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Biffa loses valuable source of income amid ongoing Chinese issue
Waste management company Biffa (BIFF) has been hit with earnings downgrades as restrictions on the export of paper recyclables to China continues to cause issues for the UK-listed business.
It used to get £70 a tonne for exporting mixed paper to China; now it gets next to nothing. Analysts had expected the problem
to be temporary, yet Biffa now expects the headwinds to persist.
Stockbroker Numis adjusted the company’s earnings before interest
tax depreciation and amortisation (EBITDA) for 2019 down by 6% or £5.1m to £81.9m. (DS)