Renewi says trading in line despite 'slight' softening in commercial division

Writer, Stock Market Wire
Wednesday, January 30, 2019 - 07:24

Waste-to-product group Renewi said it expected to deliver full-year results in line with its expectations, despite a softening its commercial division.

Renewi said it still expected to deliver €30m of cost synergies for the year through March, plus another €40m for the year through March 2020.

Trading was steady in the commercial division, though volumes had softened 'slightly' during the third quarter.

'As planned, we have successfully introduced significant price rises into the market and these are expected to contribute to a strong fourth quarter,' Renewi said.

The hazardous waste division had performed in line with management's expectations, while the monostreams division continued to see positive trading at Orgaworld and Mineralz, offset by weaker performance at Coolrec and Maltha.

The municipal division continued to perform well, with a strong improvement in performance compared with the prior year as anticipated.

'Given our continued expectation of a strong fourth quarter performance, the board remains confident that Renewi will deliver full year results in line with its expectations as set out with the half year results in November 2018,' the company said.

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