Biffa returns to profit in half year reports
Wycombe-based waste management firm Biffa has reported a return to profit in its financial results for the half year ended 23 September 2022.
Having reported a loss of £16.7 million of the same period last year, strong commodity values and an increase in selling prices and contributions from its Viridor business sees Biffa reporting a profit before tax of £38.3 million from revenues of £825.6 million.
The firm points to its £1.9 million first half acquisition of DJB Recycling, a £4.7 million revenue waste collection and recycling firm as contributing to its growth, with further growth expected from its acquisition of Forge Recycling (Holdings) Limited, a £14.9 million revenue business. This cost the firm £15.9 million in an upfront net cash consideration, with a further performance-contingent payment of £5.5 million possibly still to pay.
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Despite expecting a more difficult second half of the year due to the “onset of a likely recession”, Biffa says it is “well placed” to trade through the difficult environment, and expects to be able to capitalise on opportunities as they arise.
Other highlights for the company include the ten-year contract it was awarded to provide logistics, sorting and counting services for the Deposit Return Scheme for drinks containers in Scotland and the commencement of commissioning of its Energy Recovery Facility at Newhurst, with the Protos facility expected to commission late in financial year 24.
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