Biffa shares jump as it remains on track for full-year growth
Shares in waste management firm Biffa jumped more than five per cent this morning after the company said it is on track to post underlying revenue growth in its full-year results.
In a trading update the firm said trading for the second half of the year is expected to be in line with the board’s expectations.
Read more: Waste firm Biffa blames headwinds for profit drop
Biffa said its has continued to deliver revenue growth over the period, which it said will result in underlying growth in earnings before interest, tax, depreciation and amortisation for the full year.
Biffa, which provides waste collection, landfill and recycling services, said its industrial and commercial division has seen organic growth thanks to reduced customer churn.
In addition, the firm’s resource recovery and treatment division has improved year-on-year, the company said.
The High Wycombe-based company said it is advancing its joint venture with US firm Covanta to invest in so-called energy from waste plants.
Read more: Sigh of relief: Interserve finally offloads loss-making energy project
Biffa said arrangements for financing, operations and maintenance and waste supply are “substantially complete”.
Biffa said net debt remains in line with expectations and the board remains confident in its outlook. Results for the 52 weeks to 29 March 2019 will be published on 5 June.