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Interim Results 2018/19

08 November 2018

First half trading performance broadly in line with management expectations against a strong result in the prior period

Renewi plc (LSE: RWI), a leading international waste-to-product business, announces its interim results for the six months ended 30 September 2018.

Results

  • 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

Strategy

  • 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

Outlook

  • 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

Commenting on the results, Peter Dilnot, Chief Executive Officer, said:

“The half year results were broadly in line with our expectations. Merger integration continued as planned, with successful key migrations to new Renewi platforms and processes. The Group’s cash performance was ahead of our expectations and leverage remains well controlled.

“We have been working closely with regulators in order to resume full production at ATM and the supply of our cleaned soil into the market. However, yesterday, we received notification from the regulators requesting further analysis of our treated soil ahead of future shipments. As a result, we will limit production until the situation is resolved and this will reduce expected profit for the current financial year.

“More broadly, Renewi’s growth is underpinned by increasing demand for recycling services. Our end markets are being stimulated by a clear environmental need, increasing regulation and customer pull.

“We are accelerating the execution of our strategy through a new “Focus and Grow” approach. The Focus phase will include delivering the committed €40m synergies and further benefits thereafter. We are also focusing our portfolio on Benelux recycling with the planned disposal of our Canadian business and our Reym industrial cleaning business. The Grow phase will deliver shareholder value by capturing the significant opportunities emerging in the circular economy.”

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