-line in the early part of FY22, the company said.
14 January 2021 | 09:43am
StockMarketWire.com - Waste management company Biffa said the current lockdown was expected to have a more material impact than the second lockdown on a hit to volumes, though added that it remained on track to meet annual performance expectations.
At this stage, the company said it estimated that I&C volumes would drop to around 70-to-75% of prior year levels, with similar trends seen in landfill volumes.
The company expected the ongoing depressed rPET flake and PRN prices to continue through the final quarter, impacting the contribution from its Seaham facility.
Still, Biffa said it was on track to meet full-year expectations and added that third-quarter revenue about 95% of levels achieved in the prior-year period.